Question 1\u00a0
\nIn preparing a bank reconciliation, outstanding checks are
\n\u00a0
\ndeducted from the balance per bank.\u00a0
\nadded to the balance per bank.\u00a0
\ndeducted from the balance per books.\u00a0
\nadded to the balance per books.
\n\u00a0
\nQuestion 2\u00a0
\nWhich one of the following would not cause a bank to debit a depositor\u2019s account?
\n\u00a0
\nBank service charge\u00a0
\nChecks marked NSF\u00a0
\nWiring of funds to other locations\u00a0
\nCollection of a note receivable
\n\u00a0
\nQuestion 3\u00a0
\nRebekah Grace has worked for Specoly Inc., for 20 years without taking a vacation. An internal control feature that would address this situation would be
\n\u00a0
\ndocumentation procedures.\u00a0
\nestablishment of responsibility.\u00a0
\nphysical controls.\u00a0
\nother controls.
\n\u00a0
\nQuestion 4\u00a0
\nAn example of poor internal control is
\n\u00a0
\nThe custodian of an asset should not maintain or have access to the accounting records.\u00a0
\nThe accountant should not have physical custody of the asset nor access to it.\u00a0
\nOne person should be responsible for handling related transactions.\u00a0
\nA salesperson makes the sale, and a different person ships the goods.
\n\u00a0
\nQuestion 5\u00a0
\nJolene is warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates
\n\u00a0
\ndocumentation procedures are violated.\u00a0
\nindependent internal verification is violated.\u00a0
\nsegregation of duties is violated.\u00a0
\nestablishment of responsibility is violated.
\n\u00a0
\nQuestion 6\u00a0
\nAt June 30, Yaddof Company has the following bank information: cash balance per bank $1,800; outstanding checks $340; deposits in transit $275; credit memo for interest $75; bank service charge $10. What is Mareska\u2019s adjusted cash balance on June 30?
\n\u00a0
\n$1,865\u00a0
\n$1,800
\n$1,735 \u00a0 \u00a0 \u00a0
\n$1,810
\n\u00a0
\nQuestion 7\u00a0
\nIn the month of November, Kinsey Company Inc. wrote checks in the amount of $27,750. In December, checks in the amount of $37,974 were written. In November, $25,404 of these checks were presented to the bank for payment, and $32,649 were presented in December. What is the amount of outstanding checks at the end of December?
\n\u00a0
\n$7,671 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0
\n$10,224\u00a0
\n$7,245\u00a0
\n$2,346
\n\u00a0
\nQuestion 8\u00a0
\nA petty cash fund of $100 is replenished when the fund contains $4 in cash and receipts for $93. The entry to replenish the fund would
\n\u00a0
\ncredit Cash Over and Short for $3.\u00a0
\ndebit Miscellaneous Expense for $3.\u00a0
\ncredit Miscellaneous Revenue for $3.\u00a0
\ndebit Cash Over and Short for $3. \u00a0 \u00a0\u00a0
\n\u00a0
\nQuestion 9\u00a0
\nWinter Gloves Company had checks outstanding totaling $12,800 on its May bank reconciliation. In June, Winter Gloves Company issued checks totaling $79,800. The July bank statement shows that $71,400 in checks cleared the bank in July. A check from one of Winter Gloves Company\u2019s customers in the amount of $2,000 was also returned marked \u201cNSF.\u201d The amount of outstanding checks on Winter Gloves Company\u2019s July bank reconciliation should be
\n\u00a0
\n$19,200.\u00a0
\n$8,400.\u00a0
\n$23,200.\u00a0
\n$21,200. \u00a0 \u00a0 \u00a0
\n\u00a0
\nQuestion 10\u00a0
\nElectric Sunset Company gathered the following reconciling information in preparing its July bank reconciliation:
\n\u00a0
\nCash balance per books, 7\/31$22,000
\nDeposits in transit1,200
\nNotes receivable and interest collected by bank4,400
\nBank charge for check printing80
\nOutstanding checks8,000
\nNSF check680
\n\u00a0
\nThe adjusted cash balance per books on July 31 is
\n\u00a0
\n$25,640. \u00a0 \u00a0\u00a0
\n$26,840.\u00a0
\n$17,640.\u00a0
\n$18,840.
\n\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
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