PLease answer

Which of the following is not one of the main factors that contribute to fraudulent activity?

Group of answer choices

Financial pressure.

Rationalization.

Incompatible duties.

Opportunity.

Flag question: Question 2

Which one of the following is not an objective of a system of internal controls?

Group of answer choices

Safeguard company assets.

Enhance the accuracy and reliability of accounting records.

Reduce the risks of errors.

Overstate liabilities in order to be conservative.

Flag question: Question 3

Each of the following is a feature of internal control except:

Group of answer choices

Generic design of documents.

Independent internal verifications.

Limited access to assets.

Authorization of transactions.

Flag question: Question 4

Internal control is defined, in part, as a plan that safeguards:

Group of answer choices

Capital stock.

Assets.

All balance sheet accounts.

Liabilities.

Flag question: Question 5

Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them:

Group of answer choices

Decreases the potential for errors and fraud.

Is a good example of safeguarding the company's assets.

Increases the potential for errors and fraud.

Is an example of good internal control.

Flag question: Question 6

A consequence of separation of duties is that:

Group of answer choices

Theft is still possible when several employees are involved.

Operations become extremely inefficient because of constant training of employees.

Theft by employees becomes impossible.

More employees will need to be bonded.

Flag question: Question 7

Two individuals at a retail store work the same cash register. You evaluate this situation as:

Group of answer choices

Supporting the establishment of responsibility.

A violation of separation of duties.

Supporting internal independent verification.

A violation of establishment of responsibility.

Flag question: Question 8

Joe is a warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates:

Group of answer choices

Documentation procedures are violated.

Segregation of duties is violated.

Independent internal verification is violated.

Establishment of responsibility is violated.

Flag question: Question 9

In a small business, the lack of certain separations of duties can best be overcome by:

Group of answer choices

Hiring only honest employees.

Bonding the employees.

Holding one person responsible for a given set of transactions.

Getting the owner actively involved.

Flag question: Question 10

Which one of the following items would not be considered cash?

Group of answer choices

Coins.

Postdated checks.

Money orders.

Currency.

Flag question: Question 11

Which of the following is not an internal control procedure for cash?

Group of answer choices

Only designated personnel are authorized to handle cash.

Surprise audits of cash on hand should be made occasionally.

The same individual receives the cash and pays the bills.

Access to cash is limited.

Flag question: Question 12

The use of prenumbered checks is an example of:

Group of answer choices

Independent internal verification.

Establishment of responsibility.

Documentation procedures.

Segregation of duties.

Flag question: Question 13

Electronic funds transfer (EFT) is a disbursement system that transfers cash from one location to another using:

Group of answer choices

A telephone, telegraph, or computer.

A telegraph.

A telephone.

A computer.

Flag question: Question 14

A bank statement:

Group of answer choices

Lets a depositor know the financial position of the bank as of a certain date.

Is a bill from the bank for services rendered.

Shows the activities that increased or decreased the depositor's account balance.

Is a credit reference letter written by the depositor's bank.

Flag question: Question 15

All of the following are items that would most likely be paid from a petty cash fund except:

Group of answer choices

Taxi fares.

Freight-out.

Administrative wages.

Postage due.

Flag question: Question 16

Which of the following would be deducted from the balance per books on a bank reconciliation?

Group of answer choices

Deposits in transit.

Service charges.

Notes collected by the bank.

Outstanding checks.

Flag question: Question 17

If a check correctly written and paid by the bank for $628 is incorrectly recorded on the company's books for $682, the appropriate treatment on the bank reconciliation would be to:

Group of answer choices

Subtract $54 from the book's balance.

Add $54 to the book's balance.

Deduct $628 from the book's balance.

Deduct $54 from the bank's balance.

Flag question: Question 18

For which of the following errors should the appropriate amount be added to the balance per books on a bank reconciliation?

Group of answer choices

Deposit of $600 recorded by the bank as $60.

Check written for $57, but recorded by the company as $75.

Check written for $63, but recorded by the company as $36.

A returned $300 check recorded by the bank as $30.

Flag question: Question 19

Which of the following items on a bank reconciliation would require an adjusting entry on the companys books?

Group of answer choices

Outstanding checks.

An error by the bank.

A deposit in transit.

A bank service charge.

Flag question: Question 20

James Company had checks outstanding totaling $32,400 on its June bank reconciliation. In July, James Company issued checks totaling $233,400. The July bank statement shows that $157,800 in checks cleared the bank in July. A check from one of James Company's customers in the amount of $1,800 was also returned marked "NSF." The amount of outstanding checks on James Company's July bank reconciliation should be:

Group of answer choices

$43,200.

$75,600.

$108,000.

$106,200.

Flag question: Question 21

Karlin Company gathered the following reconciling information in preparing its April bank reconciliation:

Cash balance per books, 4/30	$17,600
Deposits in transit	$2,400
Notes receivable and interest collected by bank	$5,920
Bank charge for check printing	$200
Outstanding checks	$12,000
NSF check	$1,120

The adjusted cash balance per books on April 30 is:

Group of answer choices

$22,200.

$24,440.

$24,600.

$23,520.

Flag question: Question 22

In the month of November Gavin Company Inc. wrote checks in the amount of $55,500. In December, checks in the amount of $75,948 were written. In November, $50,808 of these checks were presented to the bank for payment, and $65,298 in December. What is the amount of outstanding checks at the end of December?

Group of answer choices

$15,342.

$21,300.

$10,650.

$4,692.

Flag question: Question 23

Schwinn Company assembled the following information in completing its March bank reconciliation:

Balance per bank	$12,224
Outstanding checks	$2,480
Deposits in transit	$4,000
NSF check	$256
Bank service charges	$80
Cash balance per books	$14,080

As a result of this reconciliation, Schwinn will:

Group of answer choices

Reduce its cash account by $1,520.

Increase its cash account by $176.

Reduce its cash account by $336.

Reduce its cash account by $80.

Flag question: Question 24

Cash equivalents do not include:

Group of answer choices

U.S. Treasury bills.

Money market accounts.

Long-term investment.

Commercial paper.

Flag question: Question 25

Management of cash is the responsibility of the company:

Group of answer choices

Treasurer.

President.

Vice-president.

Accountant.

Flag question: Question 26

Which of the following is not a basic principle of cash management?

Group of answer choices

Invest idle cash.

Delay payment of liabilities.

Keep inventory levels high.

Increase collection of receivables.

Flag question: Question 27

Which of the following does not appear as a separate section on the cash budget?

Group of answer choices

Cash disbursements.

Cash sales.

Financing.

Cash receipts.

Flag question: Question 28

Which one of the following sections would not appear on a cash budget?

Group of answer choices

Investing.

Cash receipts.

Cash disbursements.

Financing.

Flag question: Question 29

Which of the following is not included in the cash disbursements section of a cash budget?

Group of answer choices

Payments for materials.

All of these answer choices are included.

Payments for income taxes.

Repayments of borrowed funds.

Flag question: Question 30

A credit balance in Cash Over and Short account is shown as:

Group of answer choices

A revenue.

A liability.

An expense.

An asset.