Question 1 (1 point) External control includes control over the assets as well as ways of monitoring the company's operations. Question 1 options: True False Question 2 (1 point) Once an effective internal control system is in place, monitoring employees and systems is no longer required. Question 2 options: True False Question 3 (1 point) A credit memo from the bank means the bank is decreasing your balance. Question 3 options: True False Question 4 (1 point) The drawer is the one receiving a cheque. Question 4 options: True False Question 5 (1 point) Petty cash is an expense. Question 5 options: True False Question 6 (1 point) The drawer writes the cheque. Question 6 options: True False Question 7 (1 point) Accounting can only record transactions using paper money. Question 7 options: True False Question 8 (1 point) The entry to establish the petty cash fund was not completed. This would cause Question 8 options: assets to be understated. cash to be overstated. cash to be understated. assets to be overstated. Question 9 (1 point) The journal entry to adjust the records from Nothin' But Organization bank reconciliation would include Question 9 options: correction of any errors or omissions on the bank statement. A) deposits in transit. notification from the bank of a customer's NSF cheque. Question 10 (1 point) Determine the adjusted cash balance per bank for Egg Packaging on April 30, from the following information: Cash balance on the bank statement $2,500 Customer's cheque returnedNSF 500 Customer's note collected by the bank 600 Deposits in transit, April 30 1,400 Outstanding cheques, April 30 2,650 Question 10 options: $1,350 $1,100 $1,550 $1,250 Question 11 (1 point) On a bank reconciliation, deposits added to the bank statement side are called Question 11 options: deposits on hold. outstanding deposits. deposits in transit. late deposits. Question 12 (1 point) Internal control over a company's assets should include the following policy: Question 12 options: Responsibilities and duties of employees will be divided. All cash receipts will be deposited into the bank the same day they arrive. All cash payments will be made by cheque (except petty cash). All of these answers are correct. Question 13 (1 point) The objectives of internal control are to ensure efficient operations and provide reasonable assurance of all of the following EXCEPT Question 13 options: assets are safeguarded and used for business purposes. employees and managers comply with laws and regulations. business information is accurate. profits are maximized while minimizing spending.