The following information is available for Jack's Unlimited Company for the current month. \[\begin{array} { | l | l | } \hline \text { Book balance end of the month } & \$ 7100 \\ \hline \text { Outstanding cheques } & 700 \\ \hline \text { Deposits in transit } & 4000 \\ \hline \text { Service charges } & 95 \\ \hline \text { Interest revenue } & 35 \\ \hline \end{array}\] What is the adjusted book balance on the bank reconciliation?

A) $10,270 B) $7040 C) $7740 D) $6970 A) $10,270 B) $7040 C) $7740 D) $6970

Exam 8: Internal Control and Cash

For strong controls over cash receipts,the cheques to be deposited should be sent to the cashier and the remittance advices should be sent to the accounting department.

(True/False)

4.9/5

(32)

Question 61

A company makes a legitimate,properly authorised payment to a supplier.The accountant changes the date of the transaction to shift it to a later time period.Because the transaction is legitimate,this action would not be considered unethical.

(True/False)

4.9/5

(34)

Question 62

Which of the following is a security procedure designed for e-commerce that rearranges text messages by a mathematical process?

(Multiple Choice)

4.9/5

(28)

Question 63

Separation of duties limits fraud and promotes the accuracy of the account records.

(True/False)

4.8/5

(40)

Question 64

Cash in the bank is more liquid than a petty cash fund.

(True/False)

4.9/5

(36)

Question 65

The voucher system improves internal control by requiring all expenditures to be approved before payment can be made.

(True/False)

4.8/5

(37)

Question 66

If an accountant takes an action that is deliberately designed to improve the company's financial results,it would be considered unethical if:

(Multiple Choice)

4.7/5

(30)

Question 67

A strong computer firewall is an essential element of good internal controls for e-commerce.

(True/False)

4.8/5

(35)

Question 68

The journal entry to open a new petty cash fund includes a debit to the petty cash account and a credit to cash in bank.

(True/False)

4.8/5

(30)

Question 69

Which of the following is used by many companies to separate cash duties and establish stronger control over cash receipts?

(Multiple Choice)

4.9/5

(35)

Question 70

Which of the following is the most basic internal control for cash?

(Multiple Choice)

4.9/5

(39)

Question 71

Which of the following is the last step in the daily control over cash receipts by mail?

(Multiple Choice)

4.9/5

(41)

Question 72

Which of the following is a benefit of internet banking?

(Multiple Choice)

4.8/5

(29)

Question 73

A pharmaceutical company testing drugs to determine possible side effects is a part of:

(Multiple Choice)

4.8/5

(36)

Question 74

The voucher system helps the business to streamline its internal controls over cash receipts.

(True/False)

4.9/5

(38)

Question 75

The following information is available for Jack's Unlimited Company for the current month. Book balance end of the month \ 7100 Outstanding cheques 700 Deposits in transit 4000 Service charges 95 Interest revenue 35 What is the adjusted book balance on the bank reconciliation?

(Multiple Choice)

4.7/5

(34)

Question 76

A company cheque for payment must be signed by:

(Multiple Choice)

4.9/5

(40)

Question 77

Which of the following conditions must exist for internal controls to be effective?

(Multiple Choice)

4.8/5

(38)

Question 78

Mandatory vacations and job rotation improve internal control.

(True/False)

4.9/5

(37)

Question 79

Before signing a cheque,the controller or the treasurer should examine the purchase order,the invoice and the receiving report to determine that the company received the goods and that the company is paying only for the goods received.

(True/False)

4.8/5

(30)

Question 80

Showing 61 - 80 of 125

For strong controls over cash receipts,the cheques to be deposited should be sent to the cashier and the remittance advices should be sent to the accounting department.

A company makes a legitimate,properly authorised payment to a supplier.The accountant changes the date of the transaction to shift it to a later time period.Because the transaction is legitimate,this action would not be considered unethical.

Which of the following is a security procedure designed for e-commerce that rearranges text messages by a mathematical process?

Separation of duties limits fraud and promotes the accuracy of the account records.

Cash in the bank is more liquid than a petty cash fund.

The voucher system improves internal control by requiring all expenditures to be approved before payment can be made.

If an accountant takes an action that is deliberately designed to improve the company's financial results,it would be considered unethical if:

A strong computer firewall is an essential element of good internal controls for e-commerce.

The journal entry to open a new petty cash fund includes a debit to the petty cash account and a credit to cash in bank.

Which of the following is used by many companies to separate cash duties and establish stronger control over cash receipts?

Which of the following is the most basic internal control for cash?

Which of the following is the last step in the daily control over cash receipts by mail?

Which of the following is a benefit of internet banking?

A pharmaceutical company testing drugs to determine possible side effects is a part of:

The voucher system helps the business to streamline its internal controls over cash receipts.

The following information is available for Jack's Unlimited Company for the current month. Book balance end of the month \ 7100 Outstanding cheques 700 Deposits in transit 4000 Service charges 95 Interest revenue 35 What is the adjusted book balance on the bank reconciliation?

A company cheque for payment must be signed by:

Which of the following conditions must exist for internal controls to be effective?

Mandatory vacations and job rotation improve internal control.

Before signing a cheque,the controller or the treasurer should examine the purchase order,the invoice and the receiving report to determine that the company received the goods and that the company is paying only for the goods received.

The Role of Accounting in Decision Making

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Retailing Operations

Retail Inventory

Accounting Information Systems

Receivables

Non-Current Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities, Debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Formation and Shareholders Equity

Companies: Capital Management and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Filters