Chapter 4 Accounting
6 Questions
| Total Attempts: 274
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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
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