Accounting Quiz Chapter 8
Terms in this set (10)
When two clerks share the same cash register it is a violation of which internal control principle?
Pre-numbered printed checks are an example of which internal control principle?
Maintain adequate records.
Cash, not including cash equivalents, includes:
Coins, currency, and checking accounts.
Are short-term, highly liquid investment assets.
Preparing a bank reconciliation on a monthly basis is an example of:
Protecting assets by proving accuracy of cash records.
An income statement account that is used to record cash overages and cash shortages arising from petty cash transactions or from errors in making change is titled:
Cash Over and Short.
An analysis that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement is a(n)
Outstanding checks refer to checks that have been:
Written, recorded on the company books, sent to the payee, but have not yet been paid by the bank
When a petty cash fund is in use:
Expenses paid with petty cash are recorded when the fund is replenished.
On a bank reconciliation, an unrecorded debit memorandum for printing checks is:
Deducted from the book balance of cash.
YOU MIGHT ALSO LIKE...
Introduction to Business | Gaspar, Bierman, Kolari, Hise, Smith, Arreola-Risa
Ch. 6 Quiz
Accounting Pretest - Chapter 6
Chapter 6 Accounting
OTHER SETS BY THIS CREATOR
THIS SET IS OFTEN IN FOLDERS WITH...
Accounting Quiz 4
Accounting Chapter 5 Quiz
Accounting Chapter 6 Quiz