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Exam 8: Internal Control and Cash

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Question 41

True/False

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Internal control is enhanced by separating the control of a transaction from the record-keeping function.

A) True
B) False

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Question 42

Multiple Choice

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Match the following elements of internal control: -Information and communication

A) Provides reasonable assurance that business goals will be achieved
B) Used by management for guiding operations and ensuring compliance with requirements
C) Overall attitude of management and employees
D) Used to locate weaknesses and improve controls
E) Identify, analyze, and assess likeliness of vulnerabilities

F) A) and D)
G) B) and C)

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Question 43

Multiple Choice

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Match each item to a bank statement adjustment, a company books adjustment, or either. -Bank charges

A firm's internal control environment is not influenced by

Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation.Calculate the adjusted cash balance per books on May 31.​

Journalize the entries to record the following:​​ Journal

Match each item to a bank statement adjustment, a company books adjustment, or either. -Interest revenue

Match each item to a bank statement adjustment, a company books adjustment, or either. -Error in recording a check

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -Charges for some other company's safe deposit box were posted to your account

The following items may appear on a bank statement:1.NSF check2.EFT deposit3.Service charge4.Bank correction of an error from recording a $300 check as $30​Indicate whether the item would appear as debit or credit memo on the bank statement and whether the item would increase or decrease the balance of your account.Use the following format:

Sarbanes-Oxley applies to

Which of the following is not a factor that influences a business's control environment?

The following data are from Autumn Company for the past four years.​​ Calculate the following:

The bank statement for Jeffrey Co.indicates a balance of $8,785 on October 31.After the journals for October had been posted,the cash account had a balance of $8,998.​Record the appropriate journal entries that would be necessary for Jeffrey Co.

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -Deposit in transit

The portion of an invoice that is returned with payment is a

If the balance in Cash Short and Over at the end of a period is a credit,it should be reported as "Other Income" on the income statement.

EFT

A bank statement

Which of the following would not be included with the cash and cash equivalents on the balance sheet?