Needing some quick accounting help?

Needing some quick accounting help?

Postby ahtunowhiho77 » Tue Apr 12, 2011 12:34 pm

1. The purpose of the Sarbanes-Oxley Act of 2002 is to (Points: 2)
a restore public confidence and trust in the financial statements of publicly held companies.
b require all companies to prepare financial statements.
c protect companies from demands of investors, stockholders, and creditors.
d do all of these.


2. The objectives of internal control are to (Points: 2)
a control the internal organization of the accounting department personnel and equipment.
b provide reasonable assurance that assets are safeguarded, information is processed accurately, and laws and regulations are complied with.
c prevent fraud and promote the social interest of the company.
d provide control over "internal-use only" reports and employee internal conduct.


3. Requiring employees to take annual vacations is part of which element of internal control? (Points: 2)
a The control environment
b Risk assessment
c Control procedures
d Monitoring


4. Separating the custody of assets from accounting for assets is a part of which element of internal control? (Points: 2)
a Information and communication
b Monitoring
c Control procedures
d The control environment


5. Which of the following elements of internal control focuses upon locating weaknesses and improving control effectiveness? (Points: 2)
a The control environment
b Risk assessment
c Control procedures
d Monitoring


6. A bank reconciliation should be prepared periodically because (Points: 2)
a the depositor's records and the bank's records are in agreement.
b the bank has not recorded all of its transactions.
c any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected.
d the bank must make sure that its records are correct.


7. Which of the following would be deducted from the balance per books on a bank reconciliation? (Points: 2)
a Service charges
b Outstanding checks
c Deposits in transit
d Notes collected by the bank


8. A minimum cash balance required by a bank is called (Points: 2)
a cash in bank.
b cash equivalent.
c compensating balance.
d EFT.


9. Which of the following should NOT be considered cash by an accountant? (Points: 2)
a Money orders
b Bank checking accounts
c Postage stamps
d Travelers' checks


10. Receipts from cash sales of $7,500 were recorded incorrectly as $5,700. What adjustment is required in the depositor's accounts? (Points: 2)
a Decrease Sales; decrease Cash
b Increase Cash; decrease Accounts Receivable
c Increase Cash; increase Sales
d Increase Accounts Receivable; decrease Cash
ahtunowhiho77
 
Posts: 61
Joined: Mon Feb 28, 2011 5:20 am



Needing some quick accounting help?

Postby fairleigh86 » Tue Apr 12, 2011 12:36 pm

If you are too lazy to do your own homework then just pick c.
fairleigh86
 
Posts: 86
Joined: Tue Feb 01, 2011 12:49 pm




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