16872997
Frage 1
Frage
All of the following are objectives of internal control except
Antworten
-
to safeguard assets.
-
to maximize net income
-
to comply with legal requirements.
-
to ensure accurate and reliable accounting records.
Frage 2
Frage
Requiring that an employee with no access to cash do the accounting is an example of
which characteristic of internal control?
Antworten
-
Competent and reliable personnel
-
. Assignment of responsibility
-
Separation of duties
-
Monitoring of controls
Frage 3
Frage
All of the following are controls for cash received over the counter except
Antworten
-
. the cash drawer should open only when the sales clerk enters an amount on the keys.
-
the customer should be able to see the amounts entered into the cash register.
-
the sales clerk must have access to the cash register tape.
-
a printed receipt must be given to the customer
Frage 4
Frage
If a bookkeeper mistakenly recorded a $45 deposit as $54, the error would be shown on
the bank reconciliation as a
Antworten
-
$9 deduction from the book balance.
-
$9 addition to the book balance.
-
$54 deduction from the book balance
-
$54 addition to the book balance
Frage 5
Frage
. If a bank reconciliation included a deposit in transit of $780, the entry to record this
reconciling item would include
Antworten
-
a debit to cash for $780.
-
. a credit to cash for $780.
-
a credit to prepaid insurance for $780.
-
Nothing, as no entry is required.
Frage 6
Frage
Before paying an invoice for goods received on account, the controller or treasurer
should ensure that
Antworten
-
. the company is paying for the goods it ordered
-
the company has not already paid this invoice.
-
. the company is paying for the goods it actually received
-
all of the above are taken into account.
Frage 7
Frage
Under the allowance method for uncollectible receivables, the entry to record
uncollectible-account expense has what effect on the financial statements?
Antworten
-
. Decreases assets and has no effect on net income
-
. Decreases net income and decreases assets
-
Decreases owners’ equity and increases liabilities
-
ncreases expenses and increases owners’ equity
Frage 8
Frage
Van Gogh Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, the balance of accounts receivable is $240,000
and the allowance for uncollectible accounts has a credit balance of $5,000 (before adjustment).
An analysis of accounts receivable produced the following age groups:
Based on past experience, Van Gogh estimates that the percentage of accounts that will prove
to be uncollectible within the three age groups is 2%, 8%, and 20%, respectively. Based on these
facts, the adjusting entry for uncollectible accounts should be made in the amount of
Image:
Q5 58 (binary/octet-stream)
Antworten
-
$9,600.
-
$5,000.
-
$4,600.
-
$14,600.
Frage 9
Frage
Refer to Question 5-58. The net receivables on the Balance Sheet is
Image:
Q5 58 (binary/octet-stream)
Antworten
-
$230,400
-
$235,000.
-
$235,400.
-
$225,400.
Frage 10
Frage
Gordon Company uses the aging method in setting its allowance for doubtful receivables. Allowance for doubtful accounts prior to adjustment has a credit balance of $2,900. Management estimates that due to the economic crisis, a higher level of allowance is necessary and
decides that a $5,600 allowance is an appropriate amount at the year-end. The amount of expense to report on the Income Statement will be
Antworten
-
$2,700.
-
$5,600
-
$8,500.
-
$2,900.
Möchten Sie mit GoConqr kostenlos Ihre eigenen Quiz erstellen? eigenen Mehr erfahren.