Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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?

image text in transcribed
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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th edition

978-1118334331, 1118334337, 978-1119036449, 1119036445, 978-1119036432

Students also viewed these Accounting questions