ACCTG 211 Cash Review
Assessment
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Dr. Paz
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Other
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University
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4 plays
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Hard
Student preview
8 questions
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1.
Multiple Choice
Accounting firms are allowed to provide both auditing services and a full range of consulting services to their public company clients.
All private and foreign companies must issue an internal control report evaluated by an outside auditor.
The Public Company Accounting Oversight Board oversees the work of auditors of public companies.
Those who commit securities fraud must be sentenced to 10 years in prison.
2.
Multiple Choice
Risk assessment is the "tone at the top" of the business.
Internal auditors monitor company controls to safeguard assets, and external auditors monitor the controls to ensure that the accounting records are accurate.
Risk assessment is designed to ensure that the business's goals are achieved.
A company must identify its risks and take necessary steps to minimize them.
3.
Multiple Choice
Which internal control procedure is exemplified in the above situation?
separation of duties
competent, reliable, and ethical personnel
assignment of responsibilities
documents
4.
Multiple Choice
A company should purchase a fireproof vault to protect legal documents.
The invoices and orders must be pre-numbered.
Separate the custody of assets from accounting.
Mandatory vacations will improve internal control.
5.
Multiple Choice
a credit to Cash
a credit to Miscellaneous Expense
a credit to Petty Cash
a debit to Accounts Receivable
6.
Multiple Choice
an addition on the book side
a deduction on the book side
a deduction on the bank side
an addition on the bank side
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