8 Interactive Quiz B

8 Interactive Quiz B - Interactive Quiz B Home > Chapter 8...

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Interactive Quiz B http://highered.mcgraw-hill.com/sites/0072996536/student_view0/chapter8/interactive_quiz_b.html[6/22/2010 6:45:52 PM] Interactive Quiz B (See related pages) Results Reporter Out of 30 questions, you answered 13 correctly with a final grade of 43% 13 correct (43%) 17 incorrect (57%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . INCORRECT Two of the purposes of internal control are to protect the firm's assets and to ensure reliable accounting. A) True B) False Feedback: It is true that two of the purposes of internal control are to protect the firm's assets and to ensure reliable accounting. 2 CORRECT Two of the principles of internal control are to: (1) separate the recordkeeping from the custody of the assets, and (2) to always establish a petty cash fund. A) True B) False Feedback: The establishment of a petty cash fund may assist in internal control but it is not a principle of internal control. Separating the recordkeeping from the custody of the assets is a principle of internal control. INCORRECT Cash registers, check protectors, time clocks, and face-recognition software are all examples of devices that can improve internal control. A) True B) False Feedback: It is true that cash registers, check protectors, time clocks, and face-recognition software are all examples of devices that can improve internal control. INCORRECT Financial transactions consummated over the internet are subject to the following three risks: (1) credit card number theft, (2) computer viruses, and (3) impersonation. A) True B) False Feedback: It is true that financial transactions consummated over the internet are subjects to the following three risks: (1) credit card number theft, (2) computer viruses, and (3) impersonation. 5 CORRECT The Cash Over and Short account has a normal credit balance. A) True B) False Feedback: The Cash Over and Short account does not have a normal balance. Its balance may be either a debit balance or a credit balance. 6 CORRECT The Petty Cash account is debited or credited whenever: (1) the fund is created or increased, (2) the fund is eliminated or decreased, and (3) the fund is replenished. A) True B) False Feedback: The Petty Cash account is debited or credited when the fund is: (1) created or increased, or (2) eliminated or decreased. However, when the fund is replenished, it is the Cash account, not the Petty Cash account that is credited. Course-wide Content MH Enhanced Cartridge Sample Study Guide Working Paper Sample Generic Working Papers Student ALEKS Video Library Cogg Hill Practice Set Student Learning Tools NetTutor Appendices Text Updates Tech Support Chapter 8 Quizzes Interactive Quiz A Interactive Quiz B More Resources Glossary Flashcards PowerPoint Presentations Narrated Slides Excel Templates BusinessWeek Articles More Taking it to the . ..
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This note was uploaded on 08/01/2010 for the course ACC 101 taught by Professor Layvand during the Spring '09 term at Thomas Edison State.

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8 Interactive Quiz B - Interactive Quiz B Home > Chapter 8...

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