self study chpt 8

self study chpt 8 - computerized system. 8. D....

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Britney Acevedo Professor Abatemarco 1. C. Segregation of duties is not part of the fraud triangle. 2. A. An organization uses internal control to enhance the accuracy and reliability of its accounting records and to safeguard its assets. 3. A. the Sarbanes-Oxley Act did not cause companies to file financial statements with the Internal Revenue Service. 4. C. The principles of internal control do not include management responsibility. 5. B. Physical controls do not include independent bank reconciliations. 6. B. Establishment of responsibility is permitting only designated personnel to handle cash receipts. 7. D. Establishment of responsibility, segregation of duties, and physical controls are relevant to a
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Unformatted text preview: computerized system. 8. D. Documentation procedures are the use of prenumbered checks in disbursing cash. 9. A. The company should debit cash over and short for $3. 10. A. The control features of a bank account do include having bank auditors verify the correctness of the bank balance per books. 11. C. In a bank reconciliation, deposits in transit are added to the bank balance. 12. D. Bank service charges are reconciling items in a bank reconciliation that will result in an adjusting entry by the depositor. 13. C. A customer check dated December 1 is not considered cash on November 30 th . 14. C. Cash is listed first in the current assets section....
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This note was uploaded on 04/06/2011 for the course ACCT 11 taught by Professor Abatemarco during the Spring '11 term at Long Island U..

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