13176522
Descripción
Test por Mahmoud Hemood, actualizado hace más de 1 año
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Creado por Mahmoud Hemood
hace alrededor de 6 años
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Pregunta 1
Pregunta
SarbanesOxley applies to
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Publicly held companies
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not for profit organizations
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privately held businesses
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all of these
Pregunta 2
Pregunta
"To maintain public confidence and trust in the financial reporting of companies" is the purpose of
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the FASB
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the IRS
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Sarbanes Oxley
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GAAP
Pregunta 3
Pregunta
Which one of the following below is NOT an element of internal control?
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risk assessment
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monitoring
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information and communication
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cost-benefit considerations
Pregunta 4
Pregunta
The objectives of internal control are to
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control the internal organization of the accounting department personnel and equipment
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provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with
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prevent fraud, and promote the social interest of the company
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provide control over "internal-use only" reports and employee internal conduct
Pregunta 5
Pregunta
Which one of the following reflects a weak internal control system?
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all employees are well supervised
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a single employee is responsible for comparing a receiving report to an invoice
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all employees must take their vacations
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a single employee is responsible for collecting and recording of cash
Pregunta 6
Pregunta
When a firm uses internal auditors, it is adhering to which of the following internal control elements?
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Risk Assessment
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Monitoring
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Proofs and Security Measures
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Information and Communication
Pregunta 7
Pregunta
The portion of an invoice that is returned with payment is a
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remittance advice
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voucher
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debit memo
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credit memo
Pregunta 8
Pregunta
A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a(n)
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Invoice
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Voucher
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Debit Memo
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Remittance Advice
Pregunta 9
Pregunta
A voucher is usually supported by
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A Supplier's invoice
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A purchase order
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A receiving report
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All of these
Pregunta 10
Pregunta
Credit memos from the bank
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decrease a bank customer's account
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are used to show a bank service charge
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show that a company has deposited a customer's NSF check
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show the bank has collected a note receivable for the customer
Pregunta 11
Pregunta
A bank statement
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is a credit reference letter written by the company's bank
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shows a company the financial position of the bank as of a certain date
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is a bill from the bank for services rendered
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shows the activity that increased or decreased the company's account balance
Pregunta 12
Pregunta
The amount of deposits in transit is included on the bank reconciliation as a(n)
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deduction from the balance per the company's books
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deduction from the balance per bank statement
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addition to the balance per company books
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addition to the balance per bank statement
Pregunta 13
Pregunta
Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company. This item is a(n)
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addition to the balance per company's records
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deduction from the balance per bank statement
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addition to the balance per bank statement
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deduction from the balance per company's records
Pregunta 14
Pregunta
A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. This item would be included on the bank reconciliation as a(n)
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addition to the balance per the company's records
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addition to the balance per the bank statement
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deduction from the balance per the bank statement
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deduction from the balance per the company's records
Pregunta 15
Pregunta
A bank reconciliation should be prepared periodically because
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the company's records and the bank's records are in agreement
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the bank has not recorded all of its transactions
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any differences between the company's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected
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the bank must make sure that its records are correct
Pregunta 16
Pregunta
Accompanying the bank statement was a debit memo for bank service charges. On the bank reconciliation, the item is
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a deduction from the balance per company's records
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an addition to the balance per bank statement
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a deduction from the balance per bank statement
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an addition to the balance per company's records
Pregunta 17
Pregunta
A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. This item would be included in the bank reconciliation as a(n)
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deduction from the balance per the company's records
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addition to the balance per the bank statement
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deduction from the balance per the bank statement
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addition to the balance per the company's records
Pregunta 18
Pregunta
Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300. This item would be included on the bank reconciliation as a(n)
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deduction from the balance per company's records
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addition to the balance per bank statement
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deduction from the balance per bank statement
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addition to the balance per company's records
Pregunta 19
Pregunta
Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company. This item is a(n)
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deduction from the balance per company's records
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addition to the balance per bank statement
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deduction from the balance per bank statement
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addition to the balance per company's records
Pregunta 20
Pregunta
The amount of the outstanding checks is included on the bank reconciliation as a(n)
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deduction from the balance per company's records
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addition to the balance per bank statement
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deduction from the balance per bank statement
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addition to the balance per company's records
Pregunta 21
Pregunta
Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n)
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deduction from the balance per company's records
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addition to the balance per bank statement
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deduction from the balance per bank statement
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addition to the balance per company's records
Pregunta 22
Pregunta
Which of the following would be subtracted from the balance per books on a bank reconciliation?
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outstanding checks
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deposits in transit
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notes collected by the bank
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error in recording a check for $732 as $723
Pregunta 23
Pregunta
Cash equivalents include
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checks
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coins and currency
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money market accounts and commercial paper
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stocks and short-term bonds
Pregunta 24
Pregunta
Cash equivalents
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are illegal in some states
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will be converted to cash within two years
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will be converted to cash within 90 days
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will be converted to cash within 120 days
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