Chapter 4 Accounting
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Which of the following reconciling items does not require a journal entry?
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Deposits in transit
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Bank collection of notes receivable
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Bank service charge
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NSF check
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- 2.
Each of the following is an example of a control procedure, except
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Sound personell procedures
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Limited access to assets
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A sound marketing plan
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Separation of duties
Correct Answer
A. A sound marketing plan -
- 3.
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
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Increase supplies 36
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Decrease cash 36
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Decrease supplies 36
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Both a and b
Correct Answer
A. Both a and b -
- 4.
Which of the following is an example of poor internal control?
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Rotate employees through various jobs
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The accounting department compares goods received with the related purchase order
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Employees must take vacations
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The mailroom clerk records daily cash receipts in the journal
Correct Answer
A. The mailroom clerk records daily cash receipts in the journal -
- 5.
A cash budget helps control cash by
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Developing a plan for increasing sales
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Ensuring accurate cash records
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Helping to determine whether additional cash is available for investments or new financing is needed
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All of the above
Correct Answer
A. Helping to determine whether additional cash is available for investments or new financing is needed -
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Mar 07, 2013Quiz Edited by
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