AC201ThirdHourExamCWA

AC201ThirdHourExamCWA - 1 Internal control procedures...

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Unformatted text preview: 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. 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. 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) All of the above. 6. A company's internal control system: A) Eliminates the risk of loss. B) Monitors and controls business activities. Page 1 C) Eliminates human error. D) Eliminates the need for audits. E) All of the above. 7. Cash equivalents: A) Are readily convertible to a known cash amount. B) Include short-term investments purchased within 3 months of their maturity dates. C) Have a market value that is not sensitive to interest rate changes. D) Include U. S. treasury bills. E) All of the above. 8. Credit card expense may be classified as: A) A "discount" deducted from sales to get net sales. B) A selling expense....
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This note was uploaded on 03/02/2012 for the course ACCT 201 taught by Professor Tracyedmond during the Spring '10 term at Park.

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AC201ThirdHourExamCWA - 1 Internal control procedures...

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