Question

29. A company requires the Treasurer's secretary open the mail and photocopy checks The photocopies are then sent to the Acoounts Receivable clerks for posting to customer accounts. The cashicr eceives the chocks from the seeretary, prepares the hank deposit and delivers it to the bank. Which coseol activity is most evident? a) Separation of duties c) Documents and Recoeds b) Periodic indpendent verification d) Sound penonnel practices physical ceontrol 30. The post ing from the Cash Payment Journal at month ending would most likely include a a) debit to Cash b) credit to Purchases c) credit to Cash d)credit to Ownes Draw ing 31. The pod ing from the Cash Reoeipts Journal at month end would most likcly inclade a a) debit to Cash b) debit to Capital c) credit to Cash d) debit to Accounts Receivable 32. Which of the following is incerrect rogarding the Accounts Payablk and Accounts Receivable Subsidiary Ledgers a) Must be maintainedon a daily basis throughout the accounting period b) Provide the detail supporting the Accounts Payable and Ascounts Receivable account in the General ledger c) Contain all the transactions pertaining to cih? vendes (Accounts Payable or cultes Accounts Receivable d) They are posted to the General ledger at moeth end 33. A documet pecpared by the purchasing department sent to the vendor wihems quattis price and credit terms is called b) vendor invoice c) purchase order d) sales inveice 34 What type of account is Cash over and short (assume a debit balance a) Asset b) Liability c)Owners equity d) Expense e) Revenue

Answer 1