Question 1

When reimbursing the petty cash fund:

Accepted Answer

A) Cash is debited. 
B) Petty Cash is credited. 
C) Petty Cash is debited. 
D) Appropriate expense accounts are debited. 
E) No expenses are recorded. 
A) Cash is debited. 
B) Petty Cash is credited. 
C) Petty Cash is debited. 
D) Appropriate expense accounts are debited. 
E) No expenses are recorded.

Question 2

The document prepared by the vendor that is an itemized statement of goods listing the customer's name,items sold,sales prices,and terms of the sale is the _________________.

Accepted Answer

The answer of The document prepared by the vendor that...

Question 3

At the end of the day,the cash register tape shows $1,020 in cash sales but the count of cash in the register is $1,035.The proper entry to account for this excess is:

Accepted Answer

A) Debit Cash $1,020;credit Sales $1,020. 
B) Debit Cash $1,035;credit Sales $1,035. 
C) Debit Cash $1,035;credit Sales $1,020;credit Cash Over and Short $15. 
D) Debit Cash $1,020;debit Cash Over and Short for $15;credit Sales $1,035. 
E) Debit Cash Over and Short $15;credit Cash $15. 
A) Debit Cash $1,020;credit Sales $1,020. 
B) Debit Cash $1,035;credit Sales $1,035. 
C) Debit Cash $1,035;credit Sales $1,020;credit Cash Over and Short $15. 
D) Debit Cash $1,020;debit Cash Over and Short for $15;credit Sales $1,035. 
E) Debit Cash Over and Short $15;credit Cash $15.

Question 4

Gardener Company had the following transactions during January:   Using the net method of recording purchases,prepare the journal entries to record these January transactions.

Accepted Answer

The answer of Gardener Company had the following transactions during...

Question 5

Two sales clerks not being permitted to share the same cash register is an example of the internal control principle of _______________________.

Accepted Answer

establish

Question 6

An ____________________________ refers to the policies and procedures managers use to protect assets,ensure reliable accounting,promote efficient operations,and urge adherence to company policies.

Accepted Answer

internal c

Question 7

An analysis that explains differences between the checking account balance according to the depositor's records and the balance reported on the bank statement is a(n):

Accepted Answer

A) Internal audit. 
B) Bank reconciliation. 
C) Bank audit. 
D) Trial reconciliation. 
E) Analysis of debits and credits. 
A) Internal audit. 
B) Bank reconciliation. 
C) Bank audit. 
D) Trial reconciliation. 
E) Analysis of debits and credits.

Question 8

If a check correctly written and paid by the bank for $272 is incorrectly recorded in the company's books for $227,how should this error be treated on the bank reconciliation?

Accepted Answer

A) Subtract $45 from the bank's balance. 
B) Add $45 to the bank's balance. 
C) Subtract $45 from the book balance. 
D) Add $45 to the book balance. 
E) Subtract $45 from the bank's balance and add $45 to the book's balancE.$272 - $227 = $45 not enough deducted from the company's cash account balance that must be subtracted from cash. 
A) Subtract $45 from the bank's balance. 
B) Add $45 to the bank's balance. 
C) Subtract $45 from the book balance. 
D) Add $45 to the book balance. 
E) Subtract $45 from the bank's balance and add $45 to the book's balancE.$272 - $227 = $45 not enough deducted from the company's cash account balance that must be subtracted from cash.

Question 9

All of the following are true of the number of days' sales uncollected ratio except:

Accepted Answer

A) Is most effective in evaluating the cash sales of a company. 
B) Can be used for comparisons to other companies in the same industry. 
C) Can be used for comparisons between current and prior periods. 
D) Reflects the liquidity of receivables. 
E) Measures how much time is likely to pass before the current amount of accounts receivable is received in cash. 
A) Is most effective in evaluating the cash sales of a company. 
B) Can be used for comparisons to other companies in the same industry. 
C) Can be used for comparisons between current and prior periods. 
D) Reflects the liquidity of receivables. 
E) Measures how much time is likely to pass before the current amount of accounts receivable is received in cash.

Question 10

The number of days' sales uncollected is calculated by:

Accepted Answer

A) Dividing accounts receivable by net sales. 
B) Dividing accounts receivable by net sales and multiplying by 365. 
C) Dividing net sales by accounts receivable. 
D) Dividing net sales by accounts receivable and multiplying by 365. 
E) Multiplying net sales by accounts receivable and dividing by 365. 
A) Dividing accounts receivable by net sales. 
B) Dividing accounts receivable by net sales and multiplying by 365. 
C) Dividing net sales by accounts receivable. 
D) Dividing net sales by accounts receivable and multiplying by 365. 
E) Multiplying net sales by accounts receivable and dividing by 365.

Question 11

A ____________________ is a report explaining any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement.

Accepted Answer

The answer of A ____________________ is a report explaining any...

When reimbursing the petty cash fund:

The document prepared by the vendor that is an itemized statement of goods listing the customer's name,items sold,sales prices,and terms of the sale is the _________________.

At the end of the day,the cash register tape shows $1,020 in cash sales but the count of cash in the register is $1,035.The proper entry to account for this excess is:

Gardener Company had the following transactions during January: Using the net method of recording purchases,prepare the journal entries to record these January transactions.

Two sales clerks not being permitted to share the same cash register is an example of the internal control principle of _______________________.

An ____________________________ refers to the policies and procedures managers use to protect assets,ensure reliable accounting,promote efficient operations,and urge adherence to company policies.

An analysis that explains differences between the checking account balance according to the depositor's records and the balance reported on the bank statement is a(n):

If a check correctly written and paid by the bank for $272 is incorrectly recorded in the company's books for $227,how should this error be treated on the bank reconciliation?

All of the following are true of the number of days' sales uncollected ratio except:

The number of days' sales uncollected is calculated by:

A ____________________ is a report explaining any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Accounting Information Systems

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Cost Accounting

Process Cost Accounting

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Appendix B: Time Value of Money

Appendix C: Activity-Based Costing

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Exam 8: Cash and Internal Controls

When reimbursing the petty cash fund:

The document prepared by the vendor that is an itemized statement of goods listing the customer's name,items sold,sales prices,and terms of the sale is the _________________.

At the end of the day,the cash register tape shows $1,020 in cash sales but the count of cash in the register is $1,035.The proper entry to account for this excess is:

Gardener Company had the following transactions during January: Using the net method of recording purchases,prepare the journal entries to record these January transactions.

Two sales clerks not being permitted to share the same cash register is an example of the internal control principle of _______________________.

An ____________________________ refers to the policies and procedures managers use to protect assets,ensure reliable accounting,promote efficient operations,and urge adherence to company policies.

An analysis that explains differences between the checking account balance according to the depositor's records and the balance reported on the bank statement is a(n):

If a check correctly written and paid by the bank for $272 is incorrectly recorded in the company's books for $227,how should this error be treated on the bank reconciliation?

All of the following are true of the number of days' sales uncollected ratio except:

The number of days' sales uncollected is calculated by:

A ____________________ is a report explaining any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Accounting Information Systems

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Cost Accounting

Process Cost Accounting

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Appendix B: Time Value of Money

Appendix C: Activity-Based Costing

Filters