Schwinn Company assembled the following information in completing its March bank reconciliation: \[\begin{array} { l r } \text { Balance per bank } & \$ 12,224 \\ \text { Outstanding checks } & 2,480 \\ \text { Deposits in transit } & 4,000 \\ \text { NSF check } & 256 \\ \text { Bank service charges } & 80 \\ \text { Cash balance per books } & 14,080 \end{array}\] As a result of this reconciliation Schwinn will

A) reduce its cash account by $1520. B) reduce its cash account by $80. C) increase its cash account by $176. D) reduce its cash account by $336. A) reduce its cash account by $1520. B) reduce its cash account by $80. C) increase its cash account by $176. D) reduce its cash account by $336.

The following information was taken from Niland Company's cash budget for the month of April \[\begin{array} { l r } \text { Beginning cash balance } & \$ 120,000 \\ \text { Cash receipts } & 108,000 \\ \text { Cash disbursements } & 136,000 \end{array}\] If the company has a policy of maintaining an end of the month cash balance of $100000 the amount the company would have to borrow is

A) $116000. B) $28000. C) $8000. D) $0. A) $116000. B) $28000. C) $8000. D) $0.

Exam 5: Fraud, Internal Control, and Cash

Larson Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31 \ 34,800 Deposits in transit 1,200 Bank charge for check printing 160 Outstanding checks 16,000 NSF check 1,360 Use the following tabular analysis to determine the impact of the required adjustments to Larson's accounts: $Larson Company gathered the following reconciling information in preparing its August bank reconciliation: \begin{array} { l r } \text { Cash balance per books, } 8 / 31 & \$ 34,800 \\ \text { Deposits in transit } & 1,200 \\ \text { Bank charge for check printing } & 160 \\ \text { Outstanding checks } & 16,000 \\ \text { NSF check } & 1,360 \end{array} Use the following tabular analysis to determine the impact of the required adjustments to Larson's accounts:$

(Multiple Choice)

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Question 101

Internal controls are not designed to safeguard assets from

(Multiple Choice)

4.7/5

(74)

Question 102

A consequence of separation of duties is that

(Multiple Choice)

5.0/5

(76)

Question 103

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

(Multiple Choice)

4.8/5

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Question 104

The treasurer should prepare and sign a check only after authorization to issue a check has been provided.

(True/False)

4.8/5

(75)

Question 105

Which of the following does not appear as a separate section on the cash budget?

(Multiple Choice)

4.9/5

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Question 106

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

(Multiple Choice)

4.9/5

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Question 107

Two individuals at a retail store work the same cash register.You evaluate this situation as

(Multiple Choice)

4.9/5

(76)

Question 108

Checks received in the mail should be immediately stamped "NSF" to prevent unauthorized cashing of the check.

(True/False)

4.8/5

(90)

Question 109

The following credit sales are budgeted by Milford Company: May \ 476,000 June 700,000 July 980,000 August 840,000 The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale 20% in the month following the sale and 8% in the second month following the sale.The anticipated cash inflow for the month of August is

(Multiple Choice)

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Question 110

On a bank statement paid checks are shown as

(Multiple Choice)

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Question 111

A liquid investment is one with no concern that the party will default on its promise to pay its principal and interest.

(True/False)

4.8/5

(85)

Question 112

The reconciliation of the cash register tape with the cash in the register is an example of

(Multiple Choice)

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(73)

Question 113

Linville Company gathered the following reconciling information in preparing its April bank reconciliation: Cash balance per books, 4/30 \ 17,600 Deposits in transit 2,400 Notes receivable (face, \ 5,000 ) and interest collected by bank 5,920 Bank charge for check printing 30 Outstanding checks 12,000 NSF check 1,120 Use the following tabular analysis to determine the required adjustment for the notes receivable to Linville's accounts assuming that no interest has been accrued: $Linville Company gathered the following reconciling information in preparing its April bank reconciliation: \begin{array}{lr} \text { Cash balance per books, } 4 / 30 & \$ 17,600 \\ \text { Deposits in transit } & 2,400 \\ \text { Notes receivable (face, } \$ 5,000 \text { ) and interest collected by bank } & 5,920 \\ \text { Bank charge for check printing } & 30 \\ \text { Outstanding checks } & 12,000 \\ \text { NSF check } & 1,120 \end{array} Use the following tabular analysis to determine the required adjustment for the notes receivable to Linville's accounts assuming that no interest has been accrued:$

(Multiple Choice)

4.7/5

(98)

Question 114

James Company had checks outstanding totaling $32400 on its June bank reconciliation.In July James Company issued checks totaling $233400.The July bank statement shows that $157800 in checks cleared the bank in July.A check from one of James Company's customers in the amount of $1800 was also returned marked "NSF." The amount of outstanding checks on James Company's July bank reconciliation should be

(Multiple Choice)

4.8/5

(72)

Question 115

Schwinn Company assembled the following information in completing its March bank reconciliation: Balance per bank \ 12,224 Outstanding checks 2,480 Deposits in transit 4,000 NSF check 256 Bank service charges 80 Cash balance per books 14,080 As a result of this reconciliation Schwinn will

(Multiple Choice)

4.9/5

(71)

Question 116

The responsibility for keeping the records for an asset should be separate from the physical custody of that asset.

(True/False)

4.9/5

(90)

Question 117

The principle of establishing responsibility does not include

(Multiple Choice)

4.9/5

(77)

Question 118

The following information was taken from Niland Company's cash budget for the month of April Beginning cash balance \ 120,000 Cash receipts 108,000 Cash disbursements 136,000 If the company has a policy of maintaining an end of the month cash balance of $100000 the amount the company would have to borrow is

(Multiple Choice)

4.9/5

(66)

Question 119

Cash restricted in use should be separately reported on the balance sheet.

(True/False)

4.9/5

(82)

Question 120

Showing 101 - 120 of 196

Internal controls are not designed to safeguard assets from

A consequence of separation of duties is that

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

The treasurer should prepare and sign a check only after authorization to issue a check has been provided.

Which of the following does not appear as a separate section on the cash budget?

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

Two individuals at a retail store work the same cash register.You evaluate this situation as

Checks received in the mail should be immediately stamped "NSF" to prevent unauthorized cashing of the check.

On a bank statement paid checks are shown as

A liquid investment is one with no concern that the party will default on its promise to pay its principal and interest.

The reconciliation of the cash register tape with the cash in the register is an example of

Schwinn Company assembled the following information in completing its March bank reconciliation: Balance per bank \ 12,224 Outstanding checks 2,480 Deposits in transit 4,000 NSF check 256 Bank service charges 80 Cash balance per books 14,080 As a result of this reconciliation Schwinn will

The responsibility for keeping the records for an asset should be separate from the physical custody of that asset.

The principle of establishing responsibility does not include

Cash restricted in use should be separately reported on the balance sheet.

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities and Stockholders Equity

Financial Analysis: the Big Picture

Managerial Accounting

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Activity Based Costing

Cost-Volume Profit Analysis: Additional Issues

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