Question | Answer | Explanation |
17 | C | It serves as proof of auhority to pay cash. |
18 | A | It is called as bank reconciliation |
19 | D | It is known as petty cash. |
20 | C | Appropriate expense accounts are debited to record expenses made using petty cash. |
21 | A | It need to debit cash and credit petty cash account |
Version A 17. A voucher is an internal document or file A) Prepared for each sales...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
L. (10 Points) Match each of the following terms with the appropriate definitions. A. Principles of internal control B. Cash Over and Short C. Net method D. Voucher system E. Bank reconciliation F. Liquidity G. Receiving report H. Days' sales uncollectecd I. Purchase order J. Gross method 1. 2. 3. A report explaining any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement. A set of procedures and approvals designed...
7. Which of the following items that appears on a bank reconciliation requires an adjusting entry? A. Deposit in transit. B. Bank service charges. C. Outstanding checks. D. All of the above. 8. A properly administered bank reconciliation shows how much should be reported on the balance sheet for cash. A. True. B. False. 9. Which of the following is a fund containing a small amount of cash that is used to pay for minor expenditures? A. Payroll fund. B....
ity was recorded in the journal as $720. This 45. A check drawn by a company for $270 in payment of a liability was recorded item would be included on the bank reconciliation as an 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 46. Accompanying the bank statement was a debit memo...
2 A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is: Multiple Choice Debit Petty Cash for $75.00; debit Cash Over and Short $180.00; credit Cash $200.00 Debit Cash Over and Short for $8.75; credit Petty Cash $8.75 Debit Miscellaneous Expenses $20.00; credit Cash $20.00. Debit to Cash $125.00; credit Petty Cash $125.00. Debit Petty Cash $105.00; credit Cash $105.00. If a check correctly written and paid by the bank for...
ACC 1135 prepared by Am Parsons for ind e nly FAIL Chapter 8 Internal Controls - Theory Credit Card Transaction Petty Cash Transactions Bank Reconciliation's including journal entries Practice Questions: Petty Cash SATLY has a petty cash of $400. On February 28" it has $98 remaining and the following receipts: Office Supplies S200 Postage $100 a. Prepare the journal entry required to record the replenishment of the petty cash fund. Date Account PR Debit Credit b) Prepare the journal entry...
CHAPTER 7 Ex 103) Cash, 5150 $13 PETTY CASH JOURNAL ENTRIES Bed on the following petty cash information, prepare (a) the journal entry to t he purch fod, and (b) the journal entry to replenish the petty cash fund. On October 1, 20, a check was written in the amount of $200 to establish a petty cash fund. During October, the following vochers were written for cash taken from the petty cash drawer Voucher No. Account Debited Amount Postage Expense...
Question 3 5 pts The following procedures were recently implemented at Pampered Pets, Inc. For each procedure, indicate whether the internal control over cash represents (1) a strength or (2) a weakness. If it is a weakness, explain why. Make sure your answer is substantive. One word answers for weaknesses will receive full credit. (a) At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers....
26. 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 following receipts: office supplies, S116; postage, $100.Record any missing funds in the cash short and over account. Journal Date Description Post. Ref. Debit Credit Copyright Cengage Learning. Powered by Cognero 25. Using the following information, prepare a bank reconciliation for Miller Co. for...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...