(ACC100 -Accountng) Wk 8 Chptr 8 Qz

(ACC100 -Accountng) Wk 8 Chptr 8 Qz - SHANNA HAWXHURST Week...

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Grade for SHANNA HAWXHURST: Week 8 Quiz Numeric grade: 5.79/6.25 Letter grade: A Comments: (none) Close Window Autograde Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 8/22/2008 1:15:59 PM Time Spent: 1:32:33 (12:00 allowed) Points Received: 25 / 27 (92.6%) Question Type: # Questions: # Correct: Multiple choice 27 25 Grade Details 1. Question: Which of the following is not an element of internal control? Your Answer: assigning responsibilities to individuals who have the authority to administer them relying on internal and external audits separation of duties whenever possible assigning to one individual the responsibility for accounting for and custody of assets CORRECT Points Received: 1 of 1 Comments: 2. Question: Designating a corporate controller is an example of which characteristic of internal control_______. Your Answer: assignment of responsibilities CORRECT competent, reliable, and ethical personnel proper authorization separation of duties Points Received: 1 of 1 Comments: 3. Question: The requirement that a store manager approve all returns of merchandise is an example of which characteristic of internal control_______. Your Answer: separation of duties competent, reliable, and ethical personnel proper authorization CORRECT assignment of responsibilities Points Received: 1 of 1 Comments: 4. Question: Internal control over cash receipts is demonstrated by_______. Your Answer: a mailroom employee depositing all customer checks at the bank a mailroom employee sending remittance advices to the treasurer a mailroom employee sending all customer checks to the treasurer who makes the bank deposit CORRECT all the above Points Received: 1 of 1 Page 1 of 6 SHANNA HAWXHURST: Week 8 Quiz 9/7/2008 ..
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Comments: 5. Question: The bank statement lists a $700 deposit as $70. On a bank reconciliation, this will appear as a(n) _______. Your Answer: addition to the book balance deduction from the book balance addition to the bank balance CORRECT deduction from the bank balance Points Received: 1 of 1 Comments: 6. Question: The accountant for the World Company discovered Central Bank had made an error on World’s August 31 bank statement. The bank balance read $8,728, while the book balance showed $6,998. The accountant found that an August 23 check for $1,250 did not appear on the bank statement
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This note was uploaded on 01/19/2012 for the course ACCOUNING ACC100 taught by Professor Rebecca during the Spring '11 term at Strayer.

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(ACC100 -Accountng) Wk 8 Chptr 8 Qz - SHANNA HAWXHURST Week...

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