FinMan10e_ABSol_ch07

FinMan10e_ABSol_ch07 - 12. E TEST 7B Problem 1 Financial...

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ACHIEVEMENT TEST SOLUTIONS—CHAPTER 7 TEST 7A Problem 1 Bank Reconciliation 1. A 2. D 3. D 4. C 5. D 6. A 7. B 8. C 9. C 10. B Fill-in-the-Blank Principles and Terminology 1. internal controls 2. purchase order, supplier’s invoice, receiving report 3. petty cash fund 4. compensating balance 5. liquid 6. notes to financial statements 7. Cash Short and Over 8. control environment 9. control procedures 10. detective controls 11. Other Expense Problem 2 Analysis of Transactions Debit Credit 1. A 2. E, I 3. O 4. E 5. E, F 6. Q 7. E 8. M 9. B 10. E 11. N, J, K
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Unformatted text preview: 12. E TEST 7B Problem 1 Financial Statements 1. D 2. C 3. B 4. C 5. D 6. D 7. A 8. C 9. B 10. D Fill-in-the-Blank Principles and Terminology 1. $12,446 2. $12,700 3. credit 4. expense 5. Sarbanes-Oxley 6. (3) 7. (4) 8. internal control 9. detective controls 10. drawer 11. drawee 12. payee 13. remittance advice 14. adjusted balance Problem 2 Analysis of Transactions Debit Credit 1. I 2. A 3. A 4. E, I 5. A 6. E 7. E 8. Q, F 9. J, K 10. E 11. E 12. H, M...
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