Question 1

In preparing a bank reconciliation,the amount of a canceled check omitted from the journal is added to the balance per company's records.

Accepted Answer

A) True 
 B)False

Question 2

A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a (n)

Accepted Answer

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

Question 3

List the objectives of internal control and give an example of how each is implemented.

Accepted Answer

Internal control provides reas

Question 4

Match each item to a bank statement adjustment, a company books adjustment, or either.
-Note collected by the bank

Accepted Answer

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

Question 5

In the normal operation of business,you receive a check from a customer and deposit it into your checking account.With your bank statement,you are advised that this check for $775 is "NSF." The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75.During a bank reconciliation,you will

Accepted Answer

A) subtract both values from balance according to bank 
B) add both values to balance according to books 
C) add both values to balance according to bank 
D) subtract both values from balance according to books 
A) subtract both values from balance according to bank 
B) add both values to balance according to books 
C) add both values to balance according to bank 
D) subtract both values from balance according to books

Question 6

A business that requires all cash payments be made by check cannot use a petty cash system.

Accepted Answer

A) True 
 B)False

Question 7

The ratio of cash to monthly cash expenses includes both cash and cash equivalents in the numerator.

Accepted Answer

A) True 
 B)False

Question 8

A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.What entry is required in the company's accounts?

Accepted Answer

A) debit Accounts Payable; credit Cash 
B) debit Cash; credit Accounts Receivable 
C) debit Cash; credit Accounts Payable 
D) debit Accounts Receivable; credit Cash 
A) debit Accounts Payable; credit Cash 
B) debit Cash; credit Accounts Receivable 
C) debit Cash; credit Accounts Payable 
D) debit Accounts Receivable; credit Cash

Question 9

The debit recorded in the journal to reimburse the petty cash fund is to

Accepted Answer

A) Petty Cash 
B) Accounts Receivable 
C) Cash 
D) various accounts for which the petty cash was disbursed 
A) Petty Cash 
B) Accounts Receivable 
C) Cash 
D) various accounts for which the petty cash was disbursed

Question 10

An example of good internal controls over cash payments is the taking of all cash discounts offered.

Accepted Answer

A) True 
 B)False

Question 11

Jackson Industries has collected the following information but needs assistance completing the table.The cash payments were 90% of collections.​​   How much was the beginning balance of the cash account?

Accepted Answer

​ @#IMG-DLM& Calculations:$511,770 × 90%

Question 12

The sum of the money on hand and petty cash receipts in a petty cash fund will always be equal to the balance in the petty cash account.

Accepted Answer

A) True 
 B)False

Question 13

Scharf Company is a retailer located in a state without sales tax.The following data were given to you to complete the transactions for the day's sales to be recorded.All cash drawers start with $100 in change.Record the journal entries for EACH cash register to determine the cashier's accuracy.   ​

Accepted Answer

Each cash drawer starts with $

Question 14

Present entries to record the following transactions:

Accepted Answer

The answer of Present entries to record the following transactions:...

Question 15

There are three internal control objectives and they are to safeguard the company's reputation,ensure accurate financial reports,and ensure compliance with applicable laws.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following would be subtracted from the balance per books on a bank reconciliation?

Accepted Answer

A) outstanding checks 
B) deposits in transit 
C) notes collected by the bank 
D) error in recording a check for $732 as $723 
A) outstanding checks 
B) deposits in transit 
C) notes collected by the bank 
D) error in recording a check for $732 as $723

Question 17

A $135 petty cash fund has cash of $18 and receipts of $120.The journal entry to replenish the account would include a

Accepted Answer

A) credit to Petty Cash for $120 
B) debit to Cash for $120 
C) credit to Cash Short and Over for $3 
D) credit to Cash for $102 
A) credit to Petty Cash for $120 
B) debit to Cash for $120 
C) credit to Cash Short and Over for $3 
D) credit to Cash for $102

Question 18

Identify each of the following reconciling items as 
(a)an addition to the cash balance according to the bank statement,
(b)a deduction from the cash balance according to the bank statement,
(c)an addition to the cash balance according to the company's records,or 
(d)a deduction from the cash balance according to the company's records.Assume that none of the transactions reported by bank debit and credit memos have been recorded by the company.Write "entry" by items that will require a journal entry in the company's accounts.1.Deposits in transit.2.Bank service charges.3.NSF check.4.Outstanding checks.5.Check for $690 incorrectly recorded by the company as $960.6.Check for $420 incorrectly recorded by the company as $240.

Accepted Answer

The answer of Identify each of the following reconciling items...

Question 19

The actual cash received during the week ended June 6 for cash sales was $8,276,and the amount indicated by the cash register total was $8,262.Journalize the entry to record the cash receipts and cash sales.

Accepted Answer

The answer of The actual cash received during the week...

Question 20

A voucher is a form on which is recorded pertinent data about a liability and the particulars of its payment.

Accepted Answer

A) True 
 B)False

In preparing a bank reconciliation,the amount of a canceled check omitted from the journal is added to the balance per company's records.

A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a (n)

List the objectives of internal control and give an example of how each is implemented.

Match each item to a bank statement adjustment, a company books adjustment, or either. -Note collected by the bank

A business that requires all cash payments be made by check cannot use a petty cash system.

The ratio of cash to monthly cash expenses includes both cash and cash equivalents in the numerator.

A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.What entry is required in the company's accounts?

The debit recorded in the journal to reimburse the petty cash fund is to

An example of good internal controls over cash payments is the taking of all cash discounts offered.

Jackson Industries has collected the following information but needs assistance completing the table.The cash payments were 90% of collections. How much was the beginning balance of the cash account?

The sum of the money on hand and petty cash receipts in a petty cash fund will always be equal to the balance in the petty cash account.

Scharf Company is a retailer located in a state without sales tax.The following data were given to you to complete the transactions for the day's sales to be recorded.All cash drawers start with $100 in change.Record the journal entries for EACH cash register to determine the cashier's accuracy.

Present entries to record the following transactions:

There are three internal control objectives and they are to safeguard the company's reputation,ensure accurate financial reports,and ensure compliance with applicable laws.

Which of the following would be subtracted from the balance per books on a bank reconciliation?

A $135 petty cash fund has cash of $18 and receipts of $120.The journal entry to replenish the account would include a

The actual cash received during the week ended June 6 for cash sales was $8,276,and the amount indicated by the cash register total was $8,262.Journalize the entry to record the cash receipts and cash sales.

A voucher is a form on which is recorded pertinent data about a liability and the particulars of its payment.

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

In preparing a bank reconciliation,the amount of a canceled check omitted from the journal is added to the balance per company's records.

A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a (n)

List the objectives of internal control and give an example of how each is implemented.

Match each item to a bank statement adjustment, a company books adjustment, or either. -Note collected by the bank

A business that requires all cash payments be made by check cannot use a petty cash system.

The ratio of cash to monthly cash expenses includes both cash and cash equivalents in the numerator.

A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.What entry is required in the company's accounts?

The debit recorded in the journal to reimburse the petty cash fund is to

An example of good internal controls over cash payments is the taking of all cash discounts offered.

Jackson Industries has collected the following information but needs assistance completing the table.The cash payments were 90% of collections.​​ How much was the beginning balance of the cash account?

The sum of the money on hand and petty cash receipts in a petty cash fund will always be equal to the balance in the petty cash account.

Present entries to record the following transactions:

There are three internal control objectives and they are to safeguard the company's reputation,ensure accurate financial reports,and ensure compliance with applicable laws.

Which of the following would be subtracted from the balance per books on a bank reconciliation?

A $135 petty cash fund has cash of $18 and receipts of $120.The journal entry to replenish the account would include a

The actual cash received during the week ended June 6 for cash sales was $8,276,and the amount indicated by the cash register total was $8,262.Journalize the entry to record the cash receipts and cash sales.

A voucher is a form on which is recorded pertinent data about a liability and the particulars of its payment.

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

Jackson Industries has collected the following information but needs assistance completing the table.The cash payments were 90% of collections. How much was the beginning balance of the cash account?