ACC 556 WEEK 4 HOMEWORK
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ACC 556 WEEK 4 HOMEWORK
1.
The most important
element of the fraud triangle is rationalization.
2.
Requiring employees to
take vacations is a weakness in the system of internal controls because it does
not promote operational efficiency.
3.
Under an effective
system of internal control, errors occur only as a result of fraud or
dishonesty.
4.
Control over cash
disbursements is improved if major expenditures are paid by check.
5.
Cash equivalents are
highly liquid investments that can be converted into a specific amount of cash.
6.
Which of the following
is not one of the main factors that contribute to fraudulent activity?
7.
Under the concept of
establishment of responsibility, how many people should have the ultimate
responsibility?
8.
A consequence of separation
of duties is that
9.
In large companies,
the independent internal verification procedure is often assigned to
10. Sam’s Grocery Store has the following policy.
‘Only one cashier can have access to a cash drawer.’ Which internal control
principle supports this policy?
11. Supervisors counting cash receipts daily is an
example of
12. All of the following are true regarding bank
statements except
13. Which of the following would be added to the
balance per bank on a bank reconciliation?
14. Notification by the bank that a deposited
customer check was returned NSF requires that the company make the following
adjusting entry:
15. Clark Company developed the following
reconciling information in preparing its September bank reconciliation:
Cash balance per bank, 9/30 $30,800
Note receivable collected by bank 16,800
Outstanding checks 25,200
Deposits in transit 12,600
Bank service charge 210
NSF check 3,360Using the above information, determine the cash balance per books (before adjustments) for the Clark Company.
Cash balance per bank, 9/30 $30,800
Note receivable collected by bank 16,800
Outstanding checks 25,200
Deposits in transit 12,600
Bank service charge 210
NSF check 3,360Using the above information, determine the cash balance per books (before adjustments) for the Clark Company.
16. Of the following employees, who should prepare
the bank reconciliation?
17. In the month of May, Lopat Company Inc. wrote
checks in the amount of $55,500. In June, checks in the amount of $75,948 were
written. In May, $50,808 of these checks were presented to the bank for
payment, and $65,298 in June. What is the amount of outstanding checks at the
end of May?
18. All of the following are true regarding the
management and monitoring of cash except
19. Match the items below by entering the
appropriate code letter in the space provided.
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