Exam 7: Internal Control and Cash

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For good controls over cash payments,the company officer approving a payment voucher should be the same as the person who ordered the goods,to ensure that the correct amount of cash is paid.

(True/False)

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Question 21

Journal entries are required for the reconciling items on the book side because ________.

(Multiple Choice)

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Question 22

Which of the following describes the risk assessment component of internal control?

(Multiple Choice)

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Question 23

Which of the following statements is true of the Sarbanes-Oxley Act?

(Multiple Choice)

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Question 24

The following information is available for Jack's Inc.,for the current month. What is the adjusted book balance on the bank reconciliation?

(Multiple Choice)

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Question 25

The environment is the culture of a business,and it starts with the CEO or CFO and the top managers.

(True/False)

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Question 26

A deposit receipt is:

(Multiple Choice)

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Question 27

A ________ is a document explaining the reasons for the difference between a depositor's cash records and the depositor's cash balance in its bank account.

(Multiple Choice)

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Question 28

All items on the book side of the bank reconciliation require journal entries.

(True/False)

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Question 29

The ________ is a measure of a company's ability to meet its short-term obligations from cash and cash equivalents.

(Multiple Choice)

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Question 30

As long as the same person deposits customer checks and records the deposits into the journal,there will be good internal control over cash receipts.

(True/False)

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Question 31

When a check is issued,the party being paid the cash is referred to as the ________.

(Multiple Choice)

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Question 32

Cadmia Services hired a new clerk to keep custody of and maintain all the equipment in the equipment yard.The clerk has not yet been adequately trained on the maintenance needs of the equipment. In the above situation,which internal control procedure needs strengthening?

(Multiple Choice)

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Question 33

Which of the following describes firewall?

(Multiple Choice)

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Question 34

Cash and cash equivalents are divided by ________ to determine the cash ratio.

(Multiple Choice)

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Question 35

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

(Multiple Choice)

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Question 36

Which of the following led to the passage of the Sarbanes-Oxley Act?

(Multiple Choice)

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Question 37

Violators of Sarbanes-Oxley Act may be sentenced to prison for making false sworn statements.

(True/False)

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Question 38

In a bank reconciliation,a NSF check will be shown on the book side of the reconciliation.

(True/False)

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Question 39

Which of the following statements about internal control is true?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 160

Exam 7: Internal Control and Cash

For good controls over cash payments,the company officer approving a payment voucher should be the same as the person who ordered the goods,to ensure that the correct amount of cash is paid.

Journal entries are required for the reconciling items on the book side because ________.

Which of the following describes the risk assessment component of internal control?

Which of the following statements is true of the Sarbanes-Oxley Act?

The following information is available for Jack's Inc.,for the current month. What is the adjusted book balance on the bank reconciliation?

The environment is the culture of a business,and it starts with the CEO or CFO and the top managers.

A deposit receipt is:

A ________ is a document explaining the reasons for the difference between a depositor's cash records and the depositor's cash balance in its bank account.

All items on the book side of the bank reconciliation require journal entries.

The ________ is a measure of a company's ability to meet its short-term obligations from cash and cash equivalents.

As long as the same person deposits customer checks and records the deposits into the journal,there will be good internal control over cash receipts.

When a check is issued,the party being paid the cash is referred to as the ________.

Cadmia Services hired a new clerk to keep custody of and maintain all the equipment in the equipment yard.The clerk has not yet been adequately trained on the maintenance needs of the equipment. In the above situation,which internal control procedure needs strengthening?

Which of the following describes firewall?

Cash and cash equivalents are divided by ________ to determine the cash ratio.

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

Which of the following led to the passage of the Sarbanes-Oxley Act?

Violators of Sarbanes-Oxley Act may be sentenced to prison for making false sworn statements.

In a bank reconciliation,a NSF check will be shown on the book side of the reconciliation.

Which of the following statements about internal control is true?

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Receivables

Plant Assets, natural Resources, and Intangibles

Investments

Current Liabilities and Payroll

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based, just-In-Time, and Quality Management Systems

Cost-Volume-Profit Analysis

Variable Costing

Master Budgets

Flexible Budgets and Standard Cost Systems

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

Accounting Information Systems

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