exercice 2 (10pts)

If the bank reconciliation includes a deposit in transit, a journal entry is required that includes a debit to cash.(T/F) A key to strong control over petty cash is to ensure that several persons serve as custodian at one time.(T/F) Separating the custody of assets from accounting implies that the accountants must not handle cash and the cashier must not have access to the accounting records.(T/F) Petty cash is a fund containing a small amount of cash that is used to pay for minor expenditures.(T/F) For good internal control, the purchasing agent should neither receive the goods nor approve the payment.(T/F) Violators of the Sarbanes-Oxley Act may be sentenced to prison for making false sworn statements.(T/F) When replenishing the petty cash fund, the company debits the Petty Cash account and credits the Cash account. (T/F) The journal entry to replenish a petty cash fund includes a debit to the Petty Cash account and a credit to the proper expense account(s).(T/F)