ACC 556 Chapter 7 Quiz (100% Score)
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Chapter 7 Quiz
The most important element of the fraud triangle is rationalization.
Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.
Under an effective system of internal control, errors occur only as a result of fraud or dishonesty.
Control over cash disbursements is improved if major expenditures are paid by check.
Cash equivalents are highly liquid investments that can be converted into a specific amount of cash.
Which of the following is not one of the main factors that contribute to fraudulent activity?
Under the concept of establishment of responsibility, how many people should have the ultimate responsibility?
A consequence of separation of duties is that
In large companies, the independent internal verification procedure is often assigned to
Sam’s Grocery Store has the following policy. ‘Only one cashier can have access to a cash drawer.’ Which internal control principle supports this policy?
Supervisors counting cash receipts daily is an example of
All of the following are true regarding bank statements except
Which of the following would be added to the balance per bank on a bank reconciliation?
Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry:
Clark Company developed the following reconciling information in preparing its September bank reconciliation:
Of the following employees, who should prepare the bank reconciliation?
In the month of May, Lopat Company Inc. wrote checks in the amount of $55,500. In June, checks in the amount of $75,948 were written. In May, $50,808 of these checks were presented to the bank for payment, and $65,298 in June. What is the amount of outstanding checks at the end of May?
All of the following are true regarding the management and monitoring of cash except
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