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WorksheetsLecture 10 Brain Test
Total questions: 11
Worksheet time: 5mins
What is the purpose of Internal Control?
Safeguarding organisation's assets from theft
Monitoring of orgnisation's liabilities
It is a system designed to help meet the organisation's objectives
Preventing fraud by employees
Which are the components of Internal Control?
Information and communication
Control Environment
Risk Assessment
Control Activities
Monitoring
What are the examples of Control Activities?
Independent checks on performance
Physical control over assets
Sufficient documents and records
Adequate authorising procedures
Some of the banking activities help organisations to control cash. What are they?
Minimising cash on hand
Having a double record of all bank transactions
Advisory and consulting services on how to manage cash
Utilising bank as a depository
What is the possible reason of a difference in the records of the organisation's cashbook and the bank statement?
It is impossible
The cashbook was passed to a third party
There was an unusual transaction which could be fraud or error
There was a change of person in charge of recording the transactions in the cashbook
In which situations the transaction will not appear in the bank statement, but is recorded in the cashbook?
Cash receipts
Cash disbursements
Unpresented cheques
Outstanding deposit
What does 'unpresented cheque/outstanding cheque' means?
The cheque was lost
The cheque is written to the supplier, but they have not bank in yet
The cheque was received, but have not bank in
The cheque was damaged
What does it mean by the phrase 'outstanding deposit'?
Cheque was written to the supplier but they have not bank in yet
Cheque was given to the wrong party
Cheque amount was incorrect
Cheque was received but have not bank in yet
The balance from the bank reconciliation statement should be the same as cash at bank T account.
True
False
Bank charges are to be included in the cash receipt journal.
True
False
Select the correct journals these situations can be found:
a) Deposits in transit
b) Unpresented cheques
a) Cash Payment Journal
b) Cash Receipt Journal
a) Cash Payment Journal
b) Cash Payment Journal
a) Cash Receipt Journal
b) Cash Receipt Journal
a) Cash Receipt Journal
b) Cash Payment Journal
