优质Chapter8PracticeMaterials

1、Chapter 8 Sarbanes Oxley, Internal Control, & CashMULTIPLE CHOICEANS: DDIF: EasyOBJ: 08-02NAT: AACSB Analytic | AICPA BB-Industry3911.Which one of the following below isa. risk assessme ntnot an eleme nt of internal con trol?b. mon itori ngc. in formatio n and com muni cati ond. behavior an alysisAN

2、S: DDIF: EasyOBJ: 08-02NAT: AACSB Analytic | AICPA BB-Industry2. Which one of the followi ng below is not a factor that in flue nces a bus in esss con trol en vir onment?a. man ageme nts philosophy and operat ing styleb. orga ni zati onal structurec. proofs and security measurersd. pers onnel polici

3、esANS: CDIF: EasyOBJ: 08-02NAT: AACSB Analytic | AICPA BB-Industry3. Whe n a firm uses internal auditors, it is adheri ng to which one of the follow ing in ter nal con trol eleme nts?a. risk assessme ntb. Mon itori ngc. proofs and security measuresd. separati ng resp on sibilities for related operat

4、i onsANS: BDIF: EasyOBJ: 08-02NAT: AACSB Analytic | AICPA BB-Industry4. The objectives of internal control are toa. con trol the internal orga ni zati on of the acco unting departme nt pers onnel and equipme ntb. provide reas on able assura nee that operati ons are man aged to achieve goals, finan c

5、ial reports are accurate, and laws and regulati ons are complied withc. preve nt fraud, and promote the social in terest of the compa nyd. provide con trol over i nternal-use only reports and employee in ter nal con ductANS: BDIF: EasyOBJ: 08-02NAT: AACSB Analytic | AICPA BB-Industry5. Which one of

6、the following below reflects a weak internal control system?a. all employees are well supervisedb. a sin gle employee is resp on sible for compari ng a receiv ing report to an in voicec. all employees must take their vacati onsd. a single employee is responsible for collecting and recording of cashC

7、hapter 8 Sarba nes Oxley, I nternal Co ntrol, & Cash3956. Internal con trol does not con sist of policies and procedures thata. protect assets from misuseb. aid man ageme nt in direct ing operati ons toward achiev ing bus in ess goalsc. guara ntee the compa ny will not go ban kruptd. en sure that bu

8、s in ess in formati on is accurateANS: CDIF: EasyOBJ: 08-02NAT: AACSB Analytic | AICPA BB-Industry7. A firms in ternal con trol en vir onment is not in flue need bya. man ageme nts operati ng styleb. orga ni zati onal structurec. pers onnel policiesd. mon itori ng policiesANS: DDIF: EasyOBJ: 08-02NA

9、T: AACSB Analytic | AICPA BB-Industry8. An eleme nt of in ter nal con trol isa. risk assessme ntb. journalsc. subsidiary ledgersd. con trolli ng acco untsANS: ADIF: EasyOBJ: 08-02NAT: AACSB Analytic | AICPA BB-Industry9. A necessary element of internal control isa. databaseb. systems desig nc. syste

10、ms an alysisd. in formati on and com muni cati onANS: DDIF: EasyOBJ: 08-02NAT: AACSB Analytic | AICPA BB-Industry10. In man ageme nts internal con trol report that is now required of all public compa ni es, which of the follow ing does not. have a direct effect on a compa nys in ter nal con trol sys

11、tem.a. in ter nal auditorsb. in depe ndent acco untantsc. Board of Directors audit committeed. Board of trustees11. Which of the following should not be considered cash by an accountant?a. money ordersb. bank check ing acco untsc. postage stampsd. travelers checksANS: CDIF: EasyOBJ: 08-03NAT: AACSB

12、Analytic | AICPA FN-Measurement12. The cash account in the depositors ledger is a(n)a. asset with a debit bala neeb. asset with a credit bala neec. liability with a debit bala need. liability with a credit bala neeANS: ADIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement13. The no tificati

13、 on accompa nying a check that in dicates the specific in voice being paid is called aa. remitta nee adviceb. voucherc. debit memora ndumd. credit memora ndumANS: ADIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement14. The debit balanee in Cash Short and Over at the end of an accounting pe

14、riod is reported asa. an expe nse on the in come stateme ntb. in come on the in come stateme ntc. an asset on the bala nee sheetd. a liability on the bala nee sheetANS: ADIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement15. An example of a preventive eontrol isa. the use of a bank account

15、b. separati on of the Purchas ing Departme nt and Acco unting Departme nt pers onnelc. bonding employees who han dle cashd. accept ing payme nt in curre ncy onlyANS: BDIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-MeasurementChapter 8 Sarba nes Oxley, I nternal Co ntrol, & Cash39716. Procedures d

16、esigned to protect cash from theft and misuse from the time it is received until it can be deposited in a bank are calleda. acco un ti ng con trolsb. cash con trolsc. preve ntive con trolsd. detective con trolsANS: CDIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement17. A special form on w

17、hich is recorded pert inent data about a liability and the particulars of its payme nt is called a(n)a. in voiceb. voucherc. debit memora ndumd. remitta nee adviceANS: BDIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement18. EFTa. means Efficie nt Funds Tran sferb. can process certa in cash

18、 tran sact ions at less cost tha n by using the mailc. makes it easier to docume nt purchase and sale tran sact ionsd. means Effective Funds Tran sferANS: BDIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement19. A vouchera. is received from customers to expla in the purpose of a payme ntb.

19、is no rmally prepared in the Acco unting Departme ntc. system is used to con trol cash receiptsd. system is an internal control procedure to verify that the assets in the ledger are the ones the compa ny ownsANS: BDIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement20. A voucher is usually

20、supported bya. a suppliers in voiceb. a purchase orderc. a receiv ing reportd. all of the above21. Un der the voucher system, every tran sact ion is recorded at the time ofa. requisiti oningb. orderi ngc. in curri ngd. pay ingANS: CDIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement22. The

21、 rec on ciliati on of the cash register tape with the cash in the register is an example ofa. other controls.b. independent internal verification.c. establishment of responsibility.d. segregation of duties.ANS: BDIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement23. Which of the following

22、is not an internal control activity for cash?a. The number of persons who have access to cash should be limited.b. All cash receipts should be recorded promptly.bec. The fun cti ons of record keepi ng and main tai ning custody of cash should comb in ed.d. Surprise audits of cash on hand should be ma

23、de occasi on ally.ANS: CDIF: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement24. The term cash includesa. coins, curre ncy (paper mon ey), checksb. money orders, and money on deposit that is available for un restricted withdrawalc. short-term receivablesd. a and be. all of the aboveANS: DDIF

24、: EasyOBJ: 08-03NAT: AACSB Analytic | AICPA FN-Measurement25. On the banks accounting records, customers accounts are normally shown asa. debit bala ncesb. expensesc. an assetd. a liability26. Credit memorandums from the banka. decrease a bank customers acco untb. are used to show a bank service cha

25、rgec. show that a compa ny has deposited a customers NSF checkd. show the bank has collected a note receivable for the customerANS: DDIF: EasyOBJ: 08-04NAT: AACSB Analytic | AICPA FN-Measurement27. A bank statementa. is a credit reference letter written by the depositors bank.b. lets a depositor kno

26、w 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 in creased or decreased the depositors acco unt bala nee.ANS: DDIF: EasyOBJ: 08-04NAT: AACSB Analytic | AICPA FN-Measurement28. Which one of the following would not c

27、ause a bank to debit a depositors account?a. Bank service chargeb. Collect ion of a note receivablec. Checks marked NSFd. Wiring of funds to other locati onsANS: BDIF: EasyOBJ: 08-04NAT: AACSB Analytic | AICPA FN-Measurement29. There are three parties to a check. Thedrawer isa. a writte n docume nt

28、sig ned by the depositorb. is the one who sig ns the check ordering payment by the bankc. the bank on which the check is draw nd. the party to whom payment is to be madee. none of the aboveANS: BDIF: Moderate OBJ: 08-04NAT: AACSB Analytic | AICPA FN-Measurement30. A debit or credit memorandum descri

29、bing entries in the depositors bank account may be enclosed with the bank stateme nt. An example of a credit memora ndum isa. deposited checks retur ned for in sufficie nt fundsb. a promissory note left for collect ionc. a service charged. no tificati on that a customers check for $375 was recorded

30、by the depositor as $735 on the deposit ticketANS: DDIF: EasyOBJ: 08-04NAT: AACSB Analytic | AICPA FN-Measurement# Chapter 8 Sarba nes Oxley, I nternal Con trol, & Cash31. Following the completion of the bank reconciliation, an adjusting entry was made that debited cash and credited Interest Revenue

31、. Therefore the bank reconciliation must have included an item that wasa. deducted from the bala nee per depositors recordsb. deducted from the bala nee per bank stateme ntc. added to the bala nee per bank stateme ntd. added to the bala nee per depositors recordsANS: DDIF: EasyOBJ: 08-05NAT: AACSB A

32、nalytic | AICPA FN-Measurement32. A person authorized to write checks drawn on a checking account at a bank must sign and have on file with the bank aa. sig nature cardb. deposit ticketc. checkbookd. bank cardANS: ADIF: EasyOBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement33. A check drawn by a d

33、epositor for $180 in payment of a liability was recorded in the journal as $810. This item would be included on the bank reconciliation as a(n)a. additi on to the bala nee per the depositors recordsb. additi on to the bala nee per the bank stateme ntc. deduct ion from the bala nee per the bank state

34、me ntd. deduct ion from the bala nee per the depositors recordsANS: ADIF: Moderate OBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement34. A check drawn by a depositor for $180 in payment of a liability was recorded in the journal as $810. What entry is required in the depositors accounts?a. debit A

35、cco unts Payable; credit Cashb. debit Cash; credit Acco unts Receivablec. debit Cash; credit Acco unts Payabled. debit Acco unts Receivable; credit CashANS: CDIF: Moderate OBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement35. A bank reconciliation should be prepared periodically becausea. the depo

36、sitors records and the banks records are in agreementb. the bank has not recorded all of its transactionsc. any differe nces betwee n the depositors records and the ban ks records should be determ in ed, and any errors made by either party should be discovered and correctedd. the bank must make sure

37、 that its records are correct36. The bank rec on ciliati ona. should be prepared by an employee who records cash tra nsact ionsb. is part of the in ternal con trol systemc. is for in formati on purposes onlyd. is sent to the bank for verificati onANS: BDIF: EasyOBJ: 08-05NAT: AACSB Analytic | AICPA

38、FN-Measurement37. Journal entries based on the bank reconciliation are required in the depositors accounts fora. outsta nding checksb. deposits in tran sitc. bank errorsd. book errorsANS: DDIF: EasyOBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement38. Accompanying the bank statement was a debit me

39、morandum for bank service charges. On the ban k recon ciliati on, the item isa. a deduct ion from the bala nee per depositors recordsb. an additi on to the bala nee per bank stateme ntc. a deduct ion from the bala nee per bank stateme ntd. an additi on to the bala nee per depositors recordsANS: ADIF

40、: EasyOBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement39. Accompanying the bank statement was a debit memorandum for bank service charges. What entry is required in the depositors acco un ts?a. debit Miscella neous Admini strative Expe nse; credit Cashb. debit Cash; credit Other In comec. debit

41、Cash; credit Acco unts Payabled. debit Acco unts Payable; credit CashANS: ADIF: EasyOBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement40. A check draw n by a depositor in payme nt of a voucher for $725 was recorded in the jour nal as $257. This item would be included in the bank reconciliation as

42、a(n)a. deduct ion from the bala nee per the depositors recordsb. additi on to the bala nee per the bank stateme ntc. deduct ion from the bala nee per the bank stateme ntd. additi on to the bala nee per the depositors recordsANS: ADIF: Moderate OBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement# Ch

43、apter 8 Sarba nes Oxley, I nternal Con trol, & Cash41. A check draw n by a depositor in payme nt of a voucher for $725 was recorded in the jour nal as $257. What entry is required in the depositors accounts?a. debit Acco unts Payable; credit Cashb. debit Cash; credit Acco unts Receivablec. debit Cas

44、h; credit Acco unts Payabled. debit Acco unts Receivable; credit CashANS: ADIF: Moderate OBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement42. Receipts from cash sales of $9,500 were recorded in correctly in the cash receipts jour nal as $5,900. This item would be included on the bank reconciliati

45、on as a(n)a. deduct ion from the bala nee per depositors recordsb. additi on to the bala nee per bank stateme ntc. deduct ion from the bala nee per bank stateme ntd. additi on to the bala nee per depositors recordsANS: DDIF: Moderate OBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement43. Receipts f

46、rom cash sales of $9,500 were recorded in correctly in the cash receipts jour nal as $5,900. What entry is required in the depositors accounts?a. debit Sales; credit Cashb. debit Cash; credit Acco unts Receivablec. debit Cash; credit Salesd. debit Acco unts Receivable; credit CashANS: CDIF: Moderate

47、 OBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement44. Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor. This item is a(n)a. deduct ion from the bala nee per depositors recordsb. additi on to the bala nee per bank stateme ntc. de

48、duct ion from the bala nee per bank stateme ntd. additi on to the bala nee per depositors recordsANS: DDIF: Moderate OBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement45. Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the customer. What entr

49、y is required in the depositors accounts?a. debit Notes Receivable; credit Cashb. debit Cash; credit Miscella neous In comec. debit Cash; credit Notes Receivabled. debit Acco unts Receivable; credit Cash46. The amount of deposits in transit is included on the bank statement as a(n)a. deduct ion from

50、 the bala nee per the depositors booksb. deduct ion from the bala nee per bank stateme nte. additi on to the bala nee per bank stateme ntd. additi on to the bala nee per depositor booksANS: CDIF: EasyOBJ: 08-05NAT: AACSB Analytie | AICPA FN-Measurement47. The amount of the outsta nding eheeks is in

51、eluded on the bank recon eiliati on as a(n)a. deduct ion from the bala nee per depositors recordsb. additi on to the bala nee per bank stateme nte. deduct ion from the bala nee per bank stateme ntd. additi on to the bala nee per depositors recordsANS: CDIF: EasyOBJ: 08-05NAT: AACSB Analytie | AICPA

52、FN-Measurement48. Which of the following items that appeared on the bank reconeiliation did not require an adjusting en try?a. bank service chargesb. deposits in tran site. NSF eheeksd. A cheek for $520, recorded in the cheek register for $250.ANS: BDIF: EasyOBJ: 08-05NAT: AACSB Analytie | AICPA FN-

53、Measurement49. What entry is required in the depositors aeeounts to record outstanding eheeks?a. debit Aeeo unts Receivable; credit Cashb. debit Cash; credit Aeeo unts Receivablee. debit Cash; credit Aeeo unts Payabled. noneANS: DDIF: EasyOBJ: 08-05NAT: AACSB Analytie | AICPA FN-Measurement50. Aeeom

54、panying the bank statement was a debit memorandum for an NSF cheek received from a customer. This item would be in eluded on the bank recon eiliati on as a(n)a. deduct ion from the bala nee per depositors recordsb. additi on to the bala nee per bank stateme nte. deduct ion from the bala nee per bank

55、 stateme ntd. additi on to the bala nee per depositors recordsANS: ADIF: EasyOBJ: 08-05NAT: AACSB Analytie | AICPA FN-Measurement# Chapter 8 Sarba nes Oxley, I nternal Con trol, & Cash51. Accompanying the bank statement was a debit memorandum for an NSF check received from a customer. What entry is

56、required in the depositors accounts?a. debit Other I ncome; credit Cashb. debit Cash; credit Other In comec. debit Cash; credit Acco unts Receivabled. debit Acco unts Receivable; credit CashANS: DDIF: EasyOBJ: 08-05NAT: AACSB Analytic | AICPA FN-Measurement52. During the mon th, a compa ny was in fo

57、rmed that a check they had issued was accide ntally destroyed. On the bank reconciliation, the company woulda. deduct the amount from the bala nee per the depositors recordsb. deduct the amount from the bala nee per the bank stateme ntc. Add the amount to the bala nee per the bank stateme ntd. Add t