Quizizz 4.3.2/4.3.3 What are Internal Cash Controls ACNT1

​The information in the annual reports of internal control is overseen by which organization?​

• ​Public Company Accounting Oversight Board

• Sarbanes-Oxley

• ​Securities and Exchange Commission

• ​Private Equities Board of Accountants

​At a particular company, one employee is responsible for vendor payments, while another is responsible for balancing bank statements. This is an example of _____.

• competencies

• .separation of duties

• cross-training

• monitoring

W​hich frequency of transaction recording is most likely a potential sign of unethical behavior?

• recording transactions​ often

• recording transactions​ early

• recording transactions late

• recording transactions​ daily​

Which of the following is an example of an internal accounting control?

• ​using more than one type of accounting software

• ​making sure employees are not fatigued

• ​providing adequate ventilation

• ​restricting access to checks

Gina is conducting a bank reconciliation. She finds that the reason why the accounts do not balance is because of a service fee. This amount should be _____.

• subtracted from the book balance

• added to the book balance

• added to the bank balance

• subtracted from the bank balance

Marcus finds that a check written by a customer and deposited has not yet posted as he is conducting a bank reconciliation. This amount should be _____.

• subtracted from the bank balance

• added to the bank balance

• added to the book balance

• subtracted from the book balance

While preparing a bank reconciliation, an accountant notices a check that has been returned unpaid. This type of transaction should be _____.

• subtracted from the bank balance

• added to the book balance

• subtracted from the book balance

• added to the bank balance

Doug is trying to prove cash for his business. The cash balance at the beginning of the period was $800. Doug received $550 in payments from customers and paid out $600 to vendors. What should Doug's checkbook balance be at the end of this period?

• $200

• $800

• $1,150

• $750

Several types of adjustments need to be journalized after a bank reconciliation. Which of the following relates to fees for returned checks?

• NSF fees

• credit card processing fees

• ATM fees

• Checking account fees

Emily is journalizing an adjustment for a returned check written by a customer. What type of account would this be considered?

• revenue

• accounts receivable

• cash

• expense