Exam 8: Internal Control and Cash

A petty cash fund was established with a $600 balance.It currently has cash of $19 and petty cash tickets as shown below: Which of the following would be included in the journal entry to replenish the Petty Cash fund?

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

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

Which of the following describes the environment in internal control?

At Radiant Company,the sales department is also responsible for recording cash transactions as it does not have a separate accounting department.Which internal control procedure needs strengthening?

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

When a check is issued,the party who is paying the cash is referred to as the ________.

For the following situation,state whether it represents a strength or weakness in internal control and give the reason for your answer. - Baker Auto Supply purchases merchandise inventory from A & B Company.The accountant places the order,verifies receipt of the merchandise,and records the transaction in the general journal.

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

Evaluated receipts settlement (ERS)compresses the payment approval process into a single step.

For the following situation,state whether it represents a strength or weakness in internal control and give the reason for your answer. - The bookkeeper opens the mail,makes the deposit,and makes the journal entries to record receipt of the cash and checks.

Electronic funds transfers are a system that transfers cash by using paper documents.

A petty cash fund was established with a $300 balance.It currently has cash of $73 and petty cash tickets totaling $222 for travel expense.Prepare the journal entry to record the replenishment of the fund.Omit explanation.

Prepare the journal entries for the following petty cash transactions of Williamson Dental Supplies.Omit explanations.

A business keeps cash in a bank account because banks have established practices for safeguarding the business's money.

An electronic funds transfers system ________.

Which of the following statements describes a purchase order?

Bank errors are posting errors made by the bank that either incorrectly increase or decrease the depositor's bank balance.

A company has a petty cash fund amount of $300.When replenished,it has petty cash tickets of $30 for gas expense,$33 for postage expense,$16 for supplies expense,and $12 for miscellaneous expenses.Assume the cash balance is not over or short.In the journal entry,Cash would be credited for ________.

The bank recorded a $3,000 deposit as $300.How would this information be included on the bank reconciliation?