You are watching: The control environment is influenced by all of the following primary factors except:
Which the the adhering to is no a result or properties of the Sarbanes-Oxley plot of 2002:A) removed of fraud and also theftB) strong internal controls over the recording of transactionsC) effective internal controls end the preparation of jae won statementsD) restoring public confidence and trust in the financial statements the companies
Which of the adhering to is no true concerning the inner Control—Integrated Framework:A) The structure is the widely accepted standard by which companies analyze and evaluate interior controls.B) It was issued by the FASB.C) The frame is the widely welcomed standard whereby companies style internal controls.D) the is often the basis of a conversation of interior controls.
The manage environment is affected by all of the following primary components EXCEPT:A) the company"s personnel policiesB) management"s philosophy and also operating styleC) the company"s business structureD) transforms in the personnel that comprise the interior audit team
Which among the adhering to is no an facet of inner control:A) manage proceduresB) danger assessmentC) monitoringD) reorienting monitoring philosophy far from controls
Which that the adhering to statements reflects a weak internal regulate system:A) all employees need to take their vacations.B) every employees are well supervised.C) A single employee is responsible for receiving and counting cash.D) A mechanism of checks and also balances is established.
The debit balance in Cash Short and also Over at the end of an accounting period is reported as:A) an legacy on the balance sheet.B) an cost on the income statement.C) earnings on the revenue statement.D) a liability on the balance sheet.
Which that the complying with is no an internal control activity for cash:A) Banking framework should be provided as much as possible.B) all cash payments have to be made with cash.C) every cash receipts should be taped promptly.D) surprise audits the cash top top hand should be do occasionally.
Which the the following is no an interior control task for cash:A) The attributes of cash record keeping and also cash custody must be combined.B) The variety of persons who have access to cash have to be limited.C) all cash receipts should be tape-recorded promptly.D) surprised audits that cash top top hand have to be do occasionally.
A bank service charge appears on the bank statement as a:A) debit memorandum that boosts the account balance.B) credit transaction memorandum that rises the account balance.C) credit transaction memorandum the decreases the account balance.D) debit memorandum the decreases the account balance.
Which one of the adhering to would NOT reason a bank to debit a depositor"s account:A) checks marked NSFB) bank service chargeC) attention earned by the accountD) wiring the the depositor"s funds to various other locations
Which the the adhering to would show up as a credit transaction memorandum on the financial institution statement:A) business chargeB) NSF checkC) EFT depositD) bank correction of an error from recording a $300 check paid together $30
Grace firm gathered the complying with reconciling info in prepare its July bank reconciliation. *The adjusted cash balance per the books on July 31 is:Cash balance per books, 7/31 = $4,500Deposits in transit = 150Notes receivable and also interest collected by financial institution = 850Bank charge for check printing = 20Outstanding checks = 2,000NSF inspect = 170A) $3,310B) $5,160C) $5,010D) $3,460
A bank reconciliation has:A) a bank section and also a firm section.B) a financial institution section only.C) a company section only.D) nobody of these choices are correct.
Hector agency developed the following reconciling details in prepare its March bank reconciliation. - *Using the above information, identify the readjusted cash balance because that March:Cash balance every books, 3/31 = $12,000Note receivable gathered by bank = 6,000Outstanding checks = 9,000Deposits in transit = 4,500Bank business charge = 75NSF examine = 1,200A) $15,500B) $7,500C) $16,725D) $12,225
Palm company gathered the adhering to reconciling information in preparing its April financial institution reconciliation. *The adjusted cash balance every the publications on April 30 is:Cash balance per books, 4/30 = $4,300Deposits in transit = 150Notes receivable and interest collected by bank = 850Bank fee for check printing = 20Outstanding checks = 2,000NSF check = 170A) $2,280.B) $3,110.C) $4,960.D) $2,450.
Which the the adhering to is no a need or result of the Sarbanes-Oxley act of 2002:A) help to avoid fraud and also theft.B) solid internal controls end the record of transactions.C) eliminating auditor report on a company"s inner controls.D) efficient internal controls end the preparation of jae won statements.
Which of the following is no a reason that congress passed the Sarbanes-Oxley plot of 2002:A) to use to exclusive companiesB) to answer the general public outcry pertained to the gaue won scandals of the beforehand 2000sC) come require service providers to maintain strong and effective internal controls end the ready of financial statementsD) to require service providers to maintain solid and reliable internal controls end the record of financial transactions
If the same person orders supplies, verifies receipt that the supplies, and pays the supplier, i beg your pardon of the complying with is a possible negative result:A) every one of these choices are correct.B) Orders may be placed on the communication of friendship rather than top top price, quality and quantity the supplies.C) Supplies might be stolen by employees.D) The quantity and also quality of provides received may not it is in verified, for this reason causing the firm to pay for offers not got or because that poor-quality supplies.
Internal manage does no consist that policies and also procedures that:A) ensure that company information is accurate.B) safeguard assets from misuse.C) insurance the agency will make a profit.D) help management in directing operations toward achieving service goals.
The credit balance in Cash Short and Over in ~ the finish of one accounting period is reported as:A) a liability on the balance sheet.B) an price on the earnings statement.C) an asset on the balance sheet.D) income on the income statement.
An NSF check shows up on the bank statement as a:A) debit memorandum that decreases the account balance.B) credit memorandum that rises the account balance.C) debit memorandum that rises the account balance.D) credit transaction memorandum that decreases the account balance.
A bank correction of one error from recording a $50 examine paid together $500 shows up on the bank statement together a:A) debit memorandum the decreases the account balance.B) credit memorandum that boosts the account balance.C) debit memorandum that increases the account balance.D) credit transaction memorandum the decreases the account balance.
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A examine drawn by a depositor for $150 in payment the a liability was tape-recorded in the journal as $510. This item would be consisted of on the financial institution reconciliation as:A) a deduction indigenous the balance per the depositor"s records.B) an addition to the balance per the depositor"s records.C) a deduction indigenous the balance per the financial institution statement.D) an addition to the balance per the bank statement.
Horngren"s gaue won & Managerial Accounting6th EditionBrenda l Mattison, Ella Mae Matsumura, Tracie Miller-Nobles
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