a, $320,000 b. $192,500 $275,000 d. $105,000 36. T eote The objectives of internal control are to equiprer the internal organization of the accounting department personnel and managed to achieve goals, financial b, provide reasonable assurance that operations are accurate, and laws and regulations are complied with fraud, and promote the social interest of the company reports are c, prevent d. provide control over "internal-use only" reports and employee internal conduct 37. Intermal control does not consist of policies and procedures that a. protect assets from misuse b, ensure employees e. guarantee the company will earn a profit d. ensure that business information is accurate and managers comply with laws and regulations Which one of the following below reflects a weak internal control system? a. all employees are well supervised 38. b. a single employee is responsible for comparing a receiving report to an invoice e. all employees must take their vacations d. a single employee is responsible for collecting and recording of cash 39. Which of the following is not an internal control activity for cash? a. The number of persons who have access to cash should be limited. b. All cash receipts should be recorded promptly c. The functions of record keeping and maintaining custody of cash should be combined. d. Surprise audits of cash on hand should be made occasionally. 40 Meredith Company gathered the following reconciling information in preparing its May bank reconciliation: .Cash balance per books, 5/31: $2,500 e Deposits in transit: $150 Notes receivable and interest collected by bank: $650 Bank charge for check printing: $40 Outstanding checks: $1,800 . NSF check: $140 The adjusted cash balance per books on May 31 is a. $2,970. b. $3,120. C. $5,280. d. $1,320