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AC201Quiz5CWA - Name Date AC 201 Quiz#5-Version C Multiple...

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Name: __________________________ Date: _____________ AC 201 Quiz #5-Version C Multiple Choice Questions ( 10 points each ) 1. The principles of internal control include: A) Establish responsibilities. B) Maintain minimal records. C) Use only computerized systems. D) Bond all employees. E) Require automated sales systems. 2. Prenumbered printed checks are an example of which internal control principle? A) Technological controls. B) Maintain adequate records. C) Perform regular and independent reviews. D) Establish responsibilities. E) Divide responsibility for related transactions. 3. The number of days' sales uncollected: Page 1
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4. A set of procedures and approvals that is designed to control cash disbursements and the acceptance of obligations is referred to as a(n): Problem ( 60 points ) A company established a petty cash fund of $100 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipts for: office supplies, $27; transportation-in on inventory purchased, $32; and postage, $22. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.
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Answer Key
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