7. MC.06.032 Which of the following represent good Internal control procedures concerning cash receipts? -Cast should be deposited only at the end of the month. by Designate specific employee to open man, hencle-cash, and record the.cash Endorseries immediately upon receipt with the stomp For epost Only cash receipts should be posted to the Accounts Receivable account at the end of the month 8. MC06,033 Which of the following represents good internal control procedures concerning cash payments? a. Allow anyone to access petty cash 1. Make sure that all cash payments are made by check with the exception of petty cash). c. Assign an employee responsibility of preparing the checks, signing the checks, and preparing the be d. Keep check supplies available to all employees 9. MC.06.034 Which of the following is required by a bank to authorize the payment of a check made out to a business? a. The acceptance of the check b. The issue of the check The endorsement of the check d. The transfer of the check 10. MC.06.043 Arthur Co. establishes a Petty Cash Fund of $500. The journal entry recorded includes a: a. credit to Administrative Expense. b. credit to Capital c. debit to Petty Cash Fund. d. debit to Accounts Receivables. 11. MC.06.045 Which of the following statements is correct concerning a Petty Cash Fund? a. If the Petty Cash Fund amount is decreased, the Petty Cash Fund account would be debited. b. When reimbursing the Petty Cash Fund, the Petty Cash Fund account would be debited. c. If no change is made in the size of the fund, the Petty Cash Fund account is debited only when d. The Petty Cash Fund is not listed on the financial statements. 12. MC.06.046 When reimbursing the Petty Cash Fund, the journal entry would involve a a. credit to Cash b. debit to Cash C. credit to Petty Cash Fund. d. debit to Petty Cash Fund. 13. MC.06.048 is a record indicating the amount of each petty cash voucher, the accounts to which it should be charge purpose of the expenditure. petty cash payments record 14. MC.06.049 A should be used to account for every payment from the fund. a. petty cash fund b. petty cash signature card C. petty cash voucher d. None of these listed answers are correct. 15. TF.06.060 The person to whom a check is drawn is referred to as the payee. True False