Chapter 4 Accounting

Question 1 / 7

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1. Which of the following reconciling items does not require a journal entry?

Deposits in transit

Bank collection of notes receivable

Bank service charge

NSF check

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Sound personell procedures

Limited access to assets

A sound marketing plan

Separation of duties

Increase supplies 36

Decrease cash 36

Decrease supplies 36

Both a and b

Rotate employees through various jobs

The accounting department compares goods received with the related purchase order

Employees must take vacations

The mailroom clerk records daily cash receipts in the journal

Developing a plan for increasing sales

Ensuring accurate cash records

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

All of the above

Internal control cannot always safeguard against this problem

this is often mentioned as the cornerstone of a good system of internal control

pay employees enough to require them to do a good job

this procedure limits access to sensitive data

this type of insurance policy covers losses due to employee theft

trusting your employees can lead you to overlook this procedure

this is the most basic purpose of internal control

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