Question 1

'Access creep' occurs when:

Accepted Answer

A) an employee fruadulently gains access to a program or computer system. 
B) passwords are not changed regularly,allowing others access to the system. 
C) personnel leave the organisation,retaining access to the company's systems. 
D) personnel move throughout the organisation and accumulate access rights to different parts of the system. 
A) an employee fruadulently gains access to a program or computer system. 
B) passwords are not changed regularly,allowing others access to the system. 
C) personnel leave the organisation,retaining access to the company's systems. 
D) personnel move throughout the organisation and accumulate access rights to different parts of the system.

Question 2

A petty cash fund was established with a $360 balance.It currently has cash of $41 and petty cash tickets totalling $319.Which of the following would be included in the entry to replenish the fund?

Accepted Answer

A) A credit to Cash for $319 
B) A credit to Cash for $41 
C) A credit to Petty cash for $319 
D) A debit to Petty cash for $41 
A) A credit to Cash for $319 
B) A credit to Cash for $41 
C) A credit to Petty cash for $319 
D) A debit to Petty cash for $41

Question 3

A company received a bank statement with a balance of $6300.Reconciling items included a bookkeeper error of $300-a $300 cheque recorded as $500-two outstanding cheques totalling $800,a service charge of $22,a deposit in transit of $250 and interest revenue of $19.What is the adjusted bank balance?

Accepted Answer

A) $5247 
B) $5591 
C) $5750 
D) $5450 
A) $5247 
B) $5591 
C) $5750 
D) $5450

Question 4

The journal entry to replenish a petty cash fund includes a debit to the petty cash account and a credit to the expense account.

Accepted Answer

A) True 
 B)False

Question 5

Cheque number 6135 for $576 was incorrectly entered as $657.Which adjustment needs to be made?

Accepted Answer

A) Decrease the book balance. 
B) Increase the bank statement balance. 
C) Decrease the bank statement balance. 
D) Increase the book balance. 
A) Decrease the book balance. 
B) Increase the bank statement balance. 
C) Decrease the bank statement balance. 
D) Increase the book balance.

'Access creep' occurs when:

A petty cash fund was established with a $360 balance.It currently has cash of $41 and petty cash tickets totalling $319.Which of the following would be included in the entry to replenish the fund?

A company received a bank statement with a balance of $6300.Reconciling items included a bookkeeper error of $300-a $300 cheque recorded as $500-two outstanding cheques totalling $800,a service charge of $22,a deposit in transit of $250 and interest revenue of $19.What is the adjusted bank balance?

The journal entry to replenish a petty cash fund includes a debit to the petty cash account and a credit to the expense account.

Cheque number 6135 for $576 was incorrectly entered as $657.Which adjustment needs to be made?

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

Exam 8: Internal Control and Cash

'Access creep' occurs when:

A petty cash fund was established with a $360 balance.It currently has cash of $41 and petty cash tickets totalling $319.Which of the following would be included in the entry to replenish the fund?

A company received a bank statement with a balance of $6300.Reconciling items included a bookkeeper error of $300-a $300 cheque recorded as $500-two outstanding cheques totalling $800,a service charge of $22,a deposit in transit of $250 and interest revenue of $19.What is the adjusted bank balance?

The journal entry to replenish a petty cash fund includes a debit to the petty cash account and a credit to the expense account.

Cheque number 6135 for $576 was incorrectly entered as $657.Which adjustment needs to be made?

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