Question 1

Which of the following would be deducted from the balance per books on a bank reconciliation?

Accepted Answer

A)  service charges
B)  outstanding checks
C)  deposits in transit
D)  notes collected by the bankE) A) and D)
F) B) and C)

Question 2

The following bank reconciliation was prepared as of July 31 for Maestro Corp.​  (a)Identify the errors in the bank reconciliation. Assume that both cash balances before adjustment are correct.(b)Prepare a corrected bank reconciliation.​

Accepted Answer

(a) Outstanding checks should be deducte...

Question 3

Selected financial statement data for two years ended December 31 for Carey Co. follow. Assets are reported at their year-end value.​  What is the days' cash on hand for each year?

Accepted Answer

A)  Year 2: 251.5; Year 1: 248.5
B)  Year 2: 210.1; Year 1: 208.9
C)  Year 2: 258.1; Year 1: 265.1
D)  Year 2: 215.6; Year 1: 222.9E) C) and D)
F) A) and C)

Question 4

A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts?

Accepted Answer

A)  debit Accounts Payable; credit Cash
B)  debit Cash; credit Accounts Receivable
C)  debit Cash; credit Accounts Payable
D)  debit Accounts Receivable; credit CashE) A) and C)
F) C) and D)

Question 5

Which of the following should not be considered cash by an accountant?

Accepted Answer

A)  money orders
B)  bank checking accounts
C)  postage stamps
D)  travelers' checksE) A) and B)
F) None of the above

Question 6

A check outstanding for two consecutive months will appear only on the first month's bank reconciliation.

Accepted Answer

A) True 
 B)False

Question 7

Businesses who have several bank accounts, petty cash, and cash on hand, would maintain a separate ledger account for each type of cash.

Accepted Answer

A) True 
 B)False

Question 8

The following items may appear on a bank statement:
1.NSF check
2.EFT deposit
3.Service charge
4.Bank correction of an error from recording a $300 deposit as $30.​
Indicate whether the item would appear as debit or credit memo on the bank statement and whether the item would increase or decrease the balance of your account. Use the following format:

Accepted Answer

The answer of The following items may appear on a...

Question 9

The actual cash received during the week ended June 7 for cash sales was $18,632, and the amount indicated by the cash register total was $18,628. Journalize the entry to record the cash receipts and cash sales.​
Journal

Accepted Answer

The answer of The actual cash received during the week...

Question 10

How is the Internal Control-Integrated Framework used by companies?

Accepted Answer

A)  as a standard for designing, analyzing, and evaluating internal controls
B)  as a standard for making statements about a company's finances to the public
C)  as an extension of internal controls
D)  as an extension of GAAPE) B) and C)
F) A) and D)

Question 11

The bank reconciliation

Accepted Answer

A)  should be prepared by an employee who records cash transactions
B)  is part of the internal control system
C)  is for information purposes only
D)  is sent to the bank for verificationE) C) and D)
F) None of the above

Question 12

Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n)

Accepted Answer

A)  deduction from the balance per company's records
B)  addition to the balance per bank statement
C)  deduction from the balance per bank statement
D)  addition to the balance per company's recordsE) B) and C)
F) A) and D)

Question 13

In preparing a bank reconciliation, the amount indicated by a credit memo for a note receivable collected by the bank is added to the balance per company's records.

Accepted Answer

A) True 
 B)False

Question 14

A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a(n)

Accepted Answer

A)  invoice
B)  voucher
C)  debit memo
D)  remittance adviceE) A) and C)
F) None of the above

Question 15

The following data were gathered to use in reconciling the bank account of Savannah Company:  What is the adjusted balance on the bank reconciliation?

Accepted Answer

A)  $14,470
B)  $10,705
C)  $15,095
D)  $15,720E) A) and D)
F) B) and C)

Question 16

Which of the following would be added to the balance per books on a bank reconciliation?

Accepted Answer

A)  service charges
B)  outstanding checks
C)  deposits in transit
D)  notes collected by the bankE) C) and D)
F) B) and D)

Question 17

In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bank statement.

Accepted Answer

A) True 
 B)False

Exam 7: Internal Control and Cash

Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n)

Correct Answer
verified

Businesses who have several bank accounts, petty cash, and cash on hand, would maintain a separate ledger account for each type of cash.

Correct Answer
verified

In preparing a bank reconciliation, the amount indicated by a credit memo for a note receivable collected by the bank is added to the balance per company's records.

Correct Answer
verified

Which of the following should not be considered cash by an accountant?

Correct Answer
verified

A check outstanding for two consecutive months will appear only on the first month's bank reconciliation.

Correct Answer
verified

The following data were gathered to use in reconciling the bank account of Savannah Company: What is the adjusted balance on the bank reconciliation?

Correct Answer
verified

A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts?

Correct Answer
verified

A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a(n)

Correct Answer
verified

Which of the following would be added to the balance per books on a bank reconciliation?

Correct Answer
verified

The following bank reconciliation was prepared as of July 31 for Maestro Corp. (a)Identify the errors in the bank reconciliation. Assume that both cash balances before adjustment are correct.(b)Prepare a corrected bank reconciliation.

Correct Answer
verified
(a) Outstanding checks should be deducte...
View Answer

The actual cash received during the week ended June 7 for cash sales was $18,632, and the amount indicated by the cash register total was $18,628. Journalize the entry to record the cash receipts and cash sales. Journal

Correct Answer
verified

Selected financial statement data for two years ended December 31 for Carey Co. follow. Assets are reported at their year-end value. What is the days' cash on hand for each year?

Correct Answer
verified

Which of the following would be deducted from the balance per books on a bank reconciliation?

Correct Answer
verified

Correct Answer
verified

In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bank statement.

Correct Answer
verified

The bank reconciliation

Correct Answer
verified

How is the Internal Control-Integrated Framework used by companies?

Correct Answer
verified

Exam 7: Internal Control and Cash

Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n)

Correct AnswerverifiedShow Answer

Businesses who have several bank accounts, petty cash, and cash on hand, would maintain a separate ledger account for each type of cash.

Correct AnswerverifiedShow Answer

In preparing a bank reconciliation, the amount indicated by a credit memo for a note receivable collected by the bank is added to the balance per company's records.

Correct AnswerverifiedShow Answer

Which of the following should not be considered cash by an accountant?

Correct AnswerverifiedShow Answer

A check outstanding for two consecutive months will appear only on the first month's bank reconciliation.

Correct AnswerverifiedShow Answer

The following data were gathered to use in reconciling the bank account of Savannah Company: What is the adjusted balance on the bank reconciliation?

Correct AnswerverifiedShow Answer

A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts?

Correct AnswerverifiedShow Answer

A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a(n)

Correct AnswerverifiedShow Answer

Which of the following would be added to the balance per books on a bank reconciliation?

Correct AnswerverifiedShow Answer

The following bank reconciliation was prepared as of July 31 for Maestro Corp.​ (a)Identify the errors in the bank reconciliation. Assume that both cash balances before adjustment are correct.(b)Prepare a corrected bank reconciliation.​

Correct Answerverified(a) Outstanding checks should be deducte...View AnswerShow Answer

The actual cash received during the week ended June 7 for cash sales was $18,632, and the amount indicated by the cash register total was $18,628. Journalize the entry to record the cash receipts and cash sales.​ Journal

Correct AnswerverifiedShow Answer

Selected financial statement data for two years ended December 31 for Carey Co. follow. Assets are reported at their year-end value.​ What is the days' cash on hand for each year?

Correct AnswerverifiedShow Answer

Which of the following would be deducted from the balance per books on a bank reconciliation?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bank statement.

Correct AnswerverifiedShow Answer

The bank reconciliation

Correct AnswerverifiedShow Answer

How is the Internal Control-Integrated Framework used by companies?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

The following bank reconciliation was prepared as of July 31 for Maestro Corp. (a)Identify the errors in the bank reconciliation. Assume that both cash balances before adjustment are correct.(b)Prepare a corrected bank reconciliation.

Correct Answer
verified
(a) Outstanding checks should be deducte...
View Answer

The actual cash received during the week ended June 7 for cash sales was $18,632, and the amount indicated by the cash register total was $18,628. Journalize the entry to record the cash receipts and cash sales. Journal

Correct Answer
verified

Selected financial statement data for two years ended December 31 for Carey Co. follow. Assets are reported at their year-end value. What is the days' cash on hand for each year?

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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