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12 terms

Chapter 4 - Accounting

STUDY
PLAY
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