A petty cash fund was established with a $250 balance. The petty cash custodian currently has cash of $29 in the petty cash box and
A petty cash fund was established with a $250 balance. The petty cash custodian currently has cash of $29 in the petty cash box and petty cash tickets or receipts totalling $219. Which of the following would be included in the entry to replenish the fund?
Question 18 options:
Debits to various expenses for $219 and a debit to Cash Shortage and Overage for $2 | |
A credit to cash in bank for $250 | |
A debit to petty cash for $219 | |
A credit to petty cash for $219 |
Which of the following would be a legal consequence of violating the Sarbanes-Oxley Act?
Question 21 options:
The Public Company Oversight Board could require that the external auditor replace the internal control staff of a company for 3 to 5 years. | |
Internal control staff convicted of lack of independence could be sentenced to 25 years in prison. | |
An executive of the company that is convicted of making false sworn statements could be sentenced to 20 years in prison. | |
A company's internal control system could be dismantled and replaced by the Public Company Oversight Board. |
Which of the following amounts appears as the cash balance on the November 30 balance sheet?
Question 24 options:
The amount of cash added to the book balance on the bank reconciliation. | |
The amount of cash deducted from the book balance on the bank reconciliation. | |
The amount reported on the November 30 bank statement. | |
The amount shown as the adjusted balance on the bank reconciliation. |
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