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Accounting Expert Answers & Study Resources : Page 21

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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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31) A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $7000 and paid $950 for the freight-in. The company sold the whole lot to a supermarket chain for $13,000 on account. Which of the following entries correctly records the sale? A) Accounts receivable 13,000   Sales revenue   13,000   Cost of sales 7950   Inventory   7950   B) Sales.

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  • 31) A company that uses the perpetual inventory system purchased
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 61) Evans Company had the following balances and transactions during 2016.   Beginning inventory 30 units at $70 10 March Sold 27 units 10 June Purchased 90 units at $80 30 October Sold 84 units   What is the amount of the company's inventory, as disclosed in.

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  • MULTIPLE CHOICE. Choose the one alternative that best completes the
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46) Which of the following is used for net realisable value when valuing inventory at lower-of-cost-and-net-realisable-value? A) Sales price less the company's normal markup percentage B) Sales price C) Sales price less costs of completing, marketing, selling and distributing the inventory to customers D) Cost plus the company's normal markup percentage 47) Misty Company had.

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  • 46) Which of the following used for net realisable value
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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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56) The purchase of equipment for cash would be recorded in the: A) sales journal. B) purchases journal. C) general journal. D) cash payments journal. 57) Assuming the use of special journals, the purchase of inventory from Landin Browning for cash would be recorded in the: A) cash receipts journal. B) general journal. C) cash payments journal. D) purchases.

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  • 56) The purchase of equipment for cash would be recorded
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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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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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6) Which of the following concepts states that a company must perform strictly proper accounting ONLY for significant items? A) Consistency principle B) Accounting conservatism C) Disclosure principle D) Materiality concept TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 7) The comparability principle states that a business should use.

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  • 6) Which of the following concepts states that a company
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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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1) A company's computer data processing system consists of: A) personnel, records, procedures. B) software, hardware, personnel. C) general journal, special journal, general ledger. D) none of the above 2) The main computer in a network, where the program and data are stored, is called the: A) hardware. B) server. C) software. D) database. 3) The set of programs that.

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  • 1) A company's computer data processing system consists of: A) personnel,
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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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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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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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