Question 1

Which of the following is NOT defined as cash?

Accepted Answer

A)  Commercial paper
B)  Checks
C)  Money orders
D)  Coins

Question 2

The bank often informs the depositor of bank service charges by including a debit memorandum with the monthly bank statement.

Accepted Answer

A) True 
 B)False

Question 3

A check drawn by a depositor for $295 in payment of a liability was recorded as $925.This item would be included on the bank reconciliation as a(n)

Accepted Answer

A)  addition to the balance per the depositor's records.
B)  addition to the balance per the bank statement.
C)  deduction from the balance per the bank statement.
D)  deduction from the balance per the depositor's records.

Question 4

The bank statement for Marley Co.indicates a balance of $10,000.50 on June 30,2010.
The cash account in the depositor's records had a balance of $4,677.10.Prepare a bank reconciliation on the basis of the following reconciling items:

Accepted Answer

The answer of The bank statement for Marley Co.indicates a...

Question 5

An element of internal control is

Accepted Answer

A)  generally accepted accounting principles.
B)  control procedures.
C)  concepts.
D)  principles.

Question 6

What adjustment is required in the depositor's accounts to record outstanding checks?

Accepted Answer

A)  None
B)  Increase Cash;decrease Accounts Receivable
C)  Increase Cash;increase Accounts Payable
D)  Increase Accounts Receivable;decrease Cash

Question 7

A check for $456 was erroneously charged by the bank as $654.In order for the bank reconciliation to balance,you must deduct $198 from the bank statement balance.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following would be added to the balance per books on a bank reconciliation?

Accepted Answer

A)  Service charges
B)  Outstanding checks
C)  Deposits in transit
D)  Notes collected by the bank

Question 9

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the balance per depositor's records.

Accepted Answer

A) True 
 B)False

Exam 5: Sarbanes-Oxley,internal Control,and Cash

A check for $456 was erroneously charged by the bank as $654.In order for the bank reconciliation to balance,you must deduct $198 from the bank statement balance.

Correct Answer
verified

What adjustment is required in the depositor's accounts to record outstanding checks?

Correct Answer
verified

An element of internal control is

Correct Answer
verified

The bank statement for Marley Co.indicates a balance of $10,000.50 on June 30,2010. The cash account in the depositor's records had a balance of $4,677.10.Prepare a bank reconciliation on the basis of the following reconciling items:

Correct Answer
verified

A check drawn by a depositor for $295 in payment of a liability was recorded as $925.This item would be included on the bank reconciliation as a(n)

Correct Answer
verified

The bank often informs the depositor of bank service charges by including a debit memorandum with the monthly bank statement.

Correct Answer
verified

Which of the following is NOT defined as cash?

Correct Answer
verified

Which of the following would be added to the balance per books on a bank reconciliation?

Correct Answer
verified

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the balance per depositor's records.

Correct Answer
verified

Exam 5: Sarbanes-Oxley,internal Control,and Cash

A check for $456 was erroneously charged by the bank as $654.In order for the bank reconciliation to balance,you must deduct $198 from the bank statement balance.

Correct AnswerverifiedShow Answer

What adjustment is required in the depositor's accounts to record outstanding checks?

Correct AnswerverifiedShow Answer

An element of internal control is

Correct AnswerverifiedShow Answer

The bank statement for Marley Co.indicates a balance of $10,000.50 on June 30,2010. The cash account in the depositor's records had a balance of $4,677.10.Prepare a bank reconciliation on the basis of the following reconciling items:

Correct AnswerverifiedShow Answer

A check drawn by a depositor for $295 in payment of a liability was recorded as $925.This item would be included on the bank reconciliation as a(n)

Correct AnswerverifiedShow Answer

The bank often informs the depositor of bank service charges by including a debit memorandum with the monthly bank statement.

Correct AnswerverifiedShow Answer

Which of the following is NOT defined as cash?

Correct AnswerverifiedShow Answer

Which of the following would be added to the balance per books on a bank reconciliation?

Correct AnswerverifiedShow Answer

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the balance per depositor's records.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified