1. Each of the following represents an internal control procedure except for: A.clear lines of authority and communication. B.compliance monitoring. C.separation of duties. D.limited access to both assets and records 2. As part of a strong internal control system, which of the following accounting duties need to be separated from cash handling? A.Record keeping B.Filing C.Transaction approval D.Both A and C need to be separated from cash handling. 3. Which of the following is NOT a way to safeguard controls? A.keeping accurate financial records B.mandatory vacations C.rotating employees into different job position D.purchasing a fidelity bond 4. Payment by check is an important internal control because: A. the check provides a record of the payment. B. the check must be signed by an authorized official who should study the evidence supporting the payment. C. all checks must be approved by the bank's internal audit department before they are paid. D. A and B 5. Lori's Company has the following items: cash in a checking account, $ 8,000; cash in a savings account, $ 6,000; highminusgrade government securities due in one month (purchased last month), $ 3,536; accounts receivable, $3,000. How much should appear as Cash and Cash Equivalents on the balance sheet? A.$20,536 B. $17,536 C. $ 21,236 D. $6,000 7. Leno Company sells goods to the Fallon Company for $ 10,000. It offers credit terms of 4/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A.$10,400. B.$10,000. C. $400. D.$ 9,600. 8. Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $ 1,000. Under the agingminusofminusreceivables method, the UncollectibleminusAccount Expense at year-end is: A.$10,780. B.$9,780. C.$1,300. D.$11,780. 9. Using the percentageminusofminussales method, the estimated total uncollectible accounts are $6,922. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $ 3,135. The Accounts Receivable balance is $ 44,820. The amount of the adjusting entry for UncollectibleminusAccounts Expense is: A.$6,922. B.$3,787. C.$10,057. D.$3,135. 10. The following item appeared on a balance sheet: Accounts Receivable, less allowance of $ 86,196 ......$ 1,436,600 The gross balance in Accounts Receivable before the allowance was deducted was: A.$1,522,796. B.$1,436,600. C.$1,350,404. D. none of the above