Fall 08 - ACCOUNTANCY 321 Fall, 2008 EXAM II circle one:...

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Unformatted text preview: ACCOUNTANCY 321 Fall, 2008 EXAM II circle one: 9:00 a.m. class 1:00 p.m. class 7:00 p.m. class Name ________________________________ Internal Group # ___________ Professors Bob Capettini and Will Snyder 1. There are 18 pages and 5 questions (each with several subparts) on the exam. Question I 16 points Question II 20 points Question III 24 points Question IV 20 points Question V 20 points 2. For the essay questions, make your answers clear and specific. BE SURE TO ANSWER THE QUESTION WHICH IS ASKED (not some other question on the same topic). 3. Questions will be graded for PARTIAL CREDIT. You may receive partial credit ONLY FOR WRITTEN WORK we can follow. 4. DO NOT remove any pages from your test. 5. DO all of your work on this exam. DO NOT use any other sheets for scrap paper (other than your notes, WHICH MUST BE TURNED IN WITH YOUR EXAM). 6. You are expected to do your own work. 7. You will have two hours to take the exam. 1 I. The following list identifies several important control features for the Oliveira Company. You are to briefly describe the purpose for each of the 8 controls below. Your answers must be specific to the scenario. (2 points each) A. Cancellation of the voucher payable by the cashier after signing the check. ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ B. Separation of duties of approving invoices for payment and signing checks. ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ 2 C. Prenumbering and periodically accounting for all purchase orders. ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ D. Periodic physical count of inventory. ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ 3 E. Requiring two signatures on checks for large amounts.Requiring two signatures on checks for large amounts....
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Fall 08 - ACCOUNTANCY 321 Fall, 2008 EXAM II circle one:...

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