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1.   Expenditures from a petty cash fund are documented by a petty cash receipt.    Student Response Value Correct Answer Feedback 1.  True      2.  False 0%       Score: 0/1    2.   The Sarbanes-Oxley Act of 2002 was passed by Congress due to the public outcry after the financial scandals  of the early 2000s.    Score: 1/1    3.   Which of the following should  not  be considered cash by an accountant?   
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  Score: 1/1    4.   The term cash includes    Score: 0/1    5.   In preparing a bank reconciliation, the amount indicated by a credit memo for a note receivable collected by the  bank is added to the balance per company's records.    Score: 1/1   
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6.   The petty cash fund eliminates the need for a bank checking account.   Score: 1/1    7.   A compensating balance occurs when a bank may require a company to maintain a maximum cash balance.    Score: 1/1    8.   Derek Company gathered the following reconciling information in preparing its September bank reconciliation:            
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     The adjusted cash balance per books on September 30 is   Score: 0/1    9.   A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720.  This item  would be included on the bank reconciliation as a(n)    Score: 0/1    10.   A minimum cash balance required by a bank is called 
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  Score: 1/1    11.   The bank often informs the company of bank service charges by including a credit memo with the monthly bank  statement.    Score: 1/1    12.   Which one of the following below is  not  a factor that influences a business's control environment?   
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Score: 1/1    13.   A person authorized to write checks drawn on a checking account at a bank must sign and have on file with the  bank a    Score: 0/1    14.   A voucher is a form on which is recorded pertinent data about a liability and the particulars of its payment.    Score: 0/1    15.  
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A bank reconciliation should be prepared periodically because    Score: 0/1    16.   A payment system that uses computerized electronic impulses to effect a cash transaction is called electronic  funds transfer (EFT).    Score: 1/1    17.   A bank statement  
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  Score: 1/1    18.   Which of the following items that appeared on the bank reconciliation did  not  require an adjusting entry?    Score: 0/1    19.   Sarbanes-Oxley’s purpose is to improve financial reporting.    Score: 1/1   
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20.  
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This note was uploaded on 11/12/2010 for the course ACCT 48638 taught by Professor Sterns during the Fall '10 term at Riverside Community College.

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