ACCTG 211 Cash Review

ACCTG 211 Cash Review

Assessment

Assessment

Created by

Dr. Paz

Other

University

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Hard

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8 questions

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1.

Multiple Choice

30 sec

1 pt

Which of the following statements is true of the​ Sarbanes-Oxley Act?

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

30 sec

1 pt

Which of the following describes the risk assessment component of internal​ control?

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

30 sec

1 pt

At Cadmia  Services, the cashier collects checks and cash from  customers, and the junior accountant records the transactions in the journal. The controller approves the journal entries and bank reconciliations. The treasurer signs checks and approves contracts.

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

30 sec

1 pt

Which of the following is included in the internal control procedure documents?

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

30 sec

1 pt

Which of the following would be included in the entry to record the replenishment of a petty cash​ fund?

a credit to Cash

a credit to Miscellaneous Expense

a credit to Petty Cash

a debit to Accounts Receivable

6.

Multiple Choice

30 sec

1 pt

The bank recorded a​ $3,000 deposit as​ $300. How would this information be included on the bank​ reconciliation?

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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