
College Acct 1- Chapter 6
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
Student preview

30 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Which one of the following is NOT one of the policies and procedures that make up an internal control system? Promote efficient operations, Urge adherence to company policies, Ensure reliable accounting, Protect assets, Guarantee a return to investors
Back
Guarantee a return to investors
2.
FLASHCARD QUESTION
Front
What is the entry to replenish a $300 petty cash fund with $50 in coins and currency plus $242 in receipts?
Back
A credit to Cash for $250
3.
FLASHCARD QUESTION
Front
Outstanding checks refer to checks that have been:
Back
Written, recorded on the company books, sent to the payee, but not yet paid by the bank
4.
FLASHCARD QUESTION
Front
Cash equivalents: Include time deposits, Include checking accounts, Have no immediate value, Include savings accounts, Are readily converted to a known cash amount
Back
Are readily converted to a known cash amount
5.
FLASHCARD QUESTION
Front
Meng Company maintains a $500 petty cash fund. On February 28, the fund is replenished. The accumulated receipts on that date represent $100 for Office Supplies, $200 for Travel Expense, and $50 for Miscellaneous Expense. There is a cash shortage of $10. The journal entry to replenish the fund on February 28 is:
Back
Debit Office Supplies, $100; Debit Travel Expense, $200; Debit Miscellaneous Expense, $50; Debit Cash Over and Short, $10; Credit Cash, $360.
6.
FLASHCARD QUESTION
Front
What is the entry to replenish a $450 petty cash fund with $62 in coins and currency plus $383 in receipts?
Back
A debit to Cash Short and Over for $5
7.
FLASHCARD QUESTION
Front
Internal control procedures for cash receipts DO NOT require that: All collections for sales are received immediately upon making the sales
Back
All collections for sales are received immediately upon making the sales
Create a free account and access millions of resources
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
20 questions
Flashcard on G20
Flashcard
•
9th - 12th Grade
26 questions
English Questions on Numbers and Verbs
Flashcard
•
KG - University
27 questions
Biotechnology Review
Flashcard
•
10th Grade
18 questions
THE MERCHANT OF VENICE ACT 1
Flashcard
•
10th Grade
28 questions
Wrap up!
Flashcard
•
KG - University
Popular Resources on Wayground
5 questions
This is not a...winter edition (Drawing game)
Quiz
•
1st - 5th Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
10 questions
Identify Iconic Christmas Movie Scenes
Interactive video
•
6th - 10th Grade
20 questions
Christmas Trivia
Quiz
•
6th - 8th Grade
18 questions
Kids Christmas Trivia
Quiz
•
KG - 5th Grade
11 questions
How well do you know your Christmas Characters?
Lesson
•
3rd Grade
14 questions
Christmas Trivia
Quiz
•
5th Grade
20 questions
How the Grinch Stole Christmas
Quiz
•
5th Grade