FNU ACG2003 2022 October Week 6 Quiz Latest
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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Rating:
5/
Solution: FNU ACG2003 2022 October Week 6 Quiz Latest