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Accounting Chapter 4 Practice Quiz

Terms in this set (14)

In response to widespread fraudulent reporting in the late 1990's and early 2000's, Congress
Passed the Sarbanes-Oxley Act
The Sarbanes-Oxley Act of 2002 applies to all companies that
File reports with the Securities and Exchange Commission.
Corporate executive accountability under the Sarbanes-Oxley Act requires corporate executives to
Personally certify the company's financial statements
The primary reason the balance of cash in the company's records will differ from the balance of cash in the bank's records includes
Timing differences of recording cash transactions by the company and by the bank
Which of the following adjusts the bank's balance of cash in a bank reconciliation?
Deposits Outstanding
When preparing a bank reconciliation, nonsufficient funds (NSF) checks would be
Subtracted from the company's cash balance
When preparing a bank reconciliation, outstanding checks would be
Subtracted from the bank's cash balance
Investing cash flows include which of the following?
Cash received from the sale of a used company truck
Financing cash flows include which of the following?
Cash received from the issuance of common stock.
Operating cash flows include which of the following?
Cash paid for supplies.
Financing cash flows would include which of the following?
Repayment of long-term borrowing to the bank
Which of the following adjusts the bank's balance of cash in a bank reconciliation?
Checks outstanding
Operating cash flows would include which of the following?
Payment for employee salaries.
Investing cash flows would include which of the following?
Payment for land
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