When a firm uses internal auditors, it is adhering to which of the following internal control elements?

a.proofs and security measures b.information and communication c.monitoring d.risk assessment

The objectives of internal control are to a.prevent fraud, and promote the social interest of the company b.control the internal organization of the accounting department personnel and equipment c.provide control over "internal-use only" reports and employee internal conduct d.provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with

Which one of the following reflects a weak internal control system?

a.all employees are well supervised

b.a single employee is responsible for collecting and recording of cash c.a single employee is responsible for comparing a receiving report to an invoice d.all employees must take their vacations

Which of the following should not be considered cash by an accountant? money orders travelers' checks postage stamps bank checking accounts

The cash account in the company's ledger is a(n) asset with a normal debit balance asset with a normal credit balance liability with a normal credit balance liability with a normal debit balance

A voucher is usually supported by a purchase order a supplier's invoice All of these choices are correct. a receiving report

A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. This item would be included on the bank reconciliation as a(n)

deduction from the balance per the bank statement

addition to the balance per the bank statement

deduction from the balance per the company's records

addition to the balance per the company's records