Question

6. When two clerks share the same cash register it is a violation of which internal control principle? a. Establish responsibilities. b. Maintain adequate records. c. Insure assets. d. Bond key employees. e. Apply technological controls. 7. An income statement account that is used to record cash overages and cash shortages arising from omitted petty cash receipts and from errors in making change in titled the a. Cash Lost account. b. Bank Reconciliation account. c. Petty Cash account. d. Cash Over and Short account. e. Cash Receivable account. 8. Costs included in the Merchandise Inventory account can include all of the following EXCEPT: a. damaged inventory that cannot be sold. b. storage. c. invoice price minus any discount. d. insurance. e. transportation-in. 9. An analysis that explains differences between the checking account balance according to the depositor's records and the balance reported on the bank statement is a(n): a. bank audit. b. internal audit. c. analysis of debits and credits. d. bank reconciliation. e. trial reconciliation. 10. Outstanding checks refer to checks that have been: a. held as blank checks. b. written, recorded, sent to payees, and received and paid by the bank. c. issued by the bank. d. written and not yet recorded in the company books. e. written, recorded on the company books, sent to the payee, but not yet paid by the bank.

          6.
When two clerks share the same cash register it is a violation of which internal control
principle?
a. Establish responsibilities.
b. Maintain adequate records.
c. Insure assets.
d. Bond key employees.
e. Apply technological controls.
7.
An income statement account that is used to record cash overages and cash shortages arising
from omitted petty cash receipts and from errors in making change in titled the
a. Cash Lost account.
b. Bank Reconciliation account.
c. Petty Cash account.
d. Cash Over and Short account.
e. Cash Receivable account.
8.
Costs included in the Merchandise Inventory account can include all of the following
EXCEPT:
a. damaged inventory that cannot be sold.
b. storage.
c. invoice price minus any discount.
d. insurance.
e. transportation-in.
9.
An analysis that explains differences between the checking account balance according to
the depositor's records and the balance reported on the bank statement is a(n):
a. bank audit.
b. internal audit.
c. analysis of debits and credits.
d. bank reconciliation.
e. trial reconciliation.
10.
Outstanding checks refer to checks that have been:
a. held as blank checks.
b. written, recorded, sent to payees, and received and paid by the bank.
c. issued by the bank.
d. written and not yet recorded in the company books.
e. written, recorded on the company books, sent to the payee, but not yet paid by the bank.

6.
When two clerks share the same cash register it is a violation of which internal control
principle?
a. Establish responsibilities.
b. Maintain adequate records.
c. Insure assets.
d. Bond key employees.
e. Apply technological controls.
7.
An income statement account that is used to record cash overages and cash shortages arising
from omitted petty cash receipts and from errors in making change in titled the
a. Cash Lost account.
b. Bank Reconciliation account.
c. Petty Cash account.
d. Cash Over and Short account.
e. Cash Receivable account.
8.
Costs included in the Merchandise Inventory account can include all of the following
EXCEPT:
a. damaged inventory that cannot be sold.
b. storage.
c. invoice price minus any discount.
d. insurance.
e. transportation-in.
9.
An analysis that explains differences between the checking account balance according to
the depositor's records and the balance reported on the bank statement is a(n):
a. bank audit.
b. internal audit.
c. analysis of debits and credits.
d. bank reconciliation.
e. trial reconciliation.
10.
Outstanding checks refer to checks that have been:
a. held as blank checks.
b. written, recorded, sent to payees, and received and paid by the bank.
c. issued by the bank.
d. written and not yet recorded in the company books.
e. written, recorded on the company books, sent to the payee, but not yet paid by the bank.

Added by Nicholas C.

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