Which one of the adhering to is no an facet of interior control?a. Monitoringb. Management"s philosophy and operating stylec. Regulate proceduresd. Threat assessment
Hector agency gathered the following reconciling details in preparing its March financial institution reconciliation:Cash balance every books, 3/31 $12,000Notes receivable built up by financial institution 6,000Outstanding checks 9,000Deposits in transit 4,500Bank service charge 75NSF check 1,200Using the above information, identify the readjusted cash balance because that March.a. $16,725b. $12,225c. $15,500d. $7,500
Cash equivalents includea. Advertising paper.b. Money industry funds.c. U.S. Treasury bills.d. All of these choices are correct.
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Which that the following is no a reason that congress passed the Sarbanes-Oxley Act?a. Come require carriers to maintain strong and reliable internal controls over the record of jae won transactionsb. To use the exact same controls to exclusive companies regarding public companiesc. To require carriers to maintain strong and reliable internal controls end the preparation of jae won statementsd. To answer the public outcry regarded the financial scandals that the early 2000s
Which of the adhering to would show up as a credit memorandum ~ above the bank statement?a. EFT depositb. Bank correction of an error from recording a $300 examine paid as $30c. Business charged. NSF check
Internal control does no consist the policies and also procedures thata. Aid management in directing operations toward achieving service goals.b. For sure that organization information is accurate.c. Insurance the agency will do a profit.d. Safeguard assets indigenous misuse.
All that the complying with are missions of internal manage except toa. Make sure that all errors are eliminated.b. For sure compliance through laws and regulations through employees and also managers.c. Carry out reasonable assurance that organization information is accurate.d. Administer reasonable assurance the assets space safeguarded and used for organization purposes.
The agency section the the bank reconciliationa. Ends through the readjusted balance.b. Deducts debit memos that have actually not been recorded.c. Begins with the cash balance follow 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. Shop in transit.b. NSF items.c. Bank errors.d. Impressive checks.
The debit balance in Cash Short and also Over in ~ the end of one accounting period is report asa. Earnings on the income statement.b. A legal responsibility on the balance sheet.c. An heritage on the balance sheet.d. An price on the earnings statement.
Which of these is a minimum cash account balance that is required by a bank?a. Compensating balanceb. Financial institution loanc. Cash equivalentd. Heat of credit
Which of the following is not a result or characteristic of the Sarbanes-Oxley Act?a. Effective internal controls over the ready of gaue won statementsb. Reconstruction of windy confidence and trust in the gaue won statements of companiesc. Complete elimination that fraud and also theftd. Solid internal controls end the record of transactions
The bank section of the bank reconciliationa. Ends with the readjusted balance.b. Ends v the unadjusted bank balance.c. Begins with the cash balance follow to the company"s records.d. No one of these selections are correct.
Which of the following is no an interior control task for cash?a. One employee to compare cash got in the mail with the accompanying remittance advice.b. At the end of a shift, the clerk and the supervisor count the cash in the clerk"s cash drawer and also compare that to beginning cash to add cash sales.c. The employee opened the mail stamps checks and money order "For Deposit Only" in the financial institution account that the business.d. All cash payments must be made with cash.
Compensating balances area. Balances banks may need depositors to preserve as a minimum in your cash accounts.b. Asked for lines the credit.c. Amounts of compelled payments top top liabilities.d. Wanted loan amounts.
Sarbanes-Oxley does not requirea. All publicly hosted companies to comply with the act.b. Companies to rotate over duty for establishing and also maintaining interior controls because that financial report to auditors.c. Suppliers to paper their internal control reports v the 10-K report with the Securities and Exchange Commission.d. Companies and their live independence accountants to report top top the efficiency of the companies" inner controls.
A bank correction of an error from record a $50 check paid together $500 shows up on the bank statement as aa. Credit memorandum that decreases the account balance.b. Debit memorandum that decreases the account balance.c. Debit memorandum that boosts the account balance.d. Credit memorandum that boosts the account balance.
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An NSF check appears on the bank statement as aa. Credit transaction memorandum the decreases the account balance.b. Debit memorandum that decreases the account balance.c. Debit memorandum that increases the account balance.d. Credit transaction memorandum that boosts the account balance.
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