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1.
The
Sarbanes-Oxley Act applies only to companies whose stock is traded on public
exchanges.
a. True
b. False
2. SarbanesOxley’s purpose is to
maintain public confidence and trust in the financial reporting of companies.
a. True
b. False
3. There are three internal control
objectives and they are to safeguard the company's reputation, ensure
accuratefinancial reports, and ensure compliance with applicable laws.
a.
True
b. False
4. The Sarbanes-Oxley Act requires
that financial statements of all public companies report on
management'sconclusions about the effectiveness of the company's internal
control procedures.
a.
True
b. False
5. Sarbanes-Oxley requires
companies to maintain strong and effective internal controls and thus deter
fraud andprevent misleading financial statements.
a.
True
b. False
6. The control environment in an
internal control structure is the overall attitude of management and employees
aboutthe importance of internal control.
a.
True
b. False
7. Separating the responsibilities
for purchasing, receiving, and paying for equipment is an example of the
controlprocedure: separating operations, custody of assets, and accounting.
a.
True
b. False
8. Internal control is enhanced by
separating the control of a transaction from the record-keeping function.
a. True
b. False
9. A backlog in recording
transactions is an example of a warning sign from the accounting system.
a. True
b. False
10.
Money
orders are considered cash.
a. True
b. False
11. A customer's check received in
settlement of an account receivable is considered cash.
a. True
b. False
12. Businesses who have several bank
accounts, petty cash, and cash on hand, would maintain a separate ledgeraccount
for each type of cash.
a.
True
b. False
13. For a strong internal control
system over cash, it is important to have the duties related to cash receipts
and cashpayments divided among different employees.
a.
True
b. False
14. If the balance in Cash Short and
Over at the end of a period is a credit, it indicates that cash shortages
haveexceeded cash overages for the period.
a.
True
b. False
15. If the balance in Cash Short and
Over at the end of a period is a credit, it should be reported as an
"other income"item on the income statement.
a.
True
b. False
16.
An
example of good internal controls over cash payments is the taking of all cash
discounts offered.
a. True
b. False
17. A voucher is a form on which is
recorded pertinent data about a liability and the particulars of its payment.
a. True
b. False
18. When the voucher system is used,
the amount due on each voucher represents the credit balance of an
accountpayable if the voucher is in full payment to a creditor.
a.
True
b. False
19.
A
voucher system is an example of an internal control procedure over cash
payments.
a. True
b. False
20. A voucher is a written
authorization to make a cash payment.
a. True
b. False
21. The bank often informs the
company of bank service charges by including a credit memo with the monthly
bankstatement.
a.
True
b. False
22. Bank customers are considered
creditors of the bank so the bank shows their accounts with credit balances on
thebank's records.
a.
True
b. False
23. Depositing all cash, checks,
etc. in a bank and paying with checks is an internal control procedure over
cash.
a. True
b. False
24. For efficiency of operations and
better control over cash, a company should maintain only one bank account.
a. True
b. False
25. In preparing a bank
reconciliation, the amount of deposits in transit is deducted from the balance
per bankstatement.
a.
True
b. False
26. In preparing a bank
reconciliation, the amount of outstanding checks is added to the balance per
bank statement.
a. True
b. False
27. In preparing a bank
reconciliation, the amount indicated by a debit memo for bank service charges
is added to thebalance per company's records.
a.
True
b. False
28. In preparing a bank
reconciliation, the amount of a canceled check omitted from the journal is
added to the balanceper company's records.
a.
True
b. False
29. A check for $342 was erroneously
charged by the bank as $432. In order for the bank reconciliation to
balance,you must add $90 to the bank statement balance.
a.
True
b. False
30. If an adjustment for an NSF
check is made in a company’s bank reconciliation, then the company must
havewritten a bad check during the month.
a. True
b. False
31. The amount of the "adjusted
balance" appearing on the bank reconciliation as of a given date is the
amount that isshown on the balance sheet for that date.
a.
True
b. False
32. All bank memos reported on the bank
reconciliation require entries in the company's accounts.
a. True
b. False
33. The bank reconciliation is an
important part of the system of internal controls.
a. True
b. False
34. The main reason that the bank
statement cash balance and the company's cash balance do notinitially balance isdue to
timing differences.
a.
True
b. False
35. The bank reconciles its
statement to the company's records.
a. True
b. False
36. In preparing a bank
reconciliation, the amount indicated by a credit memo for a note receivable
collected by thebank is added to the balance per company's records.
a.
True
b. False
37. In preparing a bank
reconciliation, the amount of an error indicating the recording of a check in
the journal for anamount larger than the amount of the check is added to the
balance per company's records.
a.
True
b. False
38. A check outstanding for two
consecutive months will appear only on the first month's bank reconciliation.
a. True
b. False
39. After a bank reconciliation is
completed, journal entries are prepared for items in the balance per
company'srecords as well as items in the balance per bank statement.
a.
True
b. False
40.
A
business that requires all cash payments be made by check can notuse
a petty cash system.
a. True
b. False
41. In establishing a petty cash
fund, a check is written for the amount of the fund and is recorded as a debit
toAccounts Payable and a credit to Petty Cash.
a.
True
b. False
42. Expenditures from a petty cash
fund are documented by a petty cash receipt.
a. True
b. False
43. The sum of the money on hand and
petty cash receipts in a petty cash fund will always be equal to the balance
inthe petty cash account.
a.
True
b. False
44. When the petty cash fund is
replenished, the petty cash account is credited for the total of all
expenditures madesince the fund was last replenished.
a.
True
b. False
45. Most companies who have several bank
accounts, petty cash, and cash on hand, would list each separately on
thebalance sheet.
a.
True
b. False
46.
A
petty cash fund is used to pay relatively large amounts.
a. True
b. False
47. The petty cash fund eliminates
the need for a bank checking account.
a. True
b. False
48. A compensating balance occurs
when a bank may require a company to maintain a maximum cash balance.
a. True
b. False
49.
Cash
equivalents include short-term investments that will be converted to cash
within 120 days.
a. True
b. False
50. Money market accounts,
commercial paper, and U. S. Treasury bills are examples of cash equivalents.
a. True
b. False
51. The ratio of cash to monthly
cash expenses includes both cash and cash equivalents in the numerator.
a. True
b. False
52.
SarbanesOxley
applies to
a.
publicly
held companies
b. notforprofit organizations
c.
privately
held businesses
d. all of these
53.
"To
maintain public confidence and trust in the financial reporting of
companies" is the purpose of
a.
the
FASB
b. the IRS
c.
SarbanesOxley
d.
GAAP
54.
Which
one of the following below is notan element of internal control?
a. risk assessment
b. monitoring
c. information and communication
d. cost-benefit considerations
55.
Which
one of the following is nota factor that influences a business's
control environment?
a. management's philosophy and
operating style
b. organizational structure
c. proofs and security measures
d. personnel policies
56. When a firm uses internal
auditors, it is adhering to which of the following internal control elements?
a. risk assessment
b. monitoring
c. proofs and security measures
d. information and communication
57. The objectives of internal
control are to
a. control the internal
organization of the accounting department personnel and equipment
b. provide reasonable assurance
that assets are safeguarded and used for business purposes, financial
reportsare accurate, and laws and regulations are complied with
c. prevent fraud, and promote the
social interest of the company
d. provide control over
"internal-use only" reports and employee internal conduct
58.
Which
one of the following reflects a weak internal control system?
a. all employees are well
supervised
b. a single employee is responsible
for comparing a receiving report to an invoice
c. all employees must take their
vacations
d. a single employee is responsible
for collecting and recording of cash
59.
Internal
control does notconsist of policies and procedures that
a. protect assets from misuse
b. ensure employees and managers
comply with laws and regulations
c. guarantee the company will earn
a profit
d. ensure that business information
is accurate
60.
A
firm's internal control environment is notinfluenced by
a. management's operating style
b. organizational structure
c. personnel policies
d. monitoring policies
61.
An
element of internal control is
a. risk assessment
b. journals
c. subsidiary ledgers
d. controlling accounts
62. A necessary element of internal
control is
a. database
b. systems design
c. systems analysis
d. information and communication
63.
Which
of the following should notbe considered cash by an accountant?
a. money orders
b. bank checking accounts
c. postage stamps
d. travelers' checks
64.
The
cash account in the company's ledger is a(n)
a. asset with a normal debit
balance
b. asset with a normal credit
balance
c. liability with a normal debit
balance
d. liability with a normal credit
balance
65.
The
portion of an invoice that is returned with payment is a
a. remittance advice
b. voucher
c. debit memo
d. credit memo
66. The debit balance in Cash Short
and Over at the end of an accounting period is reported as
a. an expense on the income
statement
b. income on the income statement
c. an asset on the balance sheet
d. a liability on the balance sheet
67. Procedures designed to protect
cash from theft and misuse from the time it is received until it can be
deposited in abank are called
a. accounting controls
b. cash controls
c. FASB controls
d. GAAP controls
68. A special form on which is
recorded pertinent data about a liability and the particulars of its payment is
called a(n)
a. invoice
b. voucher
c. debit memo
d. remittance advice
69. EFT
a. means Efficient Funds Transfer
b. can process certain cash
transactions at less cost than by using the mail
c. makes it easier to document
purchase and sale transactions
d. means Effective Funds Transfer
70.
A
voucher is usually supported by
a. a supplier's invoice
b. a purchase order
c. a receiving report
d. all of the above
71. Credit memos from the bank
a. decrease a bank customer's
account
b. are used to show a bank service
charge
c. show that a company has
deposited a customer's NSF check
d. show the bank has collected a
note receivable for the customer
72.
Consider
the following information taken from the cash account. Assume cash payments
were 80% of collections.
|
Cash
|
|
|
??
|
Beg. balance
|
|
$115,375
|
Collections
|
|
??
|
Disbursements
|
|
$80,275
|
End balance
|
How much was the beginning
balance of the cash account?a. $57,200 b.
$92,300
c. $103,350 d. $35,100
73. A bank statement
a. is a credit reference letter
written by the company's bank.
b. lets a company know the
financial position of the bank as of a certain date.
c. is a bill from the bank for
services rendered.
d. shows the activity that
increased or decreased the company's account balance.
74. A debit or credit memo
describing entries in the company's bank account may be enclosed with the
bankstatement. An example of a credit
memo is
a. deposited checks returned for
insufficient funds
b. a promissory note left for
collection
c. a service charge
d. notification that a customer's
check for $375 was recorded by the company as $735 on the deposit ticket
75. A check drawn by a company for
$340 in payment of a liability was recorded in the journal as $430. This itemwould be included on the bank
reconciliation as a(n)
a. addition to the balance per the
company's records
b. addition to the balance per the
bank statement
c. deduction from the balance per
the bank statement
d. deduction from the balance per
the company's records
76. A check drawn by a company for
$340 in payment of a liability was recorded in the journal as $430. What entry
isrequired in the company's accounts?
a. debit Accounts Payable; credit
Cash
b. debit Cash; credit Accounts
Receivable
c. debit Cash; credit Accounts
Payable
d. debit Accounts Receivable;
credit Cash
77.
A
bank reconciliation should be prepared periodically because
a. the company's records and the bank's
records are in agreement
b. the bank has not recorded all of
its transactions
c. any differences between the
company's records and the bank's records should be determined, and any
errorsmade by either party should be discovered and corrected
d. the bank must make sure that its
records are correct
78. The bank reconciliation
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
verification
79. Journal entries based on the
bank reconciliation are required in the company's accounts for
a. outstanding checks
b. deposits in transit
c. bank errors
d. book errors
80. Accompanying the bank statement
was a debit memo for bank service charges.
On the bank reconciliation, theitem is
a. a deduction from the balance per
company's records
b. an addition to the balance per
bank statement
c. a deduction from the balance per
bank statement
d. an addition to the balance per
company's records
81. Accompanying the bank statement
was a debit memo for bank service charges.
What entry is required in thecompany's accounts?
a. debit Miscellaneous
Administrative Expense; credit Cash
b. debit Cash; credit Other Income
c. debit Cash; credit Accounts
Payable
d. debit Accounts Payable; credit
Cash
82. A check drawn by a company in payment
of a voucher for $965 was recorded in the journal as $695. This itemwould be included in the bank
reconciliation as a(n)
a. deduction from the balance per
the company's records
b. addition to the balance per the
bank statement
c. deduction from the balance per
the bank statement
d. addition to the balance per the
company's records
83. A check drawn by a company in
payment of a voucher for $965 was recorded in the journal as $695. What entry
isrequired in the company's accounts?
a. debit Accounts Payable; credit
Cash
b. debit Cash; credit Accounts
Receivable
c. debit Cash; credit Accounts
Payable
d. debit Accounts Receivable;
credit Cash
84. Receipts from cash sales of
$3,200 were recorded incorrectly in the cash receipts journal as $2,300. This itemwould be included on the bank reconciliation
as a(n)
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 records
85. Accompanying the bank statement was a credit memo for a short-term
note collected by the bank for thecompany.
This item is a(n)
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 records
86.
Accompanying
the bank statement was a credit memo for a short-term note collected by the
bank for thecustomer. What entry is
required in the company's accounts?
a. debit Notes Receivable; credit
Cash
b. debit Cash; credit Miscellaneous
Income
c. debit Cash; credit Notes
Receivable and Interest Revenue
d. debit Accounts Receivable;
credit Cash
87.
The
amount of deposits in transit is included on the bank reconciliation as a(n)
a. deduction from the balance per
the company's books
b. deduction from the balance per
bank statement
c. addition to the balance per bank
statement
d. addition to the balance per
company books
88. The amount of the outstanding
checks is included on the bank reconciliation as a(n)
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 records
89. Which of the following items
that appeared on the bank reconciliation did notrequire a journal entry?
a. bank service charges
b. deposits in transit
c. NSF checks
d. a check for $630, recorded in
the check register for $360
90.
What
entry is required in the company's accounts to record outstanding checks?
a. debit Accounts Receivable;
credit Cash
b. debit Cash; credit Accounts Receivable
c. debit Cash; credit Accounts
Payable
d. none
91.
Accompanying
the bank statement was a debit memo for an NSF check received from a
customer. This itemwould be included on
the bank reconciliation as a(n)
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 records
92.
Accompanying
the bank statement was a debit memo for an NSF check received from a
customer. What entry isrequired in the
company's accounts?
a. debit Other Income; credit Cash
b. debit Cash; credit Other Income
c. debit Cash; credit Accounts
Receivable
d. debit Accounts Receivable;
credit Cash
93.
The
amount of cash to be reported on the balance sheet at June 30 is the
a. total of the cash column in the
cash receipts journal as of June 30
b. adjusted balance appearing in
the bank reconciliation for June 30
c. total of the cash column in the
cash payments journal as of June 30
d. balance as of June 30 on the
bank statement
94. Which of the following would be
deducted from the balance per books on a bank reconciliation?
a. service charges
b. outstanding checks
c. deposits in transit
d. notes collected by the bank
95.
Which
of the following would be added to the balance per books on a bank
reconciliation?
a. service charges
b. outstanding checks
c. deposits in transit
d. notes collected by the bank
96.
Which
of the following would be subtracted from the balance per books on a bank
reconciliation?
a. outstanding checks
b. deposits in transit
c. notes collected by the bank
d. error in recording a check for
$732 as $723
97. Which of the following would be
subtracted from the balance per bank on a bank reconciliation?
a.
outstanding
checks
b.
deposits
in transit
c.
notes
collected by the bank
d.
service
charges
98.
A
bank reconciliation should be prepared
a.
whenever
the bank refuses to lend the company money
b.
to
explain any difference between the company's balance per books with the balance
per bank
c.
by
the company's bank
d.
by
the person who is authorized to sign checks
99.
Minor
Company had checks outstanding totaling $19,200 on its April bank
reconciliation. In May, Minor Companyissued checks totaling $64,900. The May
bank statement shows that $47,600 in checks cleared the bank in May. Acheck
from one of Minor Company's customers in the amount of $300 was also returned
marked "NSF." Theamount of outstanding checks on Minor Company's May
bank reconciliation should be
a. $28,400
b. $66,800
c. $17,300
d. $36,500
100.
Rodgers
Company gathered the following reconciling information in preparing its May
bank reconciliation. Calculatethe adjusted cash balance per books on May 31.
|
|
|
Cash
balance per books, 5/31
|
$5,400
|
|
|
|
Deposits
in transit
|
375
|
|
|
|
Notes
receivable and interest collected by bank
|
650
|
|
|
|
Bank
charge for check printing
|
40
|
|
|
|
Outstanding
checks
|
2,400
|
|
|
|
NSF
check
|
140
|
a. $5,870
b. $6,245
c. $4,930
d. $3,845
101.
Gunnar
Company gathered the following reconciling information in preparing its
September bank reconciliation.Calculate the adjusted cash balance per books on
September 30.
|
|
|
Cash
balance per books, 9/30
|
$2,750
|
|
|
|
Deposits
in transit
|
200
|
|
|
|
Notes
receivable and interest collected by bank
|
630
|
|
|
|
Bank
charge for check printing
|
50
|
|
|
|
Outstanding
checks
|
1,250
|
|
|
|
NSF
check
|
290
|
a. $5,130.
b. $3,690.
c. $3,040.
d. $1,590.
102. Jamison Company gathered the
following reconciling information in preparing its June bank reconciliation:
|
Cash
balance per bank, 6/30
|
$13,000
|
|
Note
receivable collected by bank
|
4,000
|
|
Outstanding
checks
|
7,000
|
|
Deposits-in-transit
|
2,500
|
|
Bank
service charge
|
35
|
|
NSF
check
|
1,900
|
Using the above information, determine the cash balance per
books (before adjustments) for the Jamison Company.
a. $8,065
b. $10,565
c. $15,065
d. $6,435
103.
Thompson
Company gathered the following reconciling information in preparing its October
bank reconciliation:
|
|
Cash
balance per bank, 10/31
|
$17,000
|
|
|
Note
receivable collected by bank
|
4,800
|
|
|
Outstanding
checks
|
6,500
|
|
|
Deposits-in-transit
|
3,000
|
|
|
Bank
service charge
|
50
|
|
|
NSF
check
|
2,300
|
Using the above information, determine the cash balance per
books (before adjustments) for the ThompsonCompany.
a. $11,050
b. $19,450
c. $15,950
d. $11,150
104. During a bank reconciliation
process,
a. outstanding checks and deposits
in transit are added to the bank statement balance
b. outstanding checks are
subtracted and deposits in transit are added to the bank statement balance
c. outstanding checks and deposits
in transit are subtracted from the bank statement balance
d. outstanding checks are added and
deposits in transit are subtracted from the bank statement balance
105.
The
following data were gathered to use in reconciling the bank account of Savannah
Company:
|
Balance
per bank
|
$16,750
|
|
Balance
per company records
|
16,125
|
|
Bank
service charges
|
80
|
|
Deposit
in transit
|
2,195
|
|
NSF
check
|
950
|
|
Outstanding
checks
|
3,850
|
What is the adjusted balance on
the bank reconciliation?
a. $14,470 b. $10,705
c. $15,095 d. $15,720
106.
In
the normal operation of business, you receive a check from a customer and
deposit it into your checking account.With your bank statement you are advised
that this check for $775 is “NSF.” The bank also informs you that due tothe
amount of activity on your business account the monthly service charge is
$75. During a bank reconciliation,you
will
a. subtract both values from
balance according to bank
b. add both values to balance
according to books
c. add both values to balance
according to bank
d. subtract both values from
balance according to books
107.
A
$150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account
wouldinclude a
a. credit to Petty Cash for $29
b. debit to Cash for $83
c. debit to Cash Over and Short for
$13
d. credit to Cash for $54
108.
A
$135 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account
wouldinclude a
a. credit to Petty Cash for $120
b. debit to Cash for $120
c. credit to Cash Over and Short
for $3
d. credit to Cash for $102
109.
Entries
are made to the petty cash account when
a. making payments out of the fund
b. recording shortages in the fund
c. replenishing the petty cash fund
d. establishing the fund
110.
The
type of account and normal balance of Petty Cash is a(n)
a. revenue, credit
b. asset, debit
c. liability, credit
d. expense, debit
111. The debit recorded in the
journal to reimburse the petty cash fund is to
a. Petty Cash
b. Accounts Receivable
c. Cash
d. various accounts for which the
petty cash was disbursed
112.
A
$200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account
wouldinclude a credit to
a. Cash for $20
b. Cash Over and Short for $3
c. Petty Cash for $190
d. Cash for $180
113.
Cash
equivalents include
a. checks
b. coins and currency
c. money market accounts and
commercial paper
d. stocks and short-term bonds
114. Cash equivalents
a. are illegal in some states
b. will be converted to cash within
two years
c. will be converted to cash within
90 days
d. will be converted to cash within
120 days
115. A minimum cash balance required
by a bank is called
a. cash in bank
b. a cash equivalent
c. a compensating balance
d. an EFT
116. Which of the following would notbe
included with the cash and cash equivalents on the balance sheet?
a. commercial paper
b. short-term receivables
c. certificates of deposit
d. money market mutual funds
117. Pilger Corporation has cash on
hand at year-end of $201,000 and a negative cash flow from operations of $144,000.What
is the ratio of cash to monthly cash expenses?
a. 12.0 months
b.
7.2
months
c.
1.4
months
d. 16.8 months
118.
During
the year, Tempo Inc. has monthly cash expenses of $115,000. On December 31, its cash balance
is$1,437,500. The ratio of cash to
monthly cash expenses is
a. 8.0
b. 12.5
c. 87.5
d. 11.5
119.
Identify
each of the following as relating to (a) the control environment, (b) risk
assessment, or (c) controlprocedures.
1. Mandatory vacations
2.
Personnel
policies
3.
Report
of outside consultants on future market changes
120. List the objectives of internal
control and give an example of how each is implemented.
121.
You
began your new job as the accountant at Bolivar Industries during the month of
December. During your firstmonth, you found several interesting issues.
1)
While
looking through the invoices, you found Invoices 213–242, 245–271, and 275–290. It appears that invoices243, 244, 272, 273,
and 274 are missing.
2) During the month, Clerk # 3
issued $250 in refunds as compared to Clerks #1, #2, and #4 who issued less than$50
each.
3) The daily cash receipts and bank
deposits reconcile, except on Tuesdays during the month.
4) Business is generally brisk
during the holiday season, but two weeks before Christmas there was a
suddenincrease in slow payments.
REQUIRED:
Part A: What kind of
warning signs could be associated with these issues?
Part B: What control could you put in place regarding cash
refunds mentioned in Part A (2)?
122.
Two
features of internal control are presented in the following sections. Each is followed by a list of
fourirregularities that occurred in processing data. Identify the one irregularity from each list
that would be discoveredor prevented by the feature of internal control
described.
(a)
The
sum of the balances of the accounts in the customer’s ledger is compared at the
end ofeach month with the balance of the accounts receivable account in the
general ledger by aperson who has no responsibility for maintaining either the
general ledger or the customer’sledger.
(1)
Five
hours of services were rendered but the customer was only billed for four
hours.
(2)
A
cash receipt of $750 was recorded correctly in the accounts receivable
controllingaccount but was posted to the customer’s ledger as $75.
(3)
A
bill for services rendered to Cole Co. was erroneously posted to the account
ofColeman Co. in the customer’s ledger.
(4)
No
entry was made in the accounting records for services rendered to a customer.
(b)
Both
cash and credit charges for services rendered are recorded on prenumbered
invoices.At the end of the day, all invoices are accounted for before the
duplicate copies of theinvoices are routed to the accounting department for
entry into the accounts and the cash issent to the cashier's department for
deposit.
(1)
Some
charge customers complained that the monthly statements of account did notadd
all amounts correctly.
(2)
Some
clerks used incorrect hourly rates in preparing invoices.
(3)
Some
clerks destroyed duplicate copies of cash invoices and misappropriated the
cash.
(4)
Some
charge customers complained that the monthly statement of account did
notindicate credits for payments made.
123. List and define each of the five
elements of internal control.
124.
The
following procedures were recently implemented at the Health Station, Inc. For each procedure, indicatewhether the
internal control over cash represents (1) a strength or (2) a weakness. If it is a weakness, pleaseexplain why.
(a) All mail is opened by the mail
clerk, who forwards all cash remittances to the cashier. The cashier prepares
alisting of the cash receipts and forwards a copy of the list to the accounts
receivable clerk forrecording in the accounts.
(b) The accounts payable clerk
prepares a voucher for each disbursement.
The voucher along with the supportingdocumentation is forwarded to the
treasurer’s office for approval.
(c) At the end of
each day, all cash receipts are placed in the bank’s night depository.
(d) The bank
reconciliation is prepared by the cashier, who works under the supervision of
the treasurer.
125.
The
following procedures were recently implemented at the Pampered Pets, Inc. For
each procedure, indicatewhether the internal control over cash represents (1) a
strength or (2) a weakness. If it is a weakness, pleaseexplain why.
(a)
At
the end of the day, cash register clerks are required to use their own funds to
make up any cash shortagesin their registers.
(b)At the end of the day, an
accounting clerk compares the duplicate copy of the daily cash deposit slip
with thedeposit receipt obtained from the bank.
(c)After necessary approvals have been obtained for the payment
of a voucher, the treasurer signs and mails thecheck. The treasurer then stamps
the voucher and supporting documentation as paid and returns the voucherand
supporting documentation to the accounts payable clerk for filing.
(d)Along with the petty cash receipts for postage, office
supplies, etc., several postdated employeechecks are in the petty cash fund.
126.
The
following selected transactions relate to cash collections for a firm that
maintains a $100 change fund at alltimes.
Present entries to record the transactions for each of the two days of
cash receipts from sales.
(a)
Actual
cash in cash register, $5,412.36; cash receipts per cash register tally,
$5,413.07.
(b)
Actual
cash in cash register, $3,712.95; cash receipts per cash register tally,
$3,712.16.
127.
The
actual cash received during the week ended June 6 for cash sales was $8,276 and
the amount indicated by thecash register total was $8,262. Journalize the entry
to record the cash receipts and cash sales.
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Post. Ref.
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Debit
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Credit
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128.
The
actual cash received during the week ended October 31 for cash sales was
$23,447 and the amount indicatedby the cash register total was $23,457.
Journalize the entry to record the cash receipts and cash sales.
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Journal
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Date
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Description
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Post. Ref.
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Debit
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Credit
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129.
Consider
the following information from the cash account. Assume cash payments were 84%
of collections.
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Cash
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??
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Beg. balance
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$245,000
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Collections
|
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??
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Disbursements
|
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$80,275
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End balance
|
How much was the beginning balance of the cash account?
130. Describe the features of a
voucher system and list typical supporting documents for a voucher.
131.
The
actual cash received during the week ended June 7 for cash sales was $18,632,
and the amount indicated bythe cash register total was $18,628. Journalize the entry to record the cash
receipts and cash sales.
Journal
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Date
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Description
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Post.Ref.
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Debit
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Credit
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132.
Consider
the following journal entry made by Jones Company for one day's sales of a
single cashier. Uponinvestigation, what
might you find happened to create this amount of Cash Over/Short account
difference? Givethree possible reasons
for this difference.
Cash 2,235.00
Cash Short and Over 100.00
Sales 2,135.00
133.
List
the principal advantages of electronic funds transfers.
134. You are trying to explain debit
and credit memos that appear on bank statements and whether these will increase
ordecrease your company’s bank account balance.
Complete the following table to help your new staff understand.
|
ITEM
|
DebitorCreditMemo
|
Increases orDecreases theCompany’s
BankAccount Balance
|
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EFT
payment
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Bank
correction of an error due to posting another
customer’s check to your account
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Service
charge
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Note
and interest collected for our company
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NSF
check
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Bank correction of an error
recording a $250 depositas $520
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EFT
deposit
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135. 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 check as $30.
Indicate whether the item would appear as debit or credit
memo on the bank statement and whether the item wouldincrease or decrease the
balance of your account. Use the
following format:
Appears on the
Bank
Statement as a Increases
(Decreases) the
a Debit or Credit Balance of the Company’s
|
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136.
The
following information is from Madison Corporation’s accounting records for
May. Check #3269 was returned
as a double payment and voided. Checks that have not cleared the bank include
#3252, #3260, and series #3275–3278.
|
Check
#
|
Amount
|
Check
#
|
Amount
|
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3247
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$ 32.64
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3263
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$ 24.87
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3248
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400.00
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3264
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45.00
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3249
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309.22
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3265
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33.78
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3250
|
256.00
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3266
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756.77
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3251
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3,212.17
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3267
|
84.34
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3252
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56.89
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3268
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789.00
|
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3253
|
98.02
|
3269
|
48.90
|
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3254
|
47.55
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3270
|
34.41
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3255
|
1,124.77
|
3271
|
872.00
|
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3256
|
250.00
|
3272
|
22.00
|
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3257
|
68.00
|
3273
|
562.38
|
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3258
|
215.56
|
3274
|
512.00
|
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3259
|
38.55
|
3275
|
603.50
|
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3260
|
92.65
|
3276
|
67.00
|
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3261
|
44.61
|
3277
|
301.61
|
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3262
|
72.96
|
3278
|
47.88
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In addition to the above list of the checks, Madison had
check #2264 for $32.98 and check #2655 for $45.99outstanding previously that
have not cleared.
1. Create an outstanding checks
list for Madison at the end of May.
2. What is the total amount of
checks that cleared the bank (written in May)?
137.
Jackson
Industries has collected the following information but needs assistance
completing the table. The cashpayments were 90% of collections.
|
Cash
|
|
|
??
|
Beg.
balance
|
|
$511,770
|
Collections
|
|
??
|
Payments
|
|
$102,275
|
End
balance
|
How much was the beginning balance of the cash account?
138.
Identify
each of the following reconciling items as (a) an addition to the cash balance
according to the bankstatement, (b) deduction from the cash balance according
to the bank statement, (c) an addition to the cash balanceaccording to the
company’s records, or (d) a deduction from the cash balance according to the
company’srecords. Assume that none of
the transactions reported by bank debit and credit memos have been recorded by
thecompany. Also, indicate by writing
"entry" by those items that will require a journal entry in the
company’saccounts.
1.
Deposits
in transit.
2.
Bank
service charges.
3.
NSF
check.
4.
Outstanding
checks.
5.
Check
for $690 incorrectly recorded by the company as $960.
6.
Check
for $420 incorrectly recorded by the company as $240.
139. Using the following information,
prepare a bank reconciliation for Miller Co. for August 31:
(a)
The
bank statement balance is $4,690
(b)
The
cash account balance is $5,080.
(c)
Outstanding
checks amounted to $715.
(d)
Deposits
in transit are $1,020.
(e)
The
bank service charge is $40.
(f)
A
check for $72 for supplies was recorded as $27 in the ledger.
140. Using the following information,
prepare a bank reconciliation for Candace Co. for May 31:
(a)
The
bank statement balance is $2,936.
(b)
The
cash account balance is $3,194.
(c)
Outstanding
checks amounted to $465.
(d)
Deposits
in transit are $655.
(e)
The
bank service charge is $50.
(f)
A
check for $97 for supplies was recorded as $79 in the ledger.
141. Bank reconciliation information
for Kaden Co. for May 31 is as follows:
(a)
The
bank statement balance is $2,936.
(b)
The
cash account balance is $3,194.
(c)
Outstanding
checks amounted to $465.
(d)
Deposits
in transit are $655.
(e)
The
bank service charge is $50.
(f)
A
check for $97 for supplies was recorded as $79 in the ledger.
Record the appropriate journal entry for Kaden Co.
142.
The
bank statement for Farmer Co. indicates a balance of $7,735.00 on June 30. After the journals for June hadbeen posted,
the cash account had a balance of $4,098.00.
Prepare a bank reconciliation on the basis of thefollowing reconciling
items:
(a)
Cash
sales of $742 had been erroneously recorded in the cash receipts journal as
$724.
(b)
Deposits
in transit not recorded by bank, $425.
(c)
Bank
debit memo for service charges, $35.
(d)
Bank
credit memo for note collected by bank, $2,475 including $75 interest.
(e)
Bank
debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a
customer.
(f)
Checks
outstanding, $1,860.
143.
Accompanying
a bank statement for Marsh Land Properties is a credit memo for payment on a
$15,000 1-yearnote receivable and $900 of interest collected by the bank. Marsh
Land Properties had been notified by the bank atthe time of collection, but had
made no entries. Journalize the entry that should be made by Marsh Land to
bring theaccounting records up to date.
144.
For
each of the following, explain whether the issue would require you to prepare a
journal entry for your company,assuming any original entry is correct. If an entry is required, please include it as
part of your answer.
(1) The bank recorded your deposit
as $91 rather than the actual amount of $191.
(2)
Two
outstanding checks amounted to $450.
(3) Company check number 538 for
postage was recorded incorrectly by the company bookkeeper as $50 insteadof
$59.
(4) The bank paid a check for $500 after
the company had issued a stop payment and voided the check.
(5)
An
EFT deposit was made by one of the company’s customers, Atlas Design, for
merchandise received. Thesale had previously been recorded when shipped and was
equal to the payment amount of $125.
145. The following data were gathered
to use in reconciling the bank account of Savannah Company:
|
Balance
per bank
|
$16,750
|
|
Balance
per company records
|
16,125
|
|
Bank
service charges
|
80
|
|
Deposit
in transit
|
2,195
|
|
NSF
check
|
950
|
|
Outstanding
checks
|
3,850
|
What is the adjusted balance on the bank reconciliation?
146.
The
following data were gathered to use in reconciling the bank statement of
Build-A-Lot:
|
Balance
per bank
|
$14,355
|
|
Balance
per company records
|
14,010
|
|
Bank
service charges
|
80
|
|
Deposits
in transit
|
4,100
|
|
NSF
checks
|
775
|
|
Outstanding
checks
|
5,300
|
Required:
(1)
What
is the adjusted balance on the bank reconciliation?
(2) Journalize any necessary entries
for Build-A-Lot based on the bank reconciliation.
147.
Roper
Electronics received its bank statement for the month of August with an ending
balance of $11,740. Roperdetermined that check #613 for $155 and check #601 for
$420 were both outstanding. Also, a $6,900 deposit forAugust 30 was in transit
as of the end of the month. Northern Regional Bank also collected a $5,000
notesreceivable on August 1 that was issued March 1. Accrued interest is $250.
Northern Regional Bank charged a $35fee for the collection service.The bank
statement reveals a bank service charge of $20. A customer check for $68 was
returned with the bankstatement marked “NSF.” The ending balance of the Roper
cash account is $12,938.
Prepare a bank/account reconciliation and any necessary
journal entries for the reconciliation.
148.
Green
Valley Bank sent Comstock Industries its end-of-month bank statement for July.
The end of month balanceby the bank is $11,237. The statement shows that a
deposit for $4,250 is in transit at the end of the statementperiod. The
statement also revealed that checks for $87, $105, and $95 are outstanding.
Green Valley collected a$4,000 note receivable plus $240 of interest revenue.
The bank charges $20 for the collection service. The bankcharges a monthly
account fee of $35. The end-of-month balance per company books is $11,135.
Prepare a bank/account reconciliation and write any
necessary journal entries for the reconciliation.
149.
The
cash account for Santiago Co. on May 31 indicated a balance of $20,915. The
March bank statement indicatedan ending balance of $25,645. Comparing the bank statement, the canceled
checks, and the accompanying memoswith the records revealed the following
reconciling items:
a.
Checks
outstanding totaled $5,975.
b.
A
deposit of $3,796 had been made too late to appear on the bank statement.
c.
A
check for $1,482 returned with the statement had been incorrectly recorded
as$482. The check was originally issued
to pay on account.
d.
The
bank collected $4,515 on a note left for collection of which $515 was interest
revenue.
e.
Bank
service charges for May amounted to $70.
f.
A
check for $894 was returned by the bank because of insufficient funds.Prepare a
bank reconciliation as of May 31.
Journalize the necessary entries.
|
Santiago
Co.
Bank ReconciliationMay 31
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Post. Ref.
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Debit
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Credit
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The
bank statement for Jeffrey Co. indicates a balance of $8,785 on October
31. After the journals for Octoberhad
been posted, the cash account had a balance of $8,998.
(a)
Cash
sales of $945 had been erroneously recorded in the cash receipts journal as
$495.
(b)
Deposits
in transit not recorded by bank, $778.
(c)
Bank
debit memo for service charges, $40.
(d)
Bank
credit memo for note collected by bank, $23,985 plus $885 interest.
(e)
Bank
debit memo for $756 NSF (not sufficient funds) check from CalinSams, a
customer.
(f)
Checks
outstanding, $1,860.
Record the appropriate journal entries that would be
necessary for Jeffrey Co.
150.
The
bank statement for Gatlin Co. indicates a balance of $7,735 on June 30. After the journals for June had beenposted,
the cash account had a balance of $4,098.
(a)
Cash
sales of $742 had been erroneously recorded in the cash receipts journal as
$724.
(b)
Deposits
in transit not recorded by bank, $425.
(c)
Bank
debit memo for service charges, $35.
(d)
Bank
credit memo for note collected by bank, $2,475 including $75 interest.
(e)
Bank
debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a
customer.
(f)
Checks
outstanding, $1,860.
Record the appropriate journal entries that would be
necessary for Gatlin Co.
151. Journalize the entries to record
the following:
March 1 Established
a petty cash fund of $300.
March 31 The amount of cash in
the petty cash fund is now $64. The fund
is replenished basedon the following receipts: office supplies, $137; selling expenses,
$112.
Record any discrepancy in the cash short and over account.
Journal
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Date
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Description
|
Post.Ref.
|
Debit
|
Credit
|
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152. On April 2, Granger Sales
decides to establish a $125.00 petty cash fund to relieve the burden on
Accounting.
(a) Journalize the establishment of
the fund.
(b)
On
April 10, the petty cash fund has receipts for mail and postage of $43.50,
contributions and donations of$29.50, meals and entertainment of $38.25, and
$13.55 in cash. Journalize the replenishment of the fund.
(c)
On
April 11, Granger Sales decides to increase petty cash to $200.00. Journalize
this event.
153.
The
last custodian of the petty cash fund was hospitalized and you have been asked
to take stock of the fund andreplenish it.
When you receive the fund, it has $299 in cash and receipts as follows:
|
Office
supplies
|
$295
|
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Advertising
|
120
|
|
Transportation by Taxi
|
75
|
The petty cash fund was established to have $800 in it.
Based on what you have found, what journal entry should be
recorded to replenish the fund?
154. Journalize the entries to record
the following:
June 1 Established
a petty cash fund of $200.
30 The amount of cash in the
petty cash fund is now $57. The fund is
replenished based on the followingreceipts: postage, $25; entertainment, $100;
and miscellaneous, $20.
Journal
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Date
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Description
|
Post. Ref.
|
Debit
|
Credit
|
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155. On April 3, Snappy Sales decides
to establish a $135.00 petty cash fund to relieve the burden on Accounting.
(a)
Journalize
the establishment of the fund.
(b)
On
April 11, the petty cash fund has receipts for mail and postage of $32.75,
contributions and donations of$25.25, meals and entertainment of $68.00, and
$9.75 in cash. Journalize the replenishment of the fund.
(c)
On
April 12, Snappy Sales decides to increase petty cash to $175.00. Journalize
this transaction.
156. Present entries to record the
following transactions:
(a)
Established
a petty cash fund of $235.00.
(b)
The
petty cash fund now has a balance of $42.80.
Replenished the fund, based on thefollowing disbursements as indicated
by a summary of the petty cash receipts: officesupplies, $74.50; miscellaneous
administrative expense, $92.75; and miscellaneous sellingexpense, $18.60.
(c)
Increased
the petty cash fund to $300.00.
157. On August 3, Sonar Sales decides
to establish a $275.00 Petty Cash Account to relieve the burden on Accounting.
(a) Journalize the establishment of
this fund.
(b)
On
August 11, the petty cash fund has receipts for mail and postage of $124.75,
contributions and donationsof $53.25, meals and entertainment of $63.85, and
$32.75 in cash. Journalize the replenishment of the fund.
(c) On August 12, Sonar Sales
decides to increase petty cash to $400.00. Journalize this transaction.
158.
Stephanie
Jo Company established a petty cash fund of $300 on May 1. At the end of the
month, the petty cashfund has $42 in cash and receipts for postage, $39;
entertainment, $146; and office supplies of $70.
Prepare the needed journal entries, recording any
discrepancy in the cash short and over account.
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Journal
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Date
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Description
|
Post. Ref.
|
Debit
|
Credit
|
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159. Journalize the entries to record
the following:
Sept. 1 Established a petty cash fund of $350.
30 The amount of cash in the petty cash fund is now
$130. The fund is replenished based on
the followingreceipts: office supplies, $116; postage, $100.
Journal
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Date
|
Description
|
Post. Ref.
|
Debit
|
Credit
|
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162.(a) Where are cash equivalents disclosed in the financial
statements?
(b) List three examples of cash equivalents.
163.
You
began your new job as the accountant for Morton Company. You were surprised to find that the
companyhad a $2,000 petty cash fund, which sits in the break room. The president of the company told you: “Our
petty cashsystem here works quite smoothly.
Since everyone is honest here, everyone has access to the fund for
incidentalsthat might pop up in the course of the business day. Most of these situations don’t have any
receipts tied to them, so I just put
the money back in the fund when my secretary tells me that we have run out of
petty cash and wedebit the amount to Miscellaneous Expense.”
Required:
a. Should you implement some
controls on petty cash? Why?
b.
If
so, what controls could be used for petty cash?
164. Why would a bank require a
company to maintain a compensating balance?
165.
The
Garden Gate, Inc. reported the following data in its August 31 annual report.
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Cash
and cash equivalents
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$485 625
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Cash flow from operations
Required:
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(630,000)
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(1) What is the company’s “cash
burn” per month?
(2) What is the company’s ratio of
cash to monthly cash expenses?
(3) Interpret the ratio you computed in part 2. What are the implications for The Garden
Gate, Inc.?
166. The following data is from the
Muffin Shoppe for the past four years.
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Year
Ending December 31
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Year
1
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Year
2
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Year
3
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Year
4
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Cash
& cash equivalents
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38,788
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65,216
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70,691
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78,274
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Cash flow fromoperations
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(39,264)
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(50,580)
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(45,768)
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(57,744)
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Calculate the following:
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Year EndingDecember 31 Data
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Year 1
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Year
2
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Year
3
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Year
4
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Monthly
cash expenses
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Ratio of cash to monthlycash
Expenses
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167. Farm Store, Inc. reported the
following data in its December 31 annual report.
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Cash
and cash equivalents
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$1,050,000
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Negative cash flows from operations
Required:
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(420,000)
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(1) What is the company’s “cash
burn” per month?
(2) What is the company’s ratio of
cash to monthly cash expenses?
(3) Interpret the ratio you computed in part 2. What are the implications for Farm Store,
Inc.
168.
Aspen,
Inc. reported the following data in its annual report:
Cash and cash equivalents $460,000Cash flow from operations
(240,000)
Required:
(1) What is the company’s “cash
burn” per month?
(2) What is the company’s ratio of
cash to monthly cash expenses?
169. The following data is from the
Autumn Company for the past four years.
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Year
Ending December 31
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Year
1
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Year
2
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Year
3
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Year
4
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Cash
& cash equivalents
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$23,788
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$45,776
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$52,899
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$82,744
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Cash
flow from operations
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(32,556)
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(47,880)
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(32,357)
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(16,450)
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Calculate the following:
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Year
Ending December 31
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Year
1
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Year
2
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Year
3
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Year
4
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Monthly
cash expenses
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Ratio
of cash to monthly cash expenses
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Year
Ending December 31
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Year
1
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Year
2
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Year
3
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Year
4
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Monthly
cash expenses
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$2,713
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$3,990
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$2,696
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$1,371
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Ratio of cash to monthly
cashexpenses
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8.8
months
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11.5
months
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19.6
months
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60.4
months
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170. Groceries R Us, Inc. reported
the following data in its annual report.
Cash and cash equivalents $2,280,000
Cash flow from operations (240,000)
Required:
(1) What is the company’s “cash
burn” per month?
(2) What is the company’s ratio of
cash to monthly cash expenses?
(3) Interpret the ratio you computed in part 2. What are the implications for Groceries R Us,
Inc.?
Match the following elements of internal control:
a. provides reasonable assurance
that business goals will be achieved
b. used by management for guiding
operations and ensuring compliance with requirements
c. overall attitude of management
and employees
d. used to locate weaknesses and
improve controls
e. identify, analyze and assess
likeliness of vulnerabilities
171.
Control
environment
172.
Risk
assessment
173.
Control
procedures
174.
Monitoring
175.
Information
and communication
Match each item to a bank statement adjustment, a company
books adjustment, or either.
a. bank statement adjustment
b. company books adjustment
c. either
176.
Outstanding
checks
177.
NSF
check
178.
Error
in recording a check
179.
Bank
charges
180.
Note
collected by the bank
181.
Interest
revenue
182.
Deposit
in transit
Assign the letter to indicate whether the following items
would be added or subtracted from the company’s booksor the bank statement
during the construction of a bank reconciliation.
a. Added to the company’s books
b. Subtracted from the company’s
books
c. Addedtothebankstatementbalance
d.Subtractedfromthebankstatementbalance
183.
Outstandingchecks
184. Bankservicecharge
185.
Depositintransit
186.
NSFcheck
187.
EFTdepositfromacustomer
188.
Chargesforsomeothercompany’ssafedepositboxwerepostedtoyouraccount
189.
A$1,000notefromoneofyourcustomerswascollectedbythebank
190.
Interestrevenueearnedbythenoteabove
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