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AC_116_PRACTICE_FINAL_EXAM_QUESTIONS

AC_116_PRACTICE_FINAL_EXAM_QUESTIONS - AC 116 MIDTERM...

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AC 116 MIDTERM QUESTIONS AND ANSWERS Chapter 8 1. A necessary element of internal control is a. database b. systems design c. systems analysis d. information and communication 2. An example of a preventive control is 3. Under the voucher system, every transaction is recorded at the time of 4. A debit or credit memorandum describing entries in the depositor's bank account may be enclosed with the bank statement. An example of a credit memorandum is 5. Journal entries based on the bank reconciliation are required in the depositor's accounts for a. outstanding checks b. deposits in transit c. bank errors d. book errors 6. Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the customer. What entry is required in the depositor's accounts?
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7. Accompanying the bank statement was a debit memorandum for an NSF check received from a customer. What entry is required in the depositor's accounts? 8. Which of the following would be subtracted from the balance per bank on a bank reconciliation? 9. Marcus Company developed the following reconciling information in preparing its September bank reconciliation: Cash balance per bank, 9/30 $11,000 Note receivable collected by bank 6,000 Outstanding checks 9,000 Deposits-in-transit 4,500 Bank service charge 75 NSF 1,200 Using the above information, determine the cash balance per books (before adjustments) for the Marcus Company. a. $9,775 b. $15,725 c. $15,500 d. $1,775 10. A $100 petty cash fund contains $92 in petty cash receipts, and $6.50 in currency and coins. The journal entry to record the replenishment of the fund would include a
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