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ACCT CHP 4

ACCOUNTING EXAM 2

QuestionAnswer
What are some assets included in 'cash equivalents' in a typical balance sheet? Time deposits, US gov securities, Foreign gov securities, and Certain very low risk equity securities
Before paying an invoice for goods received on account, the controller or treasurer should ensure that... The company is paying for the goods it has ordered, it has actually received, and that it has not already paid this invoice
In a bank reconciliation, interest revenue earned on your bank balance is... Added to the book balance
If a bank reconciliation included a deposit in transit of $790, the entry to record this reconciling item would include a... NO entry is required
If a bookkeeper mistakenly recorded a $72 deposit as $27, the error would be shown on the bank reconciliation as a... $45 addition to the book balance
In a bank reconciliation, an EFT cash payment is... Deducted from the BOOK balance
In a bank reconciliation, an outstanding check is... Deducted from the BANK balance
What are some controls for cash received over the counter? Customer should be able to see amounts entered into the register, the cash drawer should only open when the clerk enters an amount on the keys, and a printed receipt must be given to the customer The clear DOES NOT need access to the cash register tape
Some Internal control procedures are... Assignment of responsibilities, internal and external audits, and adequate records
Some objectives of internal control are... To safeguard assets, to ensure accurate and reliable accounting records and to comply with legal requirements
A cash budget helps control cash by... Helping to determine whether additional cash is available for investments or new financing is needed
A check was written for $462 to purchase supplies. The clerk was recorded in the journal as $426. The entry to correct this error would... Increase supplies by $36 Decrease cash by $36
Which reconciling items require a journal entry? Bank service charge, Bank collection of note receivable, and a NSF check A deposit in transit DOES NOT require a journal entry
Good internal control includes... Rotating employees thru various jobs, vacations for employees, the accounting department compares goods received with the related purchase order... Having the mailroom clerk record daily cash receipts in the journal is POOR
Examples of control procedures are... Sound personnel procedures, Limited access to assets, Separation of duties... A sound marketing plan is NOT an example of a control procedure
 

 



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