Mock Exam 2 - MockExam1Chapters14 1. What key piece of...

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Mock Exam 1 – Chapters 1 - 4 1. What key piece of legislation was passed in response to corporate accounting scandals by Enron, Worldcom, and others? a. Sarbanes-Oxley Act. b. 1933 Securities Act. c. 1934 Securities Exchange Act. d. Regulation Fair Disclosure. 2 . Cash may not include: a. Foreign currency. b. Money orders. c. Accounts receivable. d. Undeposited customer checks. 3 . Which of the following would NOT represent good controls over cash disbursements? a. Make all disbursements, other than very small ones, by check, debit card, or credit card. b. Require only one signature for checks, especially larger ones. c. Authorize all expenditures before purchase and verify the accuracy of the purchase itself. d. The employee who authorizes payment should not also be the employee who prepares the check. 4 . The cash account for Glenn Services on July 31 was $12,000 before the bank reconciliation was prepared. After examining the July bank statement and items included with it, the company’s accountant found the following items: Checks Outstanding: 3,125 Deposits Outstanding: 2,560 NSF: 875 Service Charge: 35 What is the amount of cash that should be recorded in the balance sheet on July 31? a. $12,565 b. $10,525 c. $11,090 d. $11,435 5.   The following data were obtained from the bank statement and from the process of reconciling it: Bank service charges = $ 20 Deposit outstanding = $150
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Mock Exam 2 - MockExam1Chapters14 1. What key piece of...

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