Question 1

If the balance in Cash Short and Over at the end of a period is a credit,it should be reported as "Other Income" on the income statement.

Accepted Answer

A) True 
 B)False

Question 2

A bank statement

Accepted Answer

A) is a credit reference letter written by the company's bank 
B) shows a company the financial position of the bank as of a certain date 
C) is a bill from the bank for services rendered 
D) shows the activity that increased or decreased the company's account balance 
A) is a credit reference letter written by the company's bank 
B) shows a company the financial position of the bank as of a certain date 
C) is a bill from the bank for services rendered 
D) shows the activity that increased or decreased the company's account balance

Question 3

Match each item to a bank statement adjustment, a company books adjustment, or either.
-Interest revenue

Accepted Answer

A) Bank statement adjustment 
B) Company books adjustment 
C) Either 
A) Bank statement adjustment 
B) Company books adjustment 
C) Either

Question 4

Match the following elements of internal control:
-Information and communication

Accepted Answer

A) Provides reasonable assurance that business goals will be achieved 
B) Used by management for guiding operations and ensuring compliance with requirements 
C) Overall attitude of management and employees 
D) Used to locate weaknesses and improve controls 
E) Identify, analyze, and assess likeliness of vulnerabilities 
A) Provides reasonable assurance that business goals will be achieved 
B) Used by management for guiding operations and ensuring compliance with requirements 
C) Overall attitude of management and employees 
D) Used to locate weaknesses and improve controls 
E) Identify, analyze, and assess likeliness of vulnerabilities

Question 5

Internal control is enhanced by separating the control of a transaction from the record-keeping function.

Accepted Answer

A) True 
 B)False

Question 6

Journalize the entries to record the following:​​   Journal

Accepted Answer

The answer of Journalize the entries to record the following:​​...

Question 7

The bank statement for Jeffrey Co.indicates a balance of $8,785 on October 31.After the journals for October had been posted,the cash account had a balance of $8,998.​Record the appropriate journal entries that would be necessary for Jeffrey Co.

Accepted Answer

The answer of The bank statement for Jeffrey Co.indicates a...

Question 8

The portion of an invoice that is returned with payment is a

Accepted Answer

A) remittance advice 
B) voucher 
C) debit memo 
D) credit memo 
A) remittance advice 
B) voucher 
C) debit memo 
D) credit memo

Question 9

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation.
-Deposit in transit

Accepted Answer

A) Added to the company's books 
B) Subtracted from the company's books 
C) Added to the bank statement balance 
D) Subtracted from the bank statement balance 
A) Added to the company's books 
B) Subtracted from the company's books 
C) Added to the bank statement balance 
D) Subtracted from the bank statement balance

Question 10

Sarbanes-Oxley applies to

Accepted Answer

A) publicly held companies 
B) not-for-profit organizations 
C) privately held businesses 
D) All of these choices 
A) publicly held companies 
B) not-for-profit organizations 
C) privately held businesses 
D) All of these choices

Question 11

EFT

Accepted Answer

A) means efficient funds transfer 
B) can process certain cash transactions at less cost than using the mail would incur 
C) makes it easier to document purchase and sale transactions 
D) means effective funds transfer 
A) means efficient funds transfer 
B) can process certain cash transactions at less cost than using the mail would incur 
C) makes it easier to document purchase and sale transactions 
D) means effective funds transfer

Question 12

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation.
-Charges for some other company's safe deposit box were posted to your account

Accepted Answer

A) Added to the company's books 
B) Subtracted from the company's books 
C) Added to the bank statement balance 
D) Subtracted from the bank statement balance 
A) Added to the company's books 
B) Subtracted from the company's books 
C) Added to the bank statement balance 
D) Subtracted from the bank statement balance

Question 13

Which of the following is not a factor that influences a business's control environment?

Accepted Answer

A) management's philosophy and operating style 
B) organizational structure 
C) proofs and security measures 
D) personnel policies 
A) management's philosophy and operating style 
B) organizational structure 
C) proofs and security measures 
D) personnel policies

Question 14

Match each item to a bank statement adjustment, a company books adjustment, or either.
-Bank charges

Accepted Answer

A) Bank statement adjustment 
B) Company books adjustment 
C) Either 
A) Bank statement adjustment 
B) Company books adjustment 
C) Either

Question 15

A firm's internal control environment is not influenced by

Accepted Answer

A) management's operating style 
B) organizational structure 
C) personnel policies 
D) monitoring policies 
A) management's operating style 
B) organizational structure 
C) personnel policies 
D) monitoring policies

Question 16

The following data are from Autumn Company for the past four years.​​   Calculate the following:

Accepted Answer

The answer of The following data are from Autumn Company...

Question 17

Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation.Calculate the adjusted cash balance per books on May 31.​

Accepted Answer

A) $5,870 
B) $6,245 
C) $4,930 
D) $3,845 
A) $5,870 
B) $6,245 
C) $4,930 
D) $3,845

Question 18

Match each item to a bank statement adjustment, a company books adjustment, or either.
-Error in recording a check

Accepted Answer

A) Bank statement adjustment 
B) Company books adjustment 
C) Either 
A) Bank statement adjustment 
B) Company books adjustment 
C) Either

Question 19

Which of the following would not be included with the cash and cash equivalents on the balance sheet?

Accepted Answer

A) commercial paper 
B) short-term receivables 
C) certificates of deposit 
D) money market mutual funds 
A) commercial paper 
B) short-term receivables 
C) certificates of deposit 
D) money market mutual funds

Question 20

The following items may appear on a bank statement:1.NSF check2.EFT deposit3.Service charge4.Bank correction of an error from recording a $300 check as $30​Indicate whether the item would appear as debit or credit memo on the bank statement and whether the item would increase or decrease the balance of your account.Use the following format:

Accepted Answer

The answer of The following items may appear on a...

If the balance in Cash Short and Over at the end of a period is a credit,it should be reported as "Other Income" on the income statement.

A bank statement

Match each item to a bank statement adjustment, a company books adjustment, or either. -Interest revenue

Match the following elements of internal control: -Information and communication

Internal control is enhanced by separating the control of a transaction from the record-keeping function.

Journalize the entries to record the following: Journal

The bank statement for Jeffrey Co.indicates a balance of $8,785 on October 31.After the journals for October had been posted,the cash account had a balance of $8,998.Record the appropriate journal entries that would be necessary for Jeffrey Co.

The portion of an invoice that is returned with payment is a

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -Deposit in transit

Sarbanes-Oxley applies to

EFT

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -Charges for some other company's safe deposit box were posted to your account

Which of the following is not a factor that influences a business's control environment?

Match each item to a bank statement adjustment, a company books adjustment, or either. -Bank charges

A firm's internal control environment is not influenced by

The following data are from Autumn Company for the past four years. Calculate the following:

Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation.Calculate the adjusted cash balance per books on May 31.

Match each item to a bank statement adjustment, a company books adjustment, or either. -Error in recording a check

Which of the following would not be included with the cash and cash equivalents on the balance sheet?

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 8: Internal Control and Cash

If the balance in Cash Short and Over at the end of a period is a credit,it should be reported as "Other Income" on the income statement.

A bank statement

Match each item to a bank statement adjustment, a company books adjustment, or either. -Interest revenue

Match the following elements of internal control: -Information and communication

Internal control is enhanced by separating the control of a transaction from the record-keeping function.

Journalize the entries to record the following:​​ Journal

The bank statement for Jeffrey Co.indicates a balance of $8,785 on October 31.After the journals for October had been posted,the cash account had a balance of $8,998.​Record the appropriate journal entries that would be necessary for Jeffrey Co.

The portion of an invoice that is returned with payment is a

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -Deposit in transit

Sarbanes-Oxley applies to

EFT

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -Charges for some other company's safe deposit box were posted to your account

Which of the following is not a factor that influences a business's control environment?

Match each item to a bank statement adjustment, a company books adjustment, or either. -Bank charges

A firm's internal control environment is not influenced by

The following data are from Autumn Company for the past four years.​​ Calculate the following:

Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation.Calculate the adjusted cash balance per books on May 31.​

Match each item to a bank statement adjustment, a company books adjustment, or either. -Error in recording a check

Which of the following would not be included with the cash and cash equivalents on the balance sheet?

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Journalize the entries to record the following: Journal

The bank statement for Jeffrey Co.indicates a balance of $8,785 on October 31.After the journals for October had been posted,the cash account had a balance of $8,998.Record the appropriate journal entries that would be necessary for Jeffrey Co.

The following data are from Autumn Company for the past four years. Calculate the following:

Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation.Calculate the adjusted cash balance per books on May 31.