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Right click to open in a new tab if picture is not clear 1) When recording an adjustment for bank fees what two accounts would
Right click to open in a new tab if picture is not clear
1) When recording an adjustment for bank fees what two accounts would be impacted? a. b. c. d. Cash and Liabilities Liabilities and Retained Earnings (Expense) Cash and Retained Earnings (Expense) Cash and Retained Earnings (Revenue) 2) Which of the following is an element of the fraud triangle? a. Opportunity b. Rationalization c. Pressure d. All of the above 3) Interest earned would have which of the following impacts? a. Increase Cash b. Decrease Cash c. Decrease Liabilities d. All of the above 4) What is the impact of outstanding deposits on the bank reconcilation? a. b. c. d. An addition to the book balance An addition to the bank balance A deduction from the bank balance A deduction from the book balance 5) What is the impact of outstanding checks on the bank reconcillation? a. An addition to the bank balance b. An addition to the book balance c. A deduction from the book balance d A deduction from the bank balance 6) Outstanding checks can be described as: a. b. c. d. Checks that need to be printed in order to pay invoices Checks written by the company not yet withdrawn from the bank account Checks received from customers that need to be deposited All of the above 7) What is the main role of the auditor? a. b. c. d. To insure the company has followed Generally Accepted Accounting Principles To insure all labor laws are being followed by the company To insure that fraud has not occurred within the company All of the aboveStep by Step Solution
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