FNU ACG2003 2022 October Week 6 Quiz Latest

Question # 00832790 Posted By: solutionshare7 Updated on: 10/17/2022 12:15 AM Due on: 10/17/2022
Subject Accounting Topic Accounting Tutorials:
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ACG2003 Principles of Accounting

Week 6 Quiz

Question 1A check drawn by a company in payment of a voucher for $635 was recorded in the journal as $365. What entry is required in the company's accounts?

debit Accounts Payable; credit Cash

debit Cash; credit Accounts Receivable

debit Cash; credit Accounts Payable

debit Accounts Receivable; credit Cash

Question 2The cash account in the company's ledger is a(n)

asset with a debit balance

asset with a credit balance

liability with a debit balance

liability with a credit balance

Question 3A person authorized to write checks drawn on a checking account at a bank must sign and have on file with the bank a

signature card

deposit ticket

checkbook

bank card

Question 4Which one of the following below is not an element of internal control?

risk assessment

monitoring

information and communication

behavior analysis

Question 5EFT

means Efficient Funds Transfer

can process certain cash transactions at less cost than by using the mail

makes it easier to document purchase and sale transactions

means Effective Funds Transfer

Question 6A voucher is usually supported by

a supplier's invoice

a purchase order

a receiving report

all of the above

Question 7When a firm uses internal auditors, it is adhering to which one of the following internal control elements?

risk assessment

monitoring

proofs and security measures

separating responsibilities for related operations

Question 8Which one of the following below reflects a weak internal control system?

all employees are well supervised

a single employee is responsible for comparing a receiving report to an invoice

all employees must take their vacations

a single employee is responsible for collecting and recording of cash

Question 9In management's internal control report that is now required of all public companies, which of the following does not have a direct effect on a company's internal control system?

internal auditors

independent accountants

Board of Director's audit committee

Board of Trustees

Question 10Procedures designed to protect cash from theft and misuse from the time it is received until it can be deposited in a bank are called

accounting controls

cash controls

preventive controls

detective controls

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