Quiz Chapter 6 - ACCT 2101 Spring 2008 Quiz Chapter 6 Multiple Choice Identify the choice that best completes the statement or answers the question

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Unformatted text preview: ACCT 2101 Spring 2008 Quiz Chapter 6 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Which of the following procedures would weaken control over cash receipts that arrive through the mail? A. After the mail is opened, a list (in duplicate) of the money received is prepared with a record of the sender's name, the amount, and an explanation of why the money is sent. B. The bank reconciliation is prepared by a person who does not handle cash or record cash receipts. C. All of the choices listed are good internal control procedures over cash receipts that arrive through the mail. D. For safety, only one person should open the mail, and that person should immediately deposit the cash received in the bank. E. The cashier should not also be the record-keeper who records the amounts received in the account- ing records. 2. A company uses a petty cash system to help take care of immediate cash needs. $650 is kept with a petty cash custodian. A company uses a petty cash system to help take care of immediate cash needs....
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This note was uploaded on 09/21/2008 for the course ACCT 2101 taught by Professor Bhan during the Spring '07 term at University of Georgia Athens.

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Quiz Chapter 6 - ACCT 2101 Spring 2008 Quiz Chapter 6 Multiple Choice Identify the choice that best completes the statement or answers the question

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