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strayer acc100 week 5 QUIZ CH 8

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Question;ACC100 quiz ch08;Question 1;The most important element of the fraud triangle is;rationalization.;financial pressure.;incompatible duties.;opportunity.;Question 2;Deposits in transit;are checks from customers which have not yet been received;by the company.;have been recorded on the company's books but not yet by the;bank.;have been recorded by the bank but not yet by the company.;have not been recorded by the bank or the company.;Question 3;Bank errors;occur because of time lags.;are infrequent in occurrence.;must be corrected by debits.;are corrected by making an adjusting entry on the;depositor's books.;Question 4;Having one person post entries to accounts receivable;subsidiary ledger and a different person post to the Accounts Receivable;Control account in the general ledger is an example of;duplication of effort.;segregation of duties.;external verification.;inadequate internal control.;Question 5;Which one of the following items would not be considered;cash?;Coins;Money orders;Postdated checks;Currency;Question 6;A $100 petty cash fund has cash of $16 and receipts of $82.;The journal entry to replenish the account would include a;debit to Cash for $82.;credit to Petty Cash for $84.;debit to Cash Over and Short for $2.;credit to Cash for $82.;Question 7;In preparing its bank reconciliation for the month of April;2014, Haskins, Inc. has available the following information.;Balance per bank statement, 4/30/14 $40,920;NSF check returned with 4/30/14 bank statement 1,350;Deposits in transit, 4/30/14 10,500;Outstanding checks, 4/30/14 15,600;Bank service charges for April 60;What should be the adjusted cash balance at April 30, 2014?;$35,820.;$35,760.;$34,410.;$34,470.;Question 8;Macrinez Company assembled the following information in;completing its July bank reconciliation: balance per bank $22,920, outstanding;checks $4,650, deposits in transit $7,500, NSF check $480, bank service charge;$150, cash balance per books $26,400. As a result of this reconciliation;Macrinez will;increase its cash account by $330.;reduce its cash account by $150.;reduce its cash account by $630.;reduce its cash account by $2,850.;Question 9;If a check correctly written and paid by the bank for $427;is incorrectly recorded on the company's books for $472, the appropriate;treatment on the bank reconciliation would be to;add $45 to the bank's balance.;deduct $45 from the bank's balance.;deduct $427 from the book's balance.;add $45 to the book's balance.;Question 10;The cash account shows a balance of $90,000 before;reconciliation. The bank statement does not include a deposit of $5,000 made on;the last day of the month. The bank statement shows a collection by the bank of;$2,400 and a customer?s check for $640 was returned because it was NSF. A;customer?s check for $900 was recorded on the books as $1,080, and a check;written for $138 was recorded as $192. The correct balance in the cash account;was;$91,580.;$91,634.;$96,634.;$92,400.

 

Paper#38463 | Written in 18-Jul-2015

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