Exam 6: Internal Control

From your hotel's most recent bank statement, you note that there are two cheque payments that your hotel made to suppliers a week ago for $110 and $140 that have yet to clear the bank account. The bank statement has recorded $13 of interest earned on the account and this has yet to be recorded in your hotel's accounting system. If the bank statement is recording a closing credit balance of $3,480, what should be the pre-reconciliation balance recorded in your hotel's double entry book keeping system with respect to money held at bank?

On 1 July 20X1 the MountainTop hotel established a petty cash fund with an imprest balance of $300. At the end of the month there was $160 in petty cash and four taxi receipts and vouchers totalling $140. The accounting entry to record the replenishment of the petty cash fund is:

Reasons for a difference between a bank balance recorded on a bank statement and the record in a company's accounting system include:

The imprest system of petty cash accounting refers to:

The accounting entries to record the establishment of a petty cash fund are:

Which of the following represent internal control principles?

Which of the following statements is true?

A new internal control procedure should only be implemented if:

Which of the following does not represent an internal control procedure?

On 1 July 20X1 the MountainTop hotel established a petty cash fund with an imprest balance of $300. At the end of the month there was $160 in petty cash and four taxi receipts and vouchers totalling $140. The accounting entry to record the replenishment of the petty cash fund is:

Which of the following statements is true?

Which of the following represent internal control principles?

When a hotel prepares its monthly bank reconciliation exercise, bank interest received is:

Which of the following statements is untrue?

To prepare a bank reconciliation statement it is necessary to have the following:

Which of the following represent internal control principles?

Which of the following statements is untrue.

The Highlands Resort hotel maintains a petty cash fund with an imprest balance of $500. At the end of a month there was $180 in the petty cash box and four lunch receipts and vouchers totalling $320. The accounting entry to record the replenishment of the petty cash fund is:

In a bank reconciliation, when the bank statement shows a debit balance, outstanding deposits are:

Physical controls do not include: