Quiz 7 - Answer Question 11 If a check correctly written and paid by the bank for $491 is incorrectly recorded on the company’s books for $419

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Question 1 Which of the following is not one of the main factors that contribute to fraudulent activity? Answer Question 2 Each of the following is a feature of internal control except Answer Question 3 Internal auditors Answer 1
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Question 4 The control principle related to not having the same person authorize and pay for goods is known as Answer Question 5 In large companies, the independent internal verification procedure is often assigned to Answer Question 6 Internal control measures Answer
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Question 7 Which of the following is not an internal control activity for cash? Answer Question 8 Allowing only the treasurer to sign checks is an example of Answer Question 9 3
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A check written by the company for $167 is incorrectly recorded by a company as $176. On the bank reconciliation, the $9 error should be Answer Question 10 Nilson Company gathered the following reconciling information in preparing its August bank reconciliation: The adjusted cash balance per books on August 31 is
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Unformatted text preview: Answer Question 11 If a check correctly written and paid by the bank for $491 is incorrectly recorded on the company’s books for $419, the appropriate treatment on the bank reconciliation would be to Answer Question 12 Which of the following is not a basic principle of cash management? Answer Question 13 Question 13 The cash receipts section of a cash budget includes all of the following except Answer 5 Question 14 Expected direct materials purchases in Wade Company are $175,000 in the first quarter and $225,000 in the second quarter. Forty percent of the purchases are paid in cash as incurred, and the balance is paid in the following quarter. The budgeted cash payments for purchases in the second quarter are: Answer Question 15 Question 15 A $100 petty cash fund has cash of $14 and receipts of $85. The journal entry to replenish the account would include Answer debit to Cash for $85. credit to Petty Cash for $85. debit to Petty Cash for $86. credit to Cash for $86....
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This note was uploaded on 02/19/2011 for the course BUS 201 taught by Professor Tomos during the Spring '11 term at Indian Institute Of Management, Ahmedabad.

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Quiz 7 - Answer Question 11 If a check correctly written and paid by the bank for $491 is incorrectly recorded on the company’s books for $419

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