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5 Written Questions

4 Matching Questions

  1. Kiting (402)
  2. The accounting functions and the cash receipts functions should be handled by which department(s)? A-Both functions should be under the control of the company Treasurer B-Both functions should be under the control of the company Controller C-The Controller should have control of accounting functions and the Treasurer should have control of cash receipt functions. D-The Treasurer should have control of accounting functions and the Controller should have control of cash receipt functions.
  3. A local gas station has one clerk that accepts cash payments for gas and rings them up on the cash register. Which of the following would be the best control to provide assurance that the cashier isn't keeping some of the cash?A-Count all cash before and after the shift and compare it to cash register totals.B-Require that each customer be given a receipt of their purchase.C-Compare cash register totals to a total that is automatically generated by each gas pump.D-Require that each employees have a separate cash drawer that only they use.
  4. Cutoff bank statement (400)
  1. a ...
  2. b A bank statement covering a specified number of business days (usually 7-10) after the client's balance sheet date. Auditors use this statment to determin the checks issued on or before the blance sheet date and paid during the cutoff period were listed as outstanding on the year-end bank reconciliation. Another use is to determin the reconciling items shown on the year-end bank reconciliation have cleared the bank within a reasonable amout of time.
  3. c C-The Controller should have control of accounting functions and the Treasurer should have control of cash receipt functions.
  4. d C-Compare cash register totals to a total that is automatically generated by each gas pump.

5 Multiple Choice Questions

  1. C-Loans payable
  2. D-Valuation
  3. D-Verify the company owns the security, check the accuracy of the accrual, and require no adjustment.
  4. B-Checks dated prior to year-end to the outstanding checks listed on the year-end bank reconciliation.
  5. ...

5 True/False Questions

  1. Broker's advice (410)A notification sent by a stockbrokerage firm to a customer reporting the terms of a purchase or sale of securities.

          

  2. Dividend record book (410)A reference book published monthly by investment advisory services reporting detailed information concerning all listed and many unlisted securities; includes dividend dates and amounts, current prices of securities, and other condensed financial data.

          

  3. Voucher (386)...

          

  4. Standard confirmation form (396)A reference book published monthly by investment advisory services reporting detailed information concerning all listed and many unlisted securities; includes dividend dates and amounts, current prices of securities, and other condensed financial data.

          

  5. Which of the following is most likely to indicate fraud? A-Several overpayments are made for goods received from a supplier. B-The year end cash balance does not include cash in transit to the company at year-end. C-A check received after year end was inadvertently recorded as if received before year-end. D-A documented loan to an officer of the companyD-They may be sent electronically or non-electronically.

          

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