Match the Term to the Appropriate Definition

Multiple Choice

Match the term to the appropriate definition.There are more definitions than terms.
-Internal Control

A) A set of regulations passed by Congress in 2002 in an attempt to improve financial reporting and restore investor confidence.
B) A process for approving and documenting all purchases and payments on account.
C) An attempt to deceive others for personal gain.
D) Terms of a loan agreement that if broken,entitle the lender to renegotiate loan terms or force repayment.
E) Short-term,highly liquid investments purchased within three months of maturity.
F) Another name for bounced checks.They arise when the check writer (your customer) does not have sufficient funds to cover the amount of the check.
G) An internal report prepared to verify the accuracy of both the bank statement and the cash accounts of a business or individual.
H) Actions taken to promote efficient and effective operations,protect assets,enhance accounting information,and adhere to laws and regulations.
I) An internal control designed into the accounting system to prevent an employee from making a mistake or committing a dishonest act as part of one assigned duty and then also covering it up through another assigned duty.
J) Not available for general use but rather restricted for a specific purpose.
K) A process that controls the amount paid to others by limiting the total amount of money available for making payments to others.
L) Money or any instrument that banks will accept for deposit and immediately credit to a company's account.