Question 1

Which of the following statements does not describe the responsibilities of a company's internal audit staff?

Accepted Answer

A) Internal auditors ensure that the company's financial statements have been presented fairly. 
B) Internal auditors focus on the efficiency with which the organization is run. 
C) Internal auditors help ensure that the company's policies and procedures are followed. 
D) Internal auditors prepare the report of management to the company's stockholders 
A) Internal auditors ensure that the company's financial statements have been presented fairly. 
B) Internal auditors focus on the efficiency with which the organization is run. 
C) Internal auditors help ensure that the company's policies and procedures are followed. 
D) Internal auditors prepare the report of management to the company's stockholders

Question 2

Which one of the following would not appear on a bank statement for a checking account?

Accepted Answer

A) Service charges 
B) Interest earned 
C) Outstanding checks 
D) Deposits 
A) Service charges 
B) Interest earned 
C) Outstanding checks 
D) Deposits

Question 3

If a company hires honest employees,no internal control procedures are necessary.

Accepted Answer

A) True 
 B)False

Question 4

Use the data presented below which Raines Corp.identified in preparing a bank reconciliation on October 31,2014,to answer the questions that follow.   What is the adjusted cash balance on October 31,2014?

Accepted Answer

A) $29,600 
B) $30,100 
C) $30,200 
D) $30,700 
A) $29,600 
B) $30,100 
C) $30,200 
D) $30,700

Question 5

Which one of the following situations reflects a weak internal control system?

Accepted Answer

A) all employees are well supervised 
B) a single employee is responsible for comparing a receiving report to an invoice 
C) all employees must take their vacations 
D) a single employee is responsible for collecting and recording of cash 
A) all employees are well supervised 
B) a single employee is responsible for comparing a receiving report to an invoice 
C) all employees must take their vacations 
D) a single employee is responsible for collecting and recording of cash

Question 6

According to the Sarbanes-Oxley Act of 2002,only external auditors can provide bookkeeping services for the clients they audit.

Accepted Answer

A) True 
 B)False

Question 7

The treasurer for Rahm Corp.was preparing a bank reconciliation as of September 30,2014.The following items were identified:   Rahm Corp.'s adjusted cash balance at September 30,2014 is

Accepted Answer

A) $34,600 
B) $34,900 
C) $32,500 
D) $32,800 
A) $34,600 
B) $34,900 
C) $32,500 
D) $32,800

Question 8

How would deposits in transit be dealt with in a bank reconciliation?

Accepted Answer

A) added to company's book balance 
B) deducted from company's book balance 
C) added to bank statement balance 
D) deducted from bank statement balance 
A) added to company's book balance 
B) deducted from company's book balance 
C) added to bank statement balance 
D) deducted from bank statement balance

Which of the following statements does not describe the responsibilities of a company's internal audit staff?

Which one of the following would not appear on a bank statement for a checking account?

If a company hires honest employees,no internal control procedures are necessary.

Use the data presented below which Raines Corp.identified in preparing a bank reconciliation on October 31,2014,to answer the questions that follow. What is the adjusted cash balance on October 31,2014?

Which one of the following situations reflects a weak internal control system?

According to the Sarbanes-Oxley Act of 2002,only external auditors can provide bookkeeping services for the clients they audit.

The treasurer for Rahm Corp.was preparing a bank reconciliation as of September 30,2014.The following items were identified: Rahm Corp.'s adjusted cash balance at September 30,2014 is

How would deposits in transit be dealt with in a bank reconciliation?

Accounting As a Form of Communication

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Receivables and Investments

Operating Assets: Property, plant, and Equipment, and Intangibles

Current Liabilities, contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

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Exam 6: Cash and Internal Control

Which of the following statements does not describe the responsibilities of a company's internal audit staff?

Which one of the following would not appear on a bank statement for a checking account?

If a company hires honest employees,no internal control procedures are necessary.

Use the data presented below which Raines Corp.identified in preparing a bank reconciliation on October 31,2014,to answer the questions that follow. What is the adjusted cash balance on October 31,2014?

Which one of the following situations reflects a weak internal control system?

According to the Sarbanes-Oxley Act of 2002,only external auditors can provide bookkeeping services for the clients they audit.

The treasurer for Rahm Corp.was preparing a bank reconciliation as of September 30,2014.The following items were identified: Rahm Corp.'s adjusted cash balance at September 30,2014 is

How would deposits in transit be dealt with in a bank reconciliation?

Accounting As a Form of Communication

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Receivables and Investments

Operating Assets: Property, plant, and Equipment, and Intangibles

Current Liabilities, contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

Filters