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Help with numbers 1 through 5 please 1) Having management periodically determine whether the amount of physical assets of the company match the accounting records
Help with numbers 1 through 5 please
1) Having management periodically determine whether the amount of physical assets of the company match the accounting records is an example of which detective control? A) Separation of duties, B) Reconciliations. C) Performance reviews. D) Employee management 2) Segregation of duties refers to: A) Making each manager personally responsible for his/her department. B) Keeping functions across different departments separate. C) Preventing top management and lower-level employees from interacting, D) Individuals who have physical responsibility for assets should not also have access to accounting records. 3) The Sarbanes-Oxley Act requires that companies must: A) Conduct customer surveys each year to ensure satisfaction with products and services. B) Document internal controls and assess their effectiveness each year. C) Pay taxes owed to the Internal Revenue Service by the tax filing date. D) Devise a budget each year to ensure cash outflows are not greater than cash inflows. 4) What is the primary purpose of a bank reconciliation? A) To ensure that debits equal credits for all cash transactions. B) To ensure the bank balance per reconciliation is equal to the company balance per reconciliation C) To ensure that customers are paying amounts owed on a timely basis. D) To ensure cash receipts are greater than cash disbursements. 5) On May 31, Money Corporation's Cash account showed a balance of $10,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items: Checks outstanding $ 2,250 1 Deposits outstanding 1,900 NSF check 100 Service fees 40 Error: Money Corp. wrote a check for $30 but recorded it incorrectly for $300. What is the amount of cash that should be reported in the company's balance sheet as of May 312 A) 59,860. B) $9,650. C) $10,130. D) $10,410Step by Step Solution
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