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Accounting Expert Answers & Study Resources : Page 17

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21) In the following situation, which internal control procedure needs strengthening? At Hofstra Services, the junior accountant collects cheques and cash from customers and records the transactions into the Journal. The controller approves the journal entries and bank reconciliations. The treasurer signs cheques and approves contracts. A) Competent, reliable and ethical personnel B).

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  • 21) In the following situation, which internal control procedure needs
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16) Which of the following describes the internal control procedure separation of duties? A) External auditors will monitor internal controls. B) Cashiers must not have access to accounting records. C) The information system is critical. D) Prenumber invoices and other documents. 17) Which of the following describes the internal control procedure documents and records? A) Separate.

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  • 16) Which of the following describes the internal control procedure
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86) What is the acid-test ratio for a retailer who has the following balances? (Round to two decimal places.)   Cash $20,000 Short-term investments 41,000 Net current receivables 52,000 Inventory 95,000 Total current liabilities 279,000   A) 0.41 B) 0.75 C) 0.8 D) 0.6 87) A company has net credit sales of $1,200,000, beginning net accounts receivable of $260,000 and ending net accounts receivable of $203,000. What.

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  • 86) What the acid-test ratio for a retailer who has
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121) In a voucher system, the vouchers are prepared by: A) the outside supplier. B) the accounting department. C) the sales department. D) the purchasing department. 122) A purchase order is sent by the purchasing department to: A) the outside supplier. B) the receiving department. C) the sales department. D) the accounting department. TRUE/FALSE. Write 'T' if the statement is.

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  • 121) In a voucher system, the vouchers prepared by: A) the
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16) In a computerised accounting system, processing performed continuously as the transactions occur is referred to as: A) online processing. B) module processing. C) quick processing. D) batch processing. 17) ERP systems are used by some large organisations. ERP stands for: A) Early Reporting Process. B) Expense and Revenue Program. C) Enterprise Resource Planning. D) Enterprise Record Package. 18) Which.

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  • 16) In a computerised accounting system, processing performed continuously as
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66) The bookkeeper of Fire Steel Ltd recorded a $1564 cheque as $15,640 in payment of the current month's rent. Which of the following journal entries is needed to adjust for this error in the books of the company? A) Cash 14,076   Rent expense   14,076   B) Cash 14,076   Sales revenue   14,076   C) Booking error 1564   Cash   1564   D) Rent expense 15,640   Cash   15,640   67) The following information is needed to reconcile.

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  • 66) The bookkeeper of Fire Steel Ltd recorded a $1564
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1) Which of the following is included in the category other receivables? A) Investments B) Bills receivable C) Loans to employees D) Accounts receivable 2) A record that contains the details by customer or vendor of the individual account balances would be called a: A) journal. B) subsidiary ledger. C) control account. D) liability account. 3) A creditor is a.

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  • 1) Which of the following included in the category other
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 56) Target allows customers to use MasterCard. It reports Sales revenue of $24 000 for the week. MasterCard charges Target a 3% fee. The journal entry for this transaction would be: A) Sales revenue 24 000   Card fee expense 720   Cash   24 720   B) Cash 23.

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  • MULTIPLE CHOICE. Choose the one alternative that best completes the
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26) Mandatory vacations and job rotation improve internal control. 27) Separation of duties limits fraud and promotes the accuracy of the account records. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 28) Which of the following is a security procedure designed for e-commerce? A) Secure inventory storage B).

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  • 26) Mandatory vacations and job rotation improve internal control. 27) Separation
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61) The following information is available for Jack's Unlimited Company for the current month.   Book balance end of the month $7100 Outstanding cheques 700 Deposits in transit 4000 Service charges 95 Interest revenue 35   What is the adjusted book balance on the bank reconciliation? A) $10,270 B) $7040 C) $7740 D) $6970 62) A company received a bank statement showing a balance of $77,000. Reconciling items.

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  • 61) The following information available for Jack's Unlimited Company for
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6) Hardware is the electronic equipment that includes: A) computers, monitors, printers and networks. B) monitors, printers, software and databases. C) monitors, printers, software and networks. D) computers, monitors and software. 7) Which of the following is a feature of an effective accounting information system? A) compatibility B) control C) flexibility D) all of the above 8) Keeping accurate records.

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  • 6) Hardware the electronic equipment that includes: A) computers, monitors, printers
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