Chapter 10 Cash and Financial Investments
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Chapter 10 Cash and Financial Investments

Course Number: ACCOUNTING 1125, Fall 2013

College/University: Singapore Institute of...

Word Count: 7532

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Chapter 10 - Cash and Financial Investments Chapter 10 Cash and Financial Investments True / False Questions 1. The auditors should count small petty cash funds at year-end to make sure that balance is not understated on the financial statements. True False 2. Control over the receipt of cash sales is best achieved when two or more employees participate in each transaction. True False 3. Mailroom personnel of...

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Chapter 10 - Cash and Financial Investments Chapter 10 Cash and Financial Investments True / False Questions 1. The auditors should count small petty cash funds at year-end to make sure that balance is not understated on the financial statements. True False 2. Control over the receipt of cash sales is best achieved when two or more employees participate in each transaction. True False 3. Mailroom personnel of a company should prepare a control listing of incoming cash receipts and deposit them intact daily. True False 4. Signed checks should be returned to the cash disbursements clerk for mailing. True False 5. Lapping of accounts receivable by an employee is not possible when there is adequate segregation of duties with respect to cash disbursements. True False 6. Confirmations for cash balances should be mailed only to the financial institutions with which the client has a cash balance at year-end.
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