
Chapter 6: Internal controls ( Week 3)
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Other
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University
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Practice Problem
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Hard
Fanie Walters
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A deposit of R2000 appeared in the cash receipts report,but not on the bank statement for 31 August 20.2.
Debit Bank reconciliation (incorrect deposit)
Dr Bank account (GJ/GL)
Cr Bank account (GJ/GL)
Credit Bank reconciliation (outstanding deposit)
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A monthly debit order for insurance of XYZ Limited appeared as a debit on the bank statement of XYZ Limited for 31 August 20.2 but does not appear in the relevant cash report.
Dr Insurance Cr Bank(General Journal)
Debit Bank reconciliation (outstanding payment)
Credit Bank reconciliation (outstanding payment)
Cr Insurance Dr Bank (General Journal)
3.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
On the bank statement, a credit balance indicates a/an ________ balance
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
On the bank statement, cash deposited by the entity is shown as a/an
Debit
Liability
Income
Credit
5.
FILL IN THE BLANK QUESTION
20 sec • 1 pt
Reconciliation of the bank account in the general ledger with the bank statement is an internal control technique for safe-guarding of
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The bank statement of XYZ Limited for 31 August 20.2 shows a credit of R1300 which is a deposit that was supposed to be made to the personal account of the owner, but was mistakenly made to the entity's bank account. It does not appear in the relevant cash report of the entity.
Cr Drawings Dr Bank (General Journal)
Dr Drawings Cr Bank (General Journal)
Debit Bank reconciliation (incorrect deposit)
Credit Bank reconciliation (outstanding deposit)
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