65. Which employees are responsible for a company's effective internal controls? A. Upper management.B. Mid-level managers.C. Lower-level employees.D. All employees.66. Cash may not include: 4-10
Chapter 004 Cash and Internal Controls67. Common examples of cash equivalents include all of the following except: 68. Which of the following would not represent good controls over cash receipts? 69. Which of the following would not be recorded as a cash sale? A. Customer who pays with a check.B. Customer who pays with a debit card.C. Customer who pays with a credit card.D. A customers who buys on account.70. McGregor Company allows customers to pay with credit cards. The credit card company charges McGregor 3% of the sale. When a customer uses a credit card to pay McGregor $200 for services provided, McGregor would: 71. A customer purchased a $2,000 item at ApplianceWorld, paying with a credit card. ApplianceWorld is charged a 2% fee by the credit card company. When recording this sale, ApplianceWorld would: 4-11
Chapter 004 Cash and Internal Controls72. Which of the following would not represent good controls over cash disbursements? 73. Which of the following would not represent good controls over cash disbursements? A. Periodically check amounts shown in the debit card and credit card statements against purchase receipts.B. The employee verifying the accuracy of the debit card and credit card statements should not also be the employee responsible for actual purchases.C. Set maximum purchase limits on debit cards and credit cards.D. Employees responsible for making cash disbursements should also be in charge of cash receipts.
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