Chapter 7 Quiz.docx - Chapter 7 Test 1"To maintain public...

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Chapter 7 Test 1. "To maintain public confidence and trust in the financial reporting of companies" is the purpose of a. the FASB b. the IRS c. Sarbanes-Oxley d. GAPP 2. Sarbanes-Oxley applies to 3. Which is the better choice for evaluating across companies: Days' Cash on Hand or the amount in the company's Cash account? 4. A $135 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account would include a 5. A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include a a. credit to Petty Cash for $29 b. credit to Cash for $54 c. debit to Cash for $83 d. debit to Cash Short and Over for $13 6. A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account would include a credit to 7. A bank reconciliation should be prepared
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8. A bank reconciliation should be prepared periodically because 9. A bank statement a. shows the activity that increased or decreased the company's account balance b. is a credit reference letter written by the company's bank c. is a bill from the bank for services rendered d. shows a company the financial position of the bank as of a certain date
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  • Spring '18
  • Jill Winter

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