5 Written questions
2 Matching questions
- Lockbox (384)
- Of the following, which procedure or document is most effective for detecting kiting? A-A bank cutoff statement B-A bank reconciliation C-A bank kiting statement D-A bank transfer schedule
- a ...
- b D-A bank transfer schedule
5 Multiple choice questions
- D-Examine the voided checks file to determine whether the check is in the file.
- A notification sent by a stockbrokerage firm to a customer reporting the terms of a purchase or sale of securities.
- A-Several overpayments are made for goods received from a supplier.
- D-Verify the company owns the security, check the accuracy of the accrual, and require no adjustment.
5 True/False questions
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. → C-Compare cash register totals to a total that is automatically generated by each gas pump.
Check Clearing for the 21st Centry Act "Check 21 Act" (401) → This act allows financial institutions to creat and process electronic "substitute checks" in place of customer written hard-copy checks. The purpose of this act is to drease the time for check clearing.
Electronic funds transfer ETF (384) → ...
Cutoff bank statement (400) → ...
Derivitives (409) → Financial instruments that "derive" their value from other financial instruments, underlying assets, or indexes. Examples are options, forward contracts, and futures contracts.