Chapter 5 Take Home Review

Chapter 5 Take Home Review - CHAPTER 5 REVIEW 1. WHICH OF...

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C HAPTER 5 R EVIEW 1. W HICH OF THE FOLLOWING IS NOT AN ELEMENT OF I NTERNAL C ONTROLS ? A . TO PROTECT ASSETS FROM MISUSE B . ENSURE THE ACCURACY OF BUSINESS INFORMATION C . ENSURE THAT LAWS AND REGULATIONS ARE FOLLOWED D . TO ENSURE THAT THE COMPANY S POLICIES ARE IN PLACE TO MAXIMIZE PROFITS 2. A FTER AN ACCOUNTING SYSTEM HAS BEEN SET UP , WHAT IS THE NEXT STEP ? A . A NALYSIS B . F EEDBACK C . I MPLEMENTATION D . I NTERNAL CONTROLS 3. I F THE INDIVIDUAL SUBSIDIARY LEDGER ACCOUNTS OF A CCOUNTS R ECEIVABLE AND A CCOUNTS P AYABLE CONTAINED THE FOLLOWING DATA : C ADENCE C OMPANY - V ENDOR - $125 CREDIT BALANCE F RANKLIN E NTERPRISES - C USTOMER - $75 DEBIT BALANCE M ARCELO C ONSTRUCTION - C LIENT - $375 - DEBIT BALANCE P EYTON S UPPLIES - S UPPLIER - $275 - CREDIT BALANCE T HE A CCOUNTS R ECEIVABLE (A/R) CONTROLLING ACCOUNT BALANCE AND THE A CCOUNTS P AYABLE (A/P) CONTROLLING ACCOUNT BALANCES WOULD BE : A . A/R - $200, A/P - $650 B . A/R - $400, A/P - $450 C . A/R - $450, A/P - $400 D . A/R - $75, A/P - $775
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This note was uploaded on 05/08/2011 for the course ACCOUNTING 094-ACC-C0 taught by Professor Rosa during the Winter '10 term at UCSB.

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Chapter 5 Take Home Review - CHAPTER 5 REVIEW 1. WHICH OF...

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