13176522
Descripción
Test por Mahmoud Hemood, actualizado hace más de 1 año
|
Creado por Mahmoud Hemood
hace más de 6 años
|
|
Pregunta 1
Pregunta
SarbanesOxley applies to
Respuesta
-
Publicly held companies
-
not for profit organizations
-
privately held businesses
-
all of these
Pregunta 2
Pregunta
"To maintain public confidence and trust in the financial reporting of companies" is the purpose of
Respuesta
-
the FASB
-
the IRS
-
Sarbanes Oxley
-
GAAP
Pregunta 3
Pregunta
Which one of the following below is NOT an element of internal control?
Respuesta
-
risk assessment
-
monitoring
-
information and communication
-
cost-benefit considerations
Pregunta 4
Pregunta
The objectives of internal control are to
Respuesta
-
control the internal organization of the accounting department personnel and equipment
-
provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with
-
prevent fraud, and promote the social interest of the company
-
provide control over "internal-use only" reports and employee internal conduct
Pregunta 5
Pregunta
Which one of the following reflects a weak internal control system?
Respuesta
-
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
Pregunta 6
Pregunta
When a firm uses internal auditors, it is adhering to which of the following internal control elements?
Respuesta
-
Risk Assessment
-
Monitoring
-
Proofs and Security Measures
-
Information and Communication
Pregunta 7
Pregunta
The portion of an invoice that is returned with payment is a
Respuesta
-
remittance advice
-
voucher
-
debit memo
-
credit memo
Pregunta 8
Pregunta
A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a(n)
Respuesta
-
Invoice
-
Voucher
-
Debit Memo
-
Remittance Advice
Pregunta 9
Pregunta
A voucher is usually supported by
Respuesta
-
A Supplier's invoice
-
A purchase order
-
A receiving report
-
All of these
Pregunta 10
Pregunta
Credit memos from the bank
Respuesta
-
decrease a bank customer's account
-
are used to show a bank service charge
-
show that a company has deposited a customer's NSF check
-
show the bank has collected a note receivable for the customer
Pregunta 11
Pregunta
A bank statement
Respuesta
-
is a credit reference letter written by the company's bank
-
shows a company the financial position of the bank as of a certain date
-
is a bill from the bank for services rendered
-
shows the activity that increased or decreased the company's account balance
Pregunta 12
Pregunta
The amount of deposits in transit is included on the bank reconciliation as a(n)
Respuesta
-
deduction from the balance per the company's books
-
deduction from the balance per bank statement
-
addition to the balance per company books
-
addition to the balance per bank statement
Pregunta 13
Pregunta
Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company. This item is a(n)
Respuesta
-
addition to the balance per company's records
-
deduction from the balance per bank statement
-
addition to the balance per bank statement
-
deduction from the balance per company's records
Pregunta 14
Pregunta
A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. This item would be included on the bank reconciliation as a(n)
Respuesta
-
addition to the balance per the company's records
-
addition to the balance per the bank statement
-
deduction from the balance per the bank statement
-
deduction from the balance per the company's records
Pregunta 15
Pregunta
A bank reconciliation should be prepared periodically because
Respuesta
-
the company's records and the bank's records are in agreement
-
the bank has not recorded all of its transactions
-
any differences between the company's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected
-
the bank must make sure that its records are correct
Pregunta 16
Pregunta
Accompanying the bank statement was a debit memo for bank service charges. On the bank reconciliation, the item is
Respuesta
-
a deduction from the balance per company's records
-
an addition to the balance per bank statement
-
a deduction from the balance per bank statement
-
an addition to the balance per company's records
Pregunta 17
Pregunta
A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. This item would be included in the bank reconciliation as a(n)
Respuesta
-
deduction from the balance per the company's records
-
addition to the balance per the bank statement
-
deduction from the balance per the bank statement
-
addition to the balance per the company's records
Pregunta 18
Pregunta
Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300. This item would be included on the bank reconciliation as a(n)
Respuesta
-
deduction from the balance per company's records
-
addition to the balance per bank statement
-
deduction from the balance per bank statement
-
addition to the balance per company's records
Pregunta 19
Pregunta
Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company. This item is a(n)
Respuesta
-
deduction from the balance per company's records
-
addition to the balance per bank statement
-
deduction from the balance per bank statement
-
addition to the balance per company's records
Pregunta 20
Pregunta
The amount of the outstanding checks is included on the bank reconciliation as a(n)
Respuesta
-
deduction from the balance per company's records
-
addition to the balance per bank statement
-
deduction from the balance per bank statement
-
addition to the balance per company's records
Pregunta 21
Pregunta
Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n)
Respuesta
-
deduction from the balance per company's records
-
addition to the balance per bank statement
-
deduction from the balance per bank statement
-
addition to the balance per company's records
Pregunta 22
Pregunta
Which of the following would be subtracted from the balance per books on a bank reconciliation?
Respuesta
-
outstanding checks
-
deposits in transit
-
notes collected by the bank
-
error in recording a check for $732 as $723
Pregunta 23
Pregunta
Cash equivalents include
Respuesta
-
checks
-
coins and currency
-
money market accounts and commercial paper
-
stocks and short-term bonds
Pregunta 24
Pregunta
Cash equivalents
Respuesta
-
are illegal in some states
-
will be converted to cash within two years
-
will be converted to cash within 90 days
-
will be converted to cash within 120 days
¿Quieres crear tus propios Tests gratis con GoConqr? Más información.