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ACC 556 ACC/556 ACC556 WEEK 4 HOMEWORK CHAPTER

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ACC 556 WEEK 4 HOMEWORK CHAPTER • Question 1 The most important element of the fraud triangle is rationalization. • Question 2 Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency. • Question 3 Under an effective system of internal control, errors occur only as a result of fraud or dishonesty. • Question 4 1 out of 1 points Control over cash disbursements is improved if major expenditures are paid by check. • Question 5 Cash equivalents are highly liquid investments that can be converted into a specific amount of cash. • Question 6 Which of the following is not one of the main factors that contribute to fraudulent activity? • Question 7 Under the concept of establishment of responsibility, how many people should have the ultimate responsibility? • Question 8 A consequence of separation of duties is that .• Question 9 In large companies, the independent internal verification procedure is often assigned to • Question 10 Sam’s Grocery Store has the following policy. ‘Only one cashier can have access to a cash drawer.’ Which internal control principle supports this policy? • Question 11 Supervisors counting cash receipts daily is an example of • Question 12 1 out of 1 points Blank checks • Question 13 All of the following are true regarding bank statements except Selected Answer: the bank statement balance will always agree with the company recorded balance. • Question 14 Which of the following would be added to the balance per bank on a bank reconciliation? • Question 15 Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry: • Question 16 Clark Company developed the following reconciling information in preparing its September bank reconciliation: Cash balance per bank, 9/30 $30,800 Note receivable collected by bank 16,800 Outstanding checks 25,200 Deposits in transit 12,600 Bank service charge 210 NSF check 3,360 Using the above information, determine the cash balance per books (before adjustments) for the Clark Company. • Question 17 1 out of 1 points Of the following employees, who should prepare the bank reconciliation? • Question 18 1 out of 1 points In the month of May, Lopat Company Inc. wrote checks in the amount of $55,500. In June, checks in the amount of $75,948 were written. In May, $50,808 of these checks were presented to the bank for payment, and $65,298 in June. What is the amount of outstanding checks at the end of May? • Question 19 All of the following are true regarding the management and monitoring of cash except • Question 20 Match the items below by entering the appropriate code letter in the space provided. o Question Selected Match Prenumbered documents F. Prevent a transaction from being recorded more than once. Custody of an asset should be kept separate from the record-keeping for that asset J. Segregation of duties. Television monitors, garment sensors and burglar alarms are examples L. Physical control devices. Bonding employees H. Insurance protection against misappropriation of assets. Collusion M. Two or more employees circumventing prescribed procedures. Cash N. Anything that a bank will accept for deposit. Cash budget G. A projection of anticipated cash flows. Restricted cash I. Cash that is not available for general use, but instead is restricted for a particular purpose. Invest idle cash D. A basic principle of cash management. Canceled checks K. Checks which have been paid by the depositor’s bank. NSF checks E. Checks which have been returned by the maker’s bank for lack of funds. Outstanding checks B. Issued checks that have not been

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