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Can you sneer this questions? PART I MULTIPLE CHOICE (points) 1. Internal controls are concerned with a. only manual systems of accounting. b. the extent

Can you sneer this questions?

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PART I MULTIPLE CHOICE (points) 1. Internal controls are concerned with a. only manual systems of accounting. b. the extent of government regulations. c. d. safeguarding assets. preparing income tax returns. 2. Having one person post entries to accounts receivable subsidiary ledger and a different person post to the Accounts Receivable Control account in the general ledger is an example of a. inadequate internal control. b. duplication of effort. c. external verification. d. segregation of duties. 3. If employees are bonded a. it means that they are not allowed to handle cash. b. they have worked for the company for at least 10 years. c. they have been insured against misappropriation of assets. d. it is impossible for them to steal from the company. 4. Mrs. Smith has worked for Arcco Inc., for 20 years without taking a vacation. An internal control feature that would address this situation would be a. human resource controls. b. establishment of responsibility. 0. physical controls. d. documentation procedures. 5. Which one of the following items would not be considered cash? a. Coins b Money orders c. Currency d Postdated checks 6. A credit balance in Cash Over and Short is reported as a(n) a. asset. b. liability. c. miscellaneous expense. d. miscellaneous revenue. 7. Which one of the following would not cause a bank to debit a depositor's account? a. Bank service charge b. Collection of a note receivable c. Wiring of funds to other locations d. Checks marked NSF

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