WorksheetsQuizizz 4.3.2/4.3.3 What are Internal Cash Controls ACNT1
Total questions: 20
Worksheet time: 10mins
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
Which 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
Josh is journalizing an adjustment for a bank service fee. What type of account would this be considered?
revenue
cash
expense
accounts payable
Richard is journalizing an interest payment. In this journal entry, what type of account would be credited?
accounts receivable
cash
accounts payable
revenue
Which of the following items would most likely be purchased by a business using petty cash?
a pack of postage stamps
a monthly bill for Internet service
a new set of office chairs
licenses for computer software
The petty cash account is a(n) _____ account, meaning it always has the same balance in the general ledger.
debit
imprest
credit
active
If someone forgot to turn in a receipt after receiving petty cash, which of the following is likely true?
The voucher total plus the cash on hand total will be equal to the established fund amount.
The voucher total plus the cash on hand total will be more than the established fund amount.
The voucher total plus the cash on hand total will be less than the established fund amount.
The voucher total plus the cash on hand total will be equal to each other.
When replenishing the petty cash fund, how often are entries posted to the Petty Cash account in the general ledger?
once a year
once a month
once a quarter
never
Which of the following is a benefit of EFT?
cost
accessibility
difficulty
limited access
Why are EFT payments more secure than mailed payments?
.They cannot be copied.
Employees don't handle them.
They are only kept in one place
Only one person can access them
Because EFT payments require less manpower, they are _____ than mailed payments.
more accessible
less accurate
more efficient
less secure
Which of the following is an example of the convenience of EFT?
All banks are required by law to participate in EFT programs.
EFTs offer more source documents to prove transactions occurred.
The process to stop EFT payments is very easy to learn.
Account alerts can notify involved parties of transfers.
