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5 Written questions

4 Matching questions

  1. 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.
  2. Lockbox (384)
  3. A security owned by a company is from another company that recently declared bankruptcy. Which of the following is the auditor's primary concern with the investment? A-Existence B-Presentation C-Completeness D-Valuation
  4. Derivitives (409)
  1. a D-Valuation
  2. b C-The Controller should have control of accounting functions and the Treasurer should have control of cash receipt functions.
  3. c Financial instruments that "derive" their value from other financial instruments, underlying assets, or indexes. Examples are options, forward contracts, and futures contracts.
  4. d ...

5 Multiple choice questions

  1. D-They may be sent electronically or non-electronically.
  2. A-Several overpayments are made for goods received from a supplier.
  3. ...
  4. D-Examine the voided checks file to determine whether the check is in the file.
  5. A-An unrecorded (on the books) deposit made at the beginning of the month; the amount was withdrawn late in the month, again with no book entry.

5 True/False questions

  1. Electronic funds transfer ETF (384)...

          

  2. Jones embezzled $50,000 from his company's account in Bank A. At year-end he hid the shortage by making a deposit on December 31 in Bank A, drawn on Bank B. He has not recorded the transaction on the books. This is an example of: A-Lapping. B-Kiting. C-Effective cash management. D-Related party transactions.D-General ledger.

          

  3. Voucher register (387)...

          

  4. A primary use by the auditor of a bank cutoff statement is to compare: A-Bank service charges on the cutoff statement to deposits in the cash receipts journal. B-Checks dated prior to year-end to the outstanding checks listed on the year-end bank reconciliation. C-Deposits listed on the cutoff statement to disbursements in the cash disbursements journal. D-Checks dated subsequent to year-end to the outstanding checks listed on the year-end bank reconciliation.D-Valuation

          

  5. 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.