ACC 557 Week 6 Quiz – Strayer NEW



Click On The Link Below To Purchase A+ Graded Material
Instant Download

http://budapp.net/ACC-557-Week-6-Quiz-Strayer-NEW-ACC557W6Q.htm

Chapter 7 and 8

All possible questions with answers

 TRUE-FALSE STATEMENTS

Internal control is mainly concerned with the amount of authority a supervisor exercises over a subordinate.


Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



A highly automated computerized system of accounting eliminates the need for internal control.


Ans: LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Technology, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



The safeguarding of assets is an objective of a company's system of internal control.


Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



Management is responsible for establishing a system of internal control.


Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



Internal control is most effective when several people are responsible for a given task.


Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



The responsibility for keeping the records for an asset should be separate from the physical custody of that asset.


Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.


Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



The extent of internal control features adopted by a company must be evaluated in terms of cost-benefit.


Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



An effective system of internal control requires that at least two individuals be assigned to one cash drawer so that each can serve as check on the other.


Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



Only large companies need to be concerned with a system of internal control.


Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



The responsibility for ordering, receiving, and paying for merchandise should be assigned to different individuals.


Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



In order to prevent a transaction from being recorded more than once, a company should maintain only one book of original entry.


Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



Firms use physical controls primarily to safeguard their assets.


Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



A segregation of duties among employees eliminates the possibility of collusion.


Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



For efficiency of operations and better control over cash, a company should maintain only one bank account.


Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



Cash registers are an important internal control device used in controlling over-the-counter receipts.


Ans: LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



Checks received in the mail should be immediately stamped "NSF" to prevent unauthorized cashing of the check.


Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



Control over cash disbursements is improved if major expenditures are paid by check.


Ans: LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



In a voucher system, vouchers are prepared in the accounts receivable department.


Ans: LO: 4, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



Electronic funds transfer (EFT) is a disbursement system that uses telephone or computer to transfer cash from one location to another.


Ans: LO: 4, Bloom: AP, Difficulty: Easy, Min: 1, AACSB: Technology, AICPA BB: Resource Management, AICPA FN: None, AICPA PC: Project Management, IMA: Business Economics



A voucher system is used by many large companies as a means of controlling cash receipts.


Ans: LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Internal Controls



The petty cash fund eliminates the need for a bank checking account.


Ans: LO: 5, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Business Economics



Cash register overages are deposited in the petty cash fund and cash shortages are made-up from the petty cash fund.


Ans: LO: 5, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Risk Analysis, AICPA PC: None, IMA: Business Economics



A deposit ticket is a negotiable instrument that can be transferred to another party by endorsement.


Ans: LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: None, AICPA PC: None, IMA: Business Economics

If a company deposits all its receipts in the bank and pays all its bills by check, then the monthly bank statement balance will always agree with the company's record of its checking account balance.


Ans: LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Resource Management, AICPA FN: Measurement, AICPA PC: None, IMA: Business Economics



Checks from customers who pay their accounts promptly are called outstanding checks.


Ans: LO: 7, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: None, AICPA PC: Communications, IMA: Business Economics



All reconciling items in determining the adjusted cash balance per books require the depositor to make adjusting journal entries to the Cash account.


Ans: LO: 7, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: FSA



A bank reconciliation is generally prepared by the bank and sent to the depositor along with cancelled checks.


Ans: LO: 7, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Business Economics



Cash equivalents are highly liquid investments that can be converted into a specific amount of cash.


Ans: LO: 8, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Business Economics



Cash which is restricted for a specific use should be separately reported.



Comments

Post a Comment

Popular posts from this blog

MKT 500 Week 6 Discussion Question

Click on the Link Below to Purchase A+ Graded Course Material http://budapp.net/MKT-500-Week-6-Discussion-Question-227.htm "Pricing Products and Distribution Channels" Please respond to the following: •           From the case study, suggest the pricing strategy that you believe will be the most effective for the QTG division of PepsiCo. Evaluate the degree to which each of PepsiCo’s distribution channels effectively leverages the corporation’s core competencies. Provide a rationale for your response. •           * From the scenario, evaluate the capacity of the most common distribution channels available for the new product launch to provide consumers with easier access to the product. Speculate on the extent to which Golds Reling, Inc. could use each channel to meet profit goals. Choose the most beneficial distribution strategies, and suggest two (2) ways in which this ...
Read more

PAD 540 Week 6 Assignment 2 – Strayer

Click On The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/PAD-540-Assignment-2-Strayer-NEW-PAD540A2.htm Assignment 2: International Insecurity and the Use of Force Due Week 6 and worth 200 points Incorporate the professor’s feedback from Assignment 1 in order to proficiently develop Assignment 2. Use scholarly journal articles and / or Strayer academic databases to complete additional research on your selected topic. Use the major international political event that you selected for Assignment 1 in order to complete this assignment. Use the basic outline below to draft your paper. Organize your responses to each question (except Question 5) under the following section headings: Part II: International Insecurity and the Use of Force of [Name of Select Major International Event] The Media, the People, and Public Opinion (for Question 1) The Impact of Foreign Policies (for Question 2) International Insecurity...
Read more

MKT 475 Week 6 Quiz – Strayer

Click on the Link Below to Purchase A+ Graded Course Material http://budapp.net/MKT-475-Week-6-Quiz-Strayer-436.htm Quiz 5 Chapter 8 and 9 Chapter 08 Innovation and New-Product Strategy True/False Questions 
 1. New products that provide improved performance or greater perceived value are known as substantial innovations.   219 2. Conformity between consumer value expectations and product use experience indicates greater new-product opportunities.
   221 3. Analyzing customer value expectations to finding new-product opportunities are very useful in evaluating potential transformational innovations.   222 4. Radical innovations have the potential of creating negative impacts on the leading firms that pursue new-product strategies using existing technologies.
   222 5. When products become commodities, profit margins increase and differentiated advantages are easily achieved. ...
Read more