WorksheetsDiegoVillescasACCT2301.03PRE
Total questions: 10
Worksheet time: 12mins
What is an example of corruption?
having internal controls
assessing risk
separating duties
misusing your position for gain
First step of the procurement process
Send Payment
Approve Purchase Requisition Form
Purchase Order
Receive Invoice
What can cause a bank error?
Time Lag
NSF Checks
Human Error
All of the Above
True or False: The benefits or internal must exceed their cost to be effective.
True
False
Which of the following is not an element of the fraud triangle?
Opportunity
Control Environment
Incentive
Rationalization
Itzel inc. established a $150 petty cash fund on October 1. What journal entry, if any, is required on October 1?
Debit Cash and Credit Petty Cash for $150
No Journal Entry
Debit Petty Cash and Credit Cash for $150
Debit Cash for $50 and Credit Petty Cash for $100
The bank ending balance is $7500; there are $1800 deposits in transit and $1000 outstanding checks. What is the Adjusted Balance?
8300
4700
10300
6700
Record Journal entry for and EFT received from a customer
Debit Acct Payable and Credit Cash
Debit Acct Receivable and Credit Sales Revenue
Debit Cash and Credit Sales Revenue
Debit Cash and Credit Acct Receivable
The book ending balance is $5000. Quantify the balance after making adjustments for the following unrecorded items: Bank service fee of $100, interest on notes payable of 1% of 1000, NSF check fee of $250, and an EFT check of $300.
$4950
$5660
$4340
$4940
If there are Outstanding Checks of $5000, what would be the appropriate reconciliation?
Add to bank statement
Subtract from company books
Add to company book
Subtract from bank statement
