Which of the following mirrors a weak internal control system?a. All employees need to take their vacations.b. All employees are well oversaw.c. A single employee is responsible for collecting and recording cash.d. A single employee is responsible for comparing a receiving report to an invoice.

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The cash account in the company"s ledger is a(n)a. asset with a normal crmodify balanceb. liability via a normal crmodify balancec. asset through a normal delittle bit balanced. liability with a normal delittle bit balance
The delittle balance in Cash Short and also Over at the finish of an accounting duration is reported asa. an asset on the balance sheetb. income on the income statementc. an expense on the revenue statementd. a liability on the balance sheet
A bank reconciliation have to be prepared periodically becausea. The bank have to make certain that its records are correct.b. the company"s records and the bank"s documents are in agreementc. the bank has actually not taped all of its transactionsd. any type of distinctions between the company"s documents and the bank"s documents should be determined, and also any errors made by either party have to be found and corrected
d. any type of distinctions between the company"s records and the bank"s records must be identified, and also any kind of errors made by either party have to be discovered and corrected
Accompanying the bank statement was a delittle bit memo for bank organization charges. What enattempt is compelled in the company"s accounts?a. delittle Cash; credit Accounts Payableb. delittle bit Miscellaneous Administrative Expense; crmodify Cashc. debit Cash; crmodify Other Incomed. debit Accounts Payable; crmodify Cash
Receipts from cash sales of $3,200 were tape-recorded erroneously in the cash receipts journal as $2,300. This item would certainly be contained on the bank reconciliation as a(n)a. deduction from the balance per company"s recordsb. addition to the balance per company"s recordsc. deduction from the balance per bank statementd. addition to the balance per financial institution statement
Accompanying the financial institution statement was a crmodify memo for a short-term note built up by the financial institution for the customer. What entry is compelled in the company"s accounts?a. debit Accounts Receivable; credit Cashb. delittle Cash; credit Miscellaneous Incomec. delittle bit Notes Receivable; crmodify Cashd. delittle bit Cash; crmodify Notes Receivable and also Interest Revenue
What enattempt is forced in the company"s accounts to record exceptional checks?a. delittle bit Cash; credit Accounts Receivableb. delittle Cash; credit Accounts Payablec. delittle bit Accounts Receivable; credit Cashd. no entry required
The amount of cash to be reported on the balance sheet at June 30 is thea. balance as of June 30 on the financial institution statementb. changed balance appearing in the financial institution reconciliation for June 30c. complete of the Cash column in the cash receipts journal as of June 30d. full of the Cash column in the cash payments journal as of June 30
Gunnar Company type of gathered the adhering to reconciling information in preparing its September financial institution reconciliation. Calculate the readjusted cash balance per publications on September 30.Cash balance per books, September 30 $2,750Deposits in transit 200Notes receivable and also interest accumulated by financial institution 630Bank charge for check printing 50Outstanding checks 1,250NSF check 290a. $1,590b. $3,040c. $3,690d. $5,130
The capability to instantly buy added money shares making use of the dividend revenue produced by the fund is called a(n)


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MyAccountingLab via Pearson eText -- Instant Access -- for Financial Accountingninth EditionCharles T. Horngren

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