Question
9. Which one of the following is not an objective of a system of internal controls? a. Safeguard company assets b. Overstate liabilities in order
9. Which one of the following is not an objective of a system of internal controls?
a. Safeguard company assets
b. Overstate liabilities in order to be conservative
c. Enhance the accuracy and reliability of accounting records
d. Reduce the risks of errors
10 A petty cash fund of $100 is replenished when the fund contains $5 in cash and receipts for $93. The entry to replenish the fund would include a
a. credit to Cash Over and Short for $2.
b. credit to Miscellaneous Revenue for $2.
c. debit to Cash Over and Short for $2.
d. debit to Miscellaneous Expense for $2.
c. external verification.
d. segregation of duties.
9. Which one of the following is not an objective of a system of internal controls?
a. Safeguard company assets
b. Overstate liabilities in order to be conservative
c. Enhance the accuracy and reliability of accounting records
d. Reduce the risks of errors
10 A petty cash fund of $100 is replenished when the fund contains $5 in cash and receipts for $93. The entry to replenish the fund would include a
a. credit to Cash Over and Short for $2.
b. credit to Miscellaneous Revenue for $2.
c. debit to Cash Over and Short for $2.
d. debit to Miscellaneous Expense for $2.
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Financial Accounting And Controlling In SAP AFS Solution
Authors: David Jones
1st Edition
1521738092, 978-1521738092
