
Cash and Cash Equivalent
Authored by Febrina Dewi
Business, Social Studies
Professional Development
Used 93+ times

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11 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is the focus of an audit of cash for most companies?
General cash account
Payroll cash account
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following items on a bank reconciliation would require an adjusting entry on the company’s books?
An error by the bank
A bank service charge
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not a “cash equivalent”?
Time deposits
Marketable securities
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The audit objective of determining that cash in bank, as stated on the reconciliation, foots correctly and agrees with the general ledger can be tested by which of the following procedures?
Performing tests for kiting
Footing the outstanding checks list and the list of deposits in transit
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a cash equivalent?
Sertificates of deposit
Notes payable
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
An auditor performs a proof of cash to verify that:
All deposits in the bank were recorded in the accounting records
All recorded cash disbursements were paid by the bank
All recorded cash receipts were deposited
All of the above
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The following are the common controls over cash except...
Segregation of duties
Computerized control totals and edits tests
Perform an overall estimate of depreciation expense
Independent bank reconciliations by employees who do not handle cash
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