need help with homework and shown work is not required but it would help me.

QUESTION 1 An electronic funds transfer system __________. does not include debit card transactions is seldom used by businesses transfers cash by electronic communication rather than by paper documents uses forms such as checks and deposit tickets to transfer cash QUESTION 2 Which of the following is a benefit provided by internal control? It ensures timely collection of accounts receivables. It ensures that collusion will never happen. It guarantees that a business makes profit. It promotes operational efficiency. QUESTION 3 Which of the following is representative of safeguarding assets? Attaching electronic sensors to merchandise inventory Reducing expense to increase operating profit Increasing operating profit to increase net income Allowing company accountants to handle cash QUESTION 4 Evaluated Receipts Settlement is __________. a streamlined process that bypasses paper documents altogether a process that eliminates the need for separation of duties a procedure that compresses the payment approval process into a single step by comparing the receiving report to the purchase order an organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records QUESTION 5 Two or more people working together to circumvent internal controls and defraud a company is known as __________. encryption firewall collusion separation of duties QUESTION 6 Which of the following is described as a system where customers send their checks directly to a post office box that belongs to a bank? An encryption system An imprest system A lock-box system A firewall system QUESTION 7 A company received a bank statement showing a balance of $78,000. Reconciling items included outstanding checks of $2,400 and a deposit in transit of $9,400. What is the company's adjusted bank balance? $66,2 00 $71,0 00 $85,0 00 $68,6 00 QUESTION 8 The cash ratios of four companies are listed below. Company Cash Ratio Juan Corp. 0.23 Rose, Inc. 0.14 Freelance, Inc. 0.20 Pioneer Corp. 0.28 Which company has the maximum ability to repay its current liabilities? Juan Corp. Rose, Inc. Freelance, Inc. Pioneer Corp. QUESTION 9 No journal entries are required for the reconciling items on the bank side because __________. those transactions have already been recorded in the company's ledger the adjusted balances on both sides are the same amounts the amounts are immaterial those transactions are already included in the bank balance QUESTION 10 Cash and cash equivalents are divided by __________ to determine the cash ratio. total current liabilities fixed assets equity total long-term liabilities QUESTION 11 Fingertips, Inc. had the following financial data for the year ended December 31, 2017. Cash Cash equivalents Long term investments Total current liabilities $41,000 76,000 58,000 146,000 What is the cash ratio as of December 31, 2017, for Fingertips, Inc.? (Round your answer to two decimals.) 0.2 8 0.4 0 0.4 7 0.8 0 QUESTION 12 Which one of the following items requires an adjustment on the bank side of the bank reconciliation? Interest earned A bank service charge A note collected by the bank Deposits in transit QUESTION 13 A company's Cash account shows an ending balance of $4,400. Reconciling items included a bookkeeper error of $100 (a $500 check recorded as $600), two outstanding checks totaling $810, a service charge of $25, a deposit in transit of $250, and interest revenue of $30. What is the adjusted book balance? $4,2 95 $3,8 40 $4,5 05 $4,9 60 QUESTION 14 The petty cash fund had an initial imprest balance of $210. It currently has $17 in cash, $4 in miscellaneous cash receipts, and an additional $183 in specific cash receipts. The debit to Cash Short & Over would be __________. $6 $17 $18 3 $18 7 QUESTION 15 A company has a cash ratio of 2.3. What does this imply? The company has an unnecessarily large amount of cash supply. The company does not have enough cash supply. The company is not in a position to pay off its longterm liabilities. The company is not in a position to pay off its current liabilities. QUESTION 16 Which of the following would be included in the entry to record the replenishment of a petty cash fund? A credit to Petty Cash A debit to Accounts Receivable A credit to Cash A credit to Miscellaneous Expense QUESTION 17 Which of the following statements is TRUE of the Sarbanes-Oxley Act? Accounting firms are allowed to provide both auditing services and a full range of consulting services to their public company clients. Those who commit securities fraud must be sentenced to 10 years in prison. All private and foreign companies must issue an internal control report evaluated by an outside auditor. The Public Company Accounting Oversight Board oversees the work of auditors of public companies. QUESTION 18 The bookkeeper of Fire Steel, Inc. recorded a $1,596 check as $15,960 in payment of the current month's rent. Which of the following journal entries is needed to adjust for this error in the books of the company? Cash 14,364 Sales Revenue 14,364 Rent Expense 15,960 Cash Cash 15,960 14,364 Rent Expense 14,364 Booking Error 1,596 Cash 1,596 QUESTION 19 A company received a bank statement with a balance of $6,000. Reconciling items included a bookkeeper error of $300-a $300 check recorded as $800-two outstanding checks totaling $840, a service charge of $21, a deposit in transit of $250, and interest revenue of $19. What is the adjusted bank balance? $4,9 50 $5,1 10 $4,6 08 $5,4 10 QUESTION 20 A check was written by a business for $507 but was recorded in the journal as $705. How would this error be included on the bank reconciliation? A deduction on the bank side An addition on the book side An addition on the bank side A deduction on the book side