Homework Answers
| Question No. | Answer |
| 1 | A - True |
| 2 | D - All of the above |
| 3 | D - All of the above |
| 4 | A - True |
| 5 | A - True |
| 6 | C - Addition to the balance as per bank statement |
Add Answer to:
Part I (60 Points) Theory 1. The purpose of the Sarbanes-Oxley Act is to restore public confidence and trust in the...
Question 6 of 1010.0 Points Which costs have not increased for public companies related to implementation...
Question 6 of 1010.0 Points Which costs have not increased for public companies related to implementation of Sarbanes-Oxley? A. Accounting staff salaries B. CEO salaries C. Audit costs Question 7 of 10 Which of the following is not one of the four specific responsibilities that PCAOB Auditing Standard No. 2 levies on company management? A. Accept responsibility for the effectiveness of the company’s internal control over financial reporting. B. Evaluate the effectiveness of the company’s internal control over financial reporting...
can you really explain questions 1 to 8 please. im really confused The Sarbanes-Oxley Act requires...
can
you really explain questions 1 to 8 please. im really
confused
The Sarbanes-Oxley Act requires auditors to evaluate internal controls True False 5 points Save Answer QUESTION 2 A customer at a bank deposits $100.00 into their bank savings account. The depositor's money would be shown by the bank on the bank's balance sheet as an asset. True False QUESTION 3 Accounts Receivable: are amounts due from customers for sales on credit. True False 5 points Save Answer QUESTION...
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a....
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a. provide reasonable assurance that assets are safeguarded and used for ess purposes, financial reports are accurate, and laws and regulations are complied with Ob. provide control over "internal use only" reports and employee internal conduct OC. control the internal organization of the Accounting Department personnel and equipment O d. prevent fraud and promote the social interest of the company 2) A bank reconciliation should...
When using the allowance method to estimate uncollectible accounts receivable based on an analysis of receivables...
When using the allowance method to estimate uncollectible accounts receivable based on an analysis of receivables shows that $640 of accounts receivables are uncollectible. The Allowance for Doubtful Accounts has a debit balance of $110. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of: a $750 b. $530 c $110 d. 8640 Which one of the following below reflects a weak internal control system? a. a single...
2. Exercise 5-6 Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's...
2.
Exercise 5-6 Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown as follows. Cash balance per bank Add: NSF check Less: Bank service charge $3,687.20 460.00 33.00 Adjusted balance per bank $4,114.20 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $3.985.20 585.00 780.00 $4,180.20 (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted...
Y's bank statement for September 30 showed a cash balance of $1,350. The company's Cash September...
y's bank statement for September 30 showed a cash balance of $1,350. The company's Cash September 30. a A customer's check for NSF was charged the company's account a $25 processing fee. $100 marked NSF was returned to Brown Company by the bank. In addition, the bank b. The September 30 cash reccipts, 51,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c....
12. Inte al control d protects from e guarantee the company will campo d ensure that...
12. Inte al control d protects from e guarantee the company will campo d ensure that business Information is one the bar 13. The amount of deposits in Hount of deposits in transit is included a. deduction from the balance the company's b. deduction from the balance perbank e n e addition to the balance per bank statement d. addition to the balance per company books 14. The bank reconciliation a. should be prepared by an employee who records castrech...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the checkbook. have been subtracted on the bank records but not the checkbook records. have been returned to the business for nonpayment. haven't been presented to the bank for payment and haven't been subtracted from the checkbook. Question 2 (5 points) Using the following information, calculate the adjusted cash balance at the end of April. $2.000 Bank statement ending cash balance General ledger cash balance...
d. 66. The objectives of internal control are to a. control the internal organization of the...
d. 66. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information is accurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over "internal-use only reports and employee internal conduct 67. A necessary element of internal control is a. database b. systems design...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of th allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved purchase order...
can
you really explain questions 1 to 8 please. im really
confused
The Sarbanes-Oxley Act requires auditors to evaluate internal controls True False 5 points Save Answer QUESTION 2 A customer at a bank deposits $100.00 into their bank savings account. The depositor's money would be shown by the bank on the bank's balance sheet as an asset. True False QUESTION 3 Accounts Receivable: are amounts due from customers for sales on credit. True False 5 points Save Answer QUESTION...
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a. provide reasonable assurance that assets are safeguarded and used for ess purposes, financial reports are accurate, and laws and regulations are complied with Ob. provide control over "internal use only" reports and employee internal conduct OC. control the internal organization of the Accounting Department personnel and equipment O d. prevent fraud and promote the social interest of the company 2) A bank reconciliation should...
When using the allowance method to estimate uncollectible accounts receivable based on an analysis of receivables shows that $640 of accounts receivables are uncollectible. The Allowance for Doubtful Accounts has a debit balance of $110. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of: a $750 b. $530 c $110 d. 8640 Which one of the following below reflects a weak internal control system? a. a single...
2.
Exercise 5-6 Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown as follows. Cash balance per bank Add: NSF check Less: Bank service charge $3,687.20 460.00 33.00 Adjusted balance per bank $4,114.20 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $3.985.20 585.00 780.00 $4,180.20 (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted...
y's bank statement for September 30 showed a cash balance of $1,350. The company's Cash September 30. a A customer's check for NSF was charged the company's account a $25 processing fee. $100 marked NSF was returned to Brown Company by the bank. In addition, the bank b. The September 30 cash reccipts, 51,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c....
12. Inte al control d protects from e guarantee the company will campo d ensure that business Information is one the bar 13. The amount of deposits in Hount of deposits in transit is included a. deduction from the balance the company's b. deduction from the balance perbank e n e addition to the balance per bank statement d. addition to the balance per company books 14. The bank reconciliation a. should be prepared by an employee who records castrech...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the checkbook. have been subtracted on the bank records but not the checkbook records. have been returned to the business for nonpayment. haven't been presented to the bank for payment and haven't been subtracted from the checkbook. Question 2 (5 points) Using the following information, calculate the adjusted cash balance at the end of April. $2.000 Bank statement ending cash balance General ledger cash balance...
d. 66. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information is accurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over "internal-use only reports and employee internal conduct 67. A necessary element of internal control is a. database b. systems design...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of th allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved purchase order...
Most questions answered within 3 hours.
-
You have a 825.3 mL sample of 2.754 M HA (Ka =
4.49⋅10−4). Calculate the pH...
asked 51 minutes ago -
The blues made its way into many kinds of music. Eric Clapton,
The Beatles, and Elvis...
asked 2 hours ago -
8. A wave in a string has a wave function given by: y (x, t) =...
asked 1 hour ago -
If you’re standing at the bottom of a hill and asked to evaluate
it while being...
asked 3 hours ago -
1. Which region has taken the lead in the world of
e-waste handling?
a) European Union...
asked 3 hours ago -
A 8.15- g bullet from a 9-mm pistol has a velocity of 366.0 m/s.
It strikes...
asked 5 hours ago -
The outstanding bonds of Alpha Extracts have a yield to maturity
of 7.4 percent and a...
asked 5 hours ago -
The Problem: The Case of the Harmonizing Vacations
Your CEO is exploring partnering with a European...
asked 6 hours ago -
A chemical equation is balanced by adding coefficients in front
of some formulas so that the...
asked 6 hours ago -
From the literature (reference your sources): What are the
lattice parameters of calcite and aragonite? Why...
asked 7 hours ago -
Your system is rejecting the question am asking which is
preceded by a case study. It...
asked 7 hours ago -
3. On January 2, 2000, Larry creates a trust with himself as
trustee. Larry as trustee...
asked 7 hours ago