1. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are acurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over "internal-use only" reports and employee internal conduct Which one of the following reflects a weak internal control system? a. all employees are well supervised b. a single employee is responsible for comparing a receiving report to an invoice c. all employees must take their vacations d. a single employee is responsible for collecting and recording of cash 2. 3. Internal control does not consist of policies and procedures that a. protect assets from misuse b. ensure employees and managers comply with laws and regulations c. guarantee the company will earn a profit d. ensure that business information is accurate 4. A bank reconciliation should be prepared periodically because a. the company's records and the bank's records are in agreement b. the bank has not recorded all of its transactions e. any differences between the company's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected d. the bank must make sure that its records are correct 5. Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31. balance $5,400 eposits in transit otes receivable and interest collected by bank 65 40 utstanding checks SF check 2,400 14 a. $5,870 b. $6,245 c. $4,930 d. $3,845