Which one of the following is not an facet of interior control?a. Monitoringb. Management"s philosophy and operating stylec. Regulate proceduresd. Risk assessment
Hector agency gathered the adhering to reconciling information in preparing its March financial institution reconciliation:Cash balance per books, 3/31 $12,000Notes receivable built up by bank 6,000Outstanding check 9,000Deposits in transit 4,500Bank organization charge 75NSF examine 1,200Using the above information, identify the changed cash balance because that March.a. $16,725b. $12,225c. $15,500d. $7,500
Cash equivalents includea. Commercial paper.b. Money industry funds.c. U.S. Treasury bills.d. Every one of these options are correct.
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Which the the following is no a factor that congress passed the Sarbanes-Oxley Act?a. Come require providers to maintain solid and effective internal controls over the recording of gaue won transactionsb. To use the same controls to private companies as to public companiesc. To require providers to maintain solid and effective internal controls over the ready of financial statementsd. Come answer the public outcry regarded the gaue won scandals of the early 2000s
Which of the following would appear as a credit memorandum top top the bank statement?a. EFT depositb. Financial institution correction of one error from record a $300 check paid as $30c. Company charged. NSF check
Internal regulate does not consist that policies and procedures thata. Assist management in directing operations toward achieving service goals.b. Certain that organization information is accurate.c. Guarantee the company will make a profit.d. Defend assets native misuse.
All of the following are missions of internal manage except toa. Make certain that every errors space eliminated.b. Certain compliance v laws and regulations through employees and also managers.c. Carry out reasonable assurance that company information is accurate.d. Carry out reasonable assurance the assets room safeguarded and also used for service purposes.
The company section of the bank reconciliationa. Ends through the changed balance.b. Deducts debit memos that have actually not to be recorded.c. Begins with the cash balance according to the company"s records.d. All of these options are correct.
Journal entries based upon the financial institution reconciliation are forced in the depositor"s account fora. Store in transit.b. NSF items.c. Bank errors.d. Impressive checks.
The debit balance in Cash Short and also Over at the end of an accounting duration is report asa. Income on the revenue statement.b. A legal responsibility on the balance sheet.c. An legacy on the balance sheet.d. An expense on the revenue statement.
Which of this is a minimum cash account balance the is forced by a bank?a. Compensating balanceb. Bank loanc. Cash equivalentd. Line of credit
Which that the complying with is no a result or characteristics of the Sarbanes-Oxley Act?a. Effective internal controls over the ready of gaue won statementsb. Reconstruction of public confidence and also trust in the gaue won statements the companiesc. Complete elimination the fraud and theftd. Solid internal controls end the record of transactions
The financial institution section that the bank reconciliationa. Ends through the changed balance.b. Ends through the unadjusted financial institution balance.c. Begins with the cash balance according to the company"s records.d. None of these selections are correct.
Which that the following is not an interior control activity for cash?a. An employee compares cash obtained in the mail through the accompanying remittance advice.b. In ~ the end of a shift, the clerk and the supervisor counting the cash in the clerk"s cash drawer and also compare that to start cash to add cash sales.c. The employee opened the mail stamps checks and money assignment "For Deposit Only" in the financial institution account that the business.d. All cash payments need to be made with cash.
Compensating balances area. Balances banks may require depositors to maintain as a minimum in their cash accounts.b. Asked for lines of credit.c. Quantities of forced payments ~ above liabilities.d. Wanted loan amounts.
Sarbanes-Oxley does no requirea. All publicly hosted companies to comply with the act.b. Service providers to rotate over duty for establishing and maintaining inner controls because that financial report to auditors.c. Carriers to record their internal regulate reports through the 10-K report through the Securities and Exchange Commission.d. Companies and their independent accountants to report ~ above the effectiveness of the companies" interior controls.
A financial institution correction of one error from record a $50 examine paid as $500 appears on the financial institution statement as aa. Credit memorandum that decreases the account balance.b. Debit memorandum that decreases the account balance.c. Debit memorandum that rises the account balance.d. Credit transaction memorandum that rises the account balance.
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An NSF check shows up on the bank statement together aa. Credit memorandum that decreases the account balance.b. Debit memorandum the decreases the account balance.c. Debit memorandum that boosts the account balance.d. Credit transaction memorandum that boosts the account balance.
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