Chapter 4 - Accounting

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All of the following are objective of internal control EXCEPT

The maximize net income

All of the following are internal control procedures EXCEPT

Sarbanes-Oxley reforms

Requiring that an employee with no access to cash do the accounting is an example of which characteristic of INTERNAL CONTROL

Separation of duties

All of the following are controls for cash received over the counter EXCEPT

The sales clerk must have access the the cash register tape

In a bank reconciliation, an outstanding check is

Deducted from the bank balance

In a bank reconciliation, a bank collection of a note receivable is

added to the book balance

In a bank, EFT cash payment is

deducted from the book balance

If a bookkeeper mistakenly recorded $58

$27 deduction from the book balance

If a bank reconciliation included a deposit in transit of $670

No journal entry is required

In a bank reconciliation, interest revenue earned on your bank balance is

Added to the book balance

Before paying an invoice for goods recieved on account, the controller or treasurer should ensure that

All of the above

La petite France bakery is budgeting cash for 20X8. the cash balance at December 31, 20X7 was $10,000

Must arrange new financing for $5000

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