Question

he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d Various Accounts for which they cash was died 27. Sarbanes-Oxley applies to a. publicly held companies b. not-for-profit organizations c. privately held businesses d. All of these choices 28. The objectives of internal control are to control the internal organization of the Accounting Department personnel equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports we accurate, and laws and regulations are complied with e prevent fraud and promote the social interest of the company d. provide control over "internal use only reports and employee internal conduct 29. The type of account and normal balance of Petty Cash is a(n) a. revenue, credit b. asset, debit . liability, credit 4. expense, debit 30. Which of the following reflects a weak internal control system? All employees are well supervised. A single employee is responsible for comparing a receiving report to an invoice. All employees must take their vacations. A single employee is responsible for collecting and recording cash.

Answer 1

	Q26)	option d
		various accounts for which the petty cash was
		disbursed
	Q27)	option a
		publicy held companies
	Q28)	option b
		provided reasonable assurance that assets are safeguarded and used for business purposes,
		financial reports are accurate and laws and regulations are complied with
	Q29)	option b
		Asset,debit
	Q30)	A single employee is responsible for
		collecting and recording cash