Chapter 4 Accounting

6 Questions | Total Attempts: 274

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Accounting Quizzes & Trivia

Questions and Answers
  • 1. 
    Each of the following is an example of a control procedure, except
    • A. 

      Sound personell procedures

    • B. 

      Limited access to assets

    • C. 

      A sound marketing plan

    • D. 

      Separation of duties

  • 2. 
    • A. 

      Rotate employees through various jobs

    • B. 

      The accounting department compares goods received with the related purchase order

    • C. 

      Employees must take vacations

    • D. 

      The mailroom clerk records daily cash receipts in the journal

  • 3. 
    Which of the following reconciling items does not require a journal entry?
    • A. 

      Deposits in transit

    • B. 

      Bank collection of notes receivable

    • C. 

      Bank service charge

    • D. 

      NSF check

  • 4. 
    A check was written for $462 to purchase supplies. The check was recorded in the journal as $426. The entry to correct the error would
    • A. 

      Increase supplies 36

    • B. 

      Decrease cash 36

    • C. 

      Decrease supplies 36

    • D. 

      Both a and b

  • 5. 
    A cash budget helps control cash by 
    • A. 

      Developing a plan for increasing sales

    • B. 

      Ensuring accurate cash records

    • C. 

      Helping to determine whether additional cash is available for investments or new financing is needed

    • D. 

      All of the above