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Management 1A Week 9 Quiz 8 CHAPTER 8 PART 4 MULTIPLE CHOICE QUESTIONS 39. Which one of the following is not an objective of a system of internal controls? a. Safeguard company assets b. Overstate liabilities in order to be conservative c. Enhance the accuracy and reliability of accounting records d. Reduce the risks of errors 40. Internal controls are concerned with a. only manual systems of accounting. b. the extent of governme ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 CHAPTER 8 PART 6 79. Allowing only the treasurer to sign checks is an example of a. documentation procedures. b. segregation of duties. c. other controls. d. establishment of responsibility. 80. Blank checks a. should be safeguarded. b. should be pre-signed. c. do not need to be safeguarded since they must be signed to be valid. d. should not be prenumbered. 81. An employee authorized to sign che ...

Other / Other 17 Oct 2016

Management1A Management/1A Management 1A Week 9 Quiz 8 PART 3 CHAPTER 8 21. A voucher system is used by many large companies as a means of controlling cash receipts. 22. The petty cash fund eliminates the need for a bank checking account. 23. Cash register overages are deposited in the petty cash fund and cash shortages are made-up from the petty cash fund. 24. A deposit ticket is a negotiable instrument that can be trans ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 CHAPTER 8 PART 5 59. Related buying activities include a. ordering, receiving, paying. b. ordering, selling, paying. c. ordering, shipping, billing. d. selling, shipping, paying. 60. Jolene is warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates a. documentation procedures are violated. b. independent internal verifi ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 CHAPTER 8 PART 8 121. If a check correctly written and paid by the bank for $427 is incorrectly recorded on the company's books for $472, the appropriate treatment on the bank reconciliation would be to a. add $45 to the bank's balance. b. add $45 to the book's balance. c. deduct $45 from the bank's balance. d. deduct $427 from the book's balance. 122. Notification by the bank that a deposited customer che ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 CHAPTER 8 PART 7 101. Which one of the following is not necessarily a party to a check? a. Maker b. Buyer c. Payee d. Payer 102. A bank statement a. lets a depositor know the financial position of the bank as of a certain date. b. is a credit reference letter written by the depositor's bank. c. is a bill from the bank for services rendered. d. shows the activity which increased or decreased the deposit ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 CHAPTER 8 PART 11 Ex. 190 Sky Company is unable to reconcile the bank balance at January 31. Sky’s reconciliation is as follows. Cash balance per bank $5,300 Add: NSF check 1,570 Less: Bank service charge 35 Adjusted balance per bank $6,835 Cash balance per books $5,705 Less: Deposits in transit 750 Add: Outstanding checks 1,950 Adjusted balance per books $6,905 Instructions (a) P ...

Other / Other 17 Oct 2016

Management 1A Week 9 Quiz 8 PART 2 CHAPTER 8 FRAUD, INTERNAL CONTROL, AND CASH Summary of Questions by LEARNING Objectives and Bloom’s Taxonomy Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 9. 2 C 17. 3 C 25. 6 C sg33. 2 C 2. 1 C 10. 2 C 18. 4 K 26. 7 K sg34. 3 K 3. 1 K 11. 2 C 19. 4 C 27. 7 C sg35. 4 K 4. 1 K 12. 2 C 20. 4 AP 28. 7 K sg36. 5 C 5. 2 C 13. 2 K 21. 4 K 29. 8 K sg37. 6 K 6. 2 K ...

Other / Other 17 Oct 2016

PART 2 Research has shown that the relationship between eye contact and deception 21. In computing income under the net worth method, the following facts are found: Total assets $1,600,000 Total liabilities 825,000 Nondeductible expenses 120,000 Net worth at beginning of year 560,000 Adjusted gross income is: a. $170,000 b. 215,000 c. 290,000 d. 335,000 e. None of the above. 22. Which of ...

Other / Other 17 Oct 2016

PART 1 1. Research has shown that the relationship between eye contact and deception a. is nonexistent b. is positive in that eye contact increases as the level of deception rises c. is negative in that eye contact decreases as the level of deception increases d. depends on the interviewer-interviewee relationship e. none of the above Depends on the whether the deceiver is extroverted (eye contact increases) or ...

Other / Other 17 Oct 2016