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Loris Company has the following items: cash in a checking account, $4,000; cash in a savings account, $6,000; high- grade goPayment by check is an important internal control because: O A. O B. O C. the check provides a record of the payment. the cheWhich of the following is NOT a way to safeguard controls? A. purchasing a fidelity bond O B. rotating employees into differeAs part of a strong internal control system, which of the following accounting duties need to be separated from cash handlingEach of the following represents an internal control procedure except for: 0 A, compliance monitoring O B. clear lines of aut

Lori's Company has the following items: cash in a checking account, $4,000; cash in a savings account, $6,000; high- grade govemment securities due in one month (purchased last month), S3,526; accounts receivable, $3,000. How much should appear as Cash and Cash Equivalents on the balance sheet? OA, $13,526 OB. S6.000 oc· $16,726 OD, $16,526
Payment by check is an important internal control because: O A. O B. O C. the check provides a record of the payment. the check must be signed by an authorized official who should study the evidence supporting the payment. all checks must be approved by the bank's internal audit department before they are paid. D. A and B
Which of the following is NOT a way to safeguard controls? A. purchasing a fidelity bond O B. rotating employees into different job position O C. keeping accurate financial records O D. mandatory vacations
As part of a strong internal control system, which of the following accounting duties need to be separated from cash handling? OA. Record keeping B. Filing O C. Transaction approval O D. Both A and C need to be separated from cash handling.
Each of the following represents an internal control procedure except for: 0 A, compliance monitoring O B. clear lines of authority and communication. O C. limited access to both assets and records. OD. separation of duties.
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Answer #1

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