AC201Exam3CWOA - 1 Internal control procedures include A...

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1. Internal control procedures include: A) Procedures to ensure reliable financial reports. B) Safeguards to protect company assets. C) Policies to direct operations toward common goals. D) Methods to achieve compliance with laws and regulation. E) All of the above. 2. The special journals of many accounting systems include the: A) Sales journal. B) Purchases journal. C) Cash receipts journal. D) Cash disbursements journal. E) All of the above. Page 1
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3. The sales journal is used for recording: A) Credit purchases. B) Credit sales. C) Cash sales. D) Cash purchases. E) Cash receipts. 4. The Accounts Payable account in the general ledger is: A) A controlling account for the subsidiary accounts payable ledger. B) The account that controls the purchases journal. C) The subsidiary account to the purchases journal. D) Part of a special journal. E) Part of a subsidiary ledger.
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5. An internal control system consists of the policies and procedures managers use to : A) Protect assets. B) Ensure reliable accounting. C) Promote efficient operations. D) Urge adherence to company policies. E)
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AC201Exam3CWOA - 1 Internal control procedures include A...

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