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Accounting Chapter 4

End-of-Chapter Quiz Questions

QuestionAnswer
This procedure limits access to sensitive data. Firewalls
This type of insurance policy covers losses due to employee theft. Fidelity Bond
Trusting your employees can lead you to overlook this procedure. Supervision
The most basic purpose of internal control. Safeguarding Assets
Internal control cannot always safeguard against this problem. Collusion
Often mentioned as the cornerstone of a good system of internal control. Separation of Duties
Pay employees enough to require them to do a good job. Competent Personnel
True or False. Sound personnel procedures is an example of a control procedure. True
True or False. A sound marketing plan is an example of a control procedure. False
True or False. Separation of Duties is an example of a control procedure. True
True or False. Limited access to assets is an example of a control procedure. True
True or False. Employees must take vacations is an example of poor internal control. False
True or False. Rotating employees through various jobs is an example of poor internal control. False
True or False. The accounting department comparing goods received with the related purchase order is an example of poor internal control. False
True or False. The mailroom clerk recording daily cash receipts in the journal is an example of poor internal control. True
A check for $835 written by Lowell during the current month was recorded as a $358 payment, how would this be reported on the bank reconciliation? Deduct from the book balance
A $400 deposit made on the last day of the current month did not appear on this month's bank statement, how would this be reported on the bank reconciliation? Add to the bank balance
The bank statement showed interest earned of $65, how would this be reported on the bank reconciliation? Add to the book balance
The bank statement included a check from a customer that was marked NSF, how would this be reported on the bank reconciliation? Deduct from the book balance
The bank statement showed the bank had credited Lowell's account for an $800 deposit made by Lawrence Company, how would this be reported on the bank reconciliation? Deduct from the bank balance
True or False. A bank service charge does not require a journal entry. False
True or False. A bank collection of a note receivable does not require a journal entry. False
True or False. A NSF check does not require a journal entry. False
True or False. A deposit in transit does not require a journal entry. True
A check was written for $754 to purchase supplies. The check was recorded in the journal as $745. The entry to correct this error would: increase Supplies, $9 and decrease Cash, $9
This budget helps control cash by helping to determine whether the additional cash is available for investments or new financing is needed. Cash Budget
Created by: 1482116593
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