Question 1

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the cash balance per bank.

Accepted Answer

A) True 
 B)False

Question 2

Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor.This item would be included on the bank reconciliation as a(n):

Accepted Answer

A) deduction from the cash balance per books. 
B) addition to the cash balance per bank. 
C) deduction from the cash balance per bank. 
D) addition to the cash balance per books. 
A) deduction from the cash balance per books. 
B) addition to the cash balance per bank. 
C) deduction from the cash balance per bank. 
D) addition to the cash balance per books.

Question 3

Which of the following should be considered as cash by an accountant?

Accepted Answer

A) Money orders 
B) Corporate bonds 
C) Postage stamps 
D) Government bonds 
A) Money orders 
B) Corporate bonds 
C) Postage stamps 
D) Government bonds

Question 4

In a computerized system,paid vouchers are transferred to a paid voucher file.

Accepted Answer

A) True 
 B)False

Question 5

List the advantages of Electronic Funds Transfers.

Accepted Answer

Advantages: (1)EFTs cost less than recei

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

List and define each of the five elements of internal control set forth by the Integrated Framework.

Accepted Answer

(1) Control Environment: The control env

Question 8

A voucher system is an example of an internal control procedure over cash payments.

Accepted Answer

A) True 
 B)False

Question 9

Using the following information,prepare a bank reconciliation for Murack Co.for May 31,2015:

Accepted Answer

Murack Co. Bank Reconciliation May 31,20

Question 10

The depositor reconciles the bank's statement to the depositor's records.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following of internal control deals with hiring,training,evaluation,compensation,and promotion of employees?

Accepted Answer

A) Monitoring 
B) Control environment 
C) Risk assessment 
D) Control procedures 
A) Monitoring 
B) Control environment 
C) Risk assessment 
D) Control procedures

Question 12

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the cash balance per books.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

A customer's check received in settlement of an account receivable is considered cash.

Accepted Answer

A) True 
 B)False

Question 15

In preparing a bank reconciliation,the amount indicated by a debit memorandum for bank service charges is added to the cash balance per books.

Accepted Answer

A) True 
 B)False

Question 16

In preparing a bank reconciliation,the amount of outstanding checks is deducted from the cash balance per books.

Accepted Answer

A) True 
 B)False

Question 17

Identify each of the following as related to (a)the control environment,(b)risk assessment,or (c)control procedures.

Accepted Answer

(1)(c)control proced

Question 18

Separating the custody of assets from accounting for assets is a part of which element of internal control?

Accepted Answer

A) Information and communication 
B) Monitoring 
C) Control environment 
D) Control procedures 
A) Information and communication 
B) Monitoring 
C) Control environment 
D) Control procedures

Question 19

Which element of internal control observes employees' behavior and the accounting system for indicators of control problems?

Accepted Answer

A) Control environment 
B) Risk assessment 
C) Control procedures 
D) Monitoring 
A) Control environment 
B) Risk assessment 
C) Control procedures 
D) Monitoring

Question 20

A credit memorandum received with a bank statement means the company's bank account has been increased.

Accepted Answer

A) True 
 B)False

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the cash balance per bank.

Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor.This item would be included on the bank reconciliation as a(n):

Which of the following should be considered as cash by an accountant?

In a computerized system,paid vouchers are transferred to a paid voucher file.

List the advantages of Electronic Funds Transfers.

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

List and define each of the five elements of internal control set forth by the Integrated Framework.

A voucher system is an example of an internal control procedure over cash payments.

Using the following information,prepare a bank reconciliation for Murack Co.for May 31,2015:

The depositor reconciles the bank's statement to the depositor's records.

Which of the following of internal control deals with hiring,training,evaluation,compensation,and promotion of employees?

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the cash balance per books.

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

A customer's check received in settlement of an account receivable is considered cash.

In preparing a bank reconciliation,the amount indicated by a debit memorandum for bank service charges is added to the cash balance per books.

In preparing a bank reconciliation,the amount of outstanding checks is deducted from the cash balance per books.

Identify each of the following as related to (a)the control environment,(b)risk assessment,or (c)control procedures.

Separating the custody of assets from accounting for assets is a part of which element of internal control?

Which element of internal control observes employees' behavior and the accounting system for indicators of control problems?

A credit memorandum received with a bank statement means the company's bank account has been increased.

The Role of Accounting in Business

Basic Accounting Concepts

Accrual Accounting Concepts

Accounting for Merchandising Businesses

Receivables and Inventories

Fixed Assets and Intangible Assets

Liabilities and Stockholders Equity

Financial Statement Analysis

Accounting Systems for Manufacturing Businesses

Cost Behavior and Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Cost Systems

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

Filters

Exam 5: Sarbanes-Oxley, internal Control, and Cash

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the cash balance per bank.

Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor.This item would be included on the bank reconciliation as a(n):

Which of the following should be considered as cash by an accountant?

In a computerized system,paid vouchers are transferred to a paid voucher file.

List the advantages of Electronic Funds Transfers.

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

List and define each of the five elements of internal control set forth by the Integrated Framework.

A voucher system is an example of an internal control procedure over cash payments.

Using the following information,prepare a bank reconciliation for Murack Co.for May 31,2015:

The depositor reconciles the bank's statement to the depositor's records.

Which of the following of internal control deals with hiring,training,evaluation,compensation,and promotion of employees?

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the cash balance per books.

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

A customer's check received in settlement of an account receivable is considered cash.

In preparing a bank reconciliation,the amount indicated by a debit memorandum for bank service charges is added to the cash balance per books.

In preparing a bank reconciliation,the amount of outstanding checks is deducted from the cash balance per books.

Identify each of the following as related to (a)the control environment,(b)risk assessment,or (c)control procedures.

Separating the custody of assets from accounting for assets is a part of which element of internal control?

Which element of internal control observes employees' behavior and the accounting system for indicators of control problems?

A credit memorandum received with a bank statement means the company's bank account has been increased.

The Role of Accounting in Business

Basic Accounting Concepts

Accrual Accounting Concepts

Accounting for Merchandising Businesses

Receivables and Inventories

Fixed Assets and Intangible Assets

Liabilities and Stockholders Equity

Financial Statement Analysis

Accounting Systems for Manufacturing Businesses

Cost Behavior and Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Cost Systems

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

Filters