Question 1

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

Accepted Answer

A)  A mailroom employee sends all customer cheques to the treasurer, who has the cashier make the bank deposit. 
B)  The controller compares the records of the day's control total from the mailroom, the bank deposit amount from the cashier and the debit to cash from the accounting department. 
C)  A mailroom clerk opens the mail and sends the remittance advices to the accounting department. 
D)  The accounting department prepares journal entries to cash and the customers' accounts. 
A)  A mailroom employee sends all customer cheques to the treasurer, who has the cashier make the bank deposit. 
B)  The controller compares the records of the day's control total from the mailroom, the bank deposit amount from the cashier and the debit to cash from the accounting department. 
C)  A mailroom clerk opens the mail and sends the remittance advices to the accounting department. 
D)  The accounting department prepares journal entries to cash and the customers' accounts.

Question 2

'Two-factor authentication' involves logging into a computer system with a user ID and a password.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is the first step in the purchasing and payment process?

Accepted Answer

A)  The supplier ships the goods and sends an invoice to the purchaser. 
B)  The purchaser sends a purchase order to the supplier. 
C)  The purchaser sends a cheque to the supplier. 
D)  The purchaser receives the inventory and prepares a receiving report. 
A)  The supplier ships the goods and sends an invoice to the purchaser. 
B)  The purchaser sends a purchase order to the supplier. 
C)  The purchaser sends a cheque to the supplier. 
D)  The purchaser receives the inventory and prepares a receiving report.

Question 4

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.

Accepted Answer

A) True 
 B)False

Question 5

'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.

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

'Two-factor authentication' involves logging into a computer system with a user ID and a password.

Which of the following is the first step in the purchasing and payment process?

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.

'Access creep' occurs when:

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

Introduction to Managerial Accounting and the Master Budget

Job Costing

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

Filters

Exam 8: Internal Control and Cash

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

'Two-factor authentication' involves logging into a computer system with a user ID and a password.

Which of the following is the first step in the purchasing and payment process?

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.

'Access creep' occurs when:

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

Introduction to Managerial Accounting and the Master Budget

Job Costing

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

Filters