Exam 7: Internal Control and Cash
Exam 1: Introduction to Financial Accounting46 Questions
Exam 2: Measuring and Evaluating Financial Position and Financial Performance60 Questions
Exam 3: The Double-Entry System71 Questions
Exam 4: Record-Keeping45 Questions
Exam 5: Accrual Accounting Adjustments66 Questions
Exam 6: Financial Reporting Principles, accounting Standards and Auditing42 Questions
Exam 7: Internal Control and Cash39 Questions
Exam 8: Accounts Receivable and Further Record-Keeping29 Questions
Exam 9: Inventory42 Questions
Exam 10: Noncurrent Assets47 Questions
Exam 11: Liabilities28 Questions
Exam 12: Completing the Balance Sheet44 Questions
Exam 13: Revenue and Expense Recognition: Additional Concepts48 Questions
Exam 14: The Statement of Cash Flows60 Questions
Exam 15: Financial Statement Analysis50 Questions
Exam 16: Accounting Policy Choices39 Questions
Exam 17: Sustainability Reporting21 Questions
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Included in the bank statement was a debit for bank service charges.What entry is required in the company's accounts?
Free
(Multiple Choice)
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Correct Answer:
A
Indicate which of the features of an effective internal control system are involved in the practices set out in the following question: The practice of issuing identification cards to employees ensures:
Free
(Multiple Choice)
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Correct Answer:
D
In preparing a bank reconciliation statement for a business with a substantial bank balance,the appropriate treatment for monthly bank service charges,$30,appearing on the bank statement is to:
(Multiple Choice)
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Which of the following is NOT true of a sound system of internal control?
(Multiple Choice)
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Which of the following statements about the bank statement is NOT true?
(Multiple Choice)
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Alison Ltd's bank statement showed a debit balance of $7000 at 31 December.It also showed bank service charges of $1100 and a direct credit received from a customer for the company amounting to $300.Unpresented cheques were $700 and there was an outstanding deposit for $2300
-What was the final bank balance in Alison Ltd's ledger at 31 December?
(Multiple Choice)
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Tell Ltd's bank statement showed a credit balance of $7000 at 30 November.It also showed bank service charges of $1100 and the collection of a note for the company amounting to $300.Unpresented cheques were $700 and there was an outstanding deposit for $2300.
- What was the bank balance in Tell Ltd's books at 30 November before the adjustments?
(Multiple Choice)
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Included in the bank statement was a debit for an NSF (not sufficient funds)cheque received from a customer.What entry is required in the company's accounts?
(Multiple Choice)
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In preparing a bank reconciliation statement for a business with a substantial bank balance,the appropriate treatment for a cheque outstanding at end of month,$450,is to:
(Multiple Choice)
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In preparing a bank reconciliation statement for a business with a substantial bank balance,the appropriate treatment for a deposit for $2300 not appearing on the bank statement is to:
(Multiple Choice)
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The statement that compares the balance as shown in the bank's records with the balance in the cash at bank account at a particular date is known as the:
(Multiple Choice)
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Simon Ltd's bank statement showed a credit balance of $14 000 at 31 October.It also showed bank service charges of $2200 and a direct credit received from a customer amounting to $600.Unpresented cheques were $1400 and there was an outstanding deposit for $4600.
- What was the bank balance in Simon Ltd's books at 31 October before the adjustments?
(Multiple Choice)
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Which of the following items would require a journal entry following preparation of the bank reconciliation statement?
(Multiple Choice)
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The debit recorded in the journal to reimburse the petty cash fund is to:
(Multiple Choice)
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In preparing the monthly bank reconciliation,Jon Ltd ascertains that there is a direct credit from a customer for $500 and an interest on overdraft charge of $760.Outstanding cheques total $9400 and there is a deposit in transit for $2900.It will be necessary to make journal entries for:
(Multiple Choice)
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In preparing a bank reconciliation statement for a business with a substantial bank balance,the appropriate treatment for a cheque for $952 in payment of a supplier's account that was erroneously entered as $592 in the company's books is to:
(Multiple Choice)
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Which of the following is NOT correct? An effective internal control system for any organisation is one that:
(Multiple Choice)
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In preparing the monthly bank reconciliation,Fur Ltd ascertains that there is a $750 cheque from Hunt Traders for merchandise that is marked NSF.The journal entry to record this in Fur Ltd's books is:
(Multiple Choice)
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In preparing a bank reconciliation statement for a business with a substantial bank balance,the appropriate treatment for interest earned on account,$240,is to:
(Multiple Choice)
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