NAME: 20 ACCOUNTING & PAYROLL ADMINISTR Rate: Quiz Chapter 8 * Once an effective internal control system is in place, monitoring employees required trol system is in place, monitoring employees and systems is no longe TRUE or FALSE 9) When a bank debits your account, it is decreasing the balance. TRUE or FALSE 10) When a bank credits your account, it is increasing the balance. TRUE OR FALSE 11) What is the purpose of internal control? Explain: 12) The bank statement shows A) the beginning bank balance of the cash at the start of the month. B) the cheques the bank has paid and any deposits received. C) any other charges or additions to the bank balance. (D) All of these answers are correct. 13) Marcella Industries received a credit memorandum from the bank. During the bar they should A) increase their cash account on the company's books. B) decrease their cash account on the company's books. C) increase the ending cash balance on the bank statement. D) decrease the ending cash balance on the bank statement. tion accumulated by Vera Freese, the a