I HAVE ONLY 1 HOUR TO ANSWER THESE, PLEASE HELP IF YOU CAN(ONLY 10 QUESTIONS)


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I HAVE ONLY 1 HOUR TO ANSWER THESE, PLEASE HELP IF YOU CAN(ONLY 10 QUESTIONS) 1 answer below » 1. A bank reconciliation should be prepared periodically because (Points : 2) the depositor%u2019s records and the bank%u2019s records are in agreement. the bank has not recorded all of its transactions. any differences between the depositor%u2019s records and the bank%u2019s records should be determined, and any errors
made by either party should be discovered and corrected. the bank must make sure that its records are correct. View complete question » 2. The bank reconciliation (Points : 2) should be prepared by an employee 1. A bank reconciliation should be prepared periodically because (Points : 2) the depositor%u2019s records and the bank%u2019s records are in agreement. the bank has not recorded all of its transactions. any differences between the depositor%u2019s records and the bank%u2019s records should be determined, and any errors
made by either party should be discovered and corrected. the bank must make sure that its records are correct. 2. The bank reconciliation (Points : 2) should be prepared by an employee who records cash transactions. is part of the internal control system. is for information purposes only. is sent to the bank for verification. 3. A firm%u2019s internal control environment is influenced by (Points : 2) Management%u2019s operating style. organizational structure. personnel policies. all of these. 4. A special cash fund used to make small payments that occur frequently is called a(n) (Points : 2) operating expenses fund. change fund. market fund. petty cash fund. 5. Which of the following would be added to the balance per books on a bank reconciliation? (Points : 2) Service charges Outstanding checks Deposits in transit Notes collected by the bank 6. A minimum cash balance required by a bank is called (Points : 2) cash in bank. cash equivalent. compensating balance. EFT. 7. The Sarbanes-Oxley Act of 2002 requires companies and their independent accountants to (Points : 2) report on the financial activities of the company. report on any fraud and theft detected in the company. report on the state of the economy and likelihood of fraud. report on the effectiveness of the company%u2019s internal controls. 8. Which of the following is NOT defined as cash? (Points : 2) Coins Checks Money orders Commercial paper 9. Which of the following elements of internal control focuses upon locating weaknesses and improving control
effectiveness? (Points : 2) The control environment Risk assessment Control procedures Monitoring 10. Requiring employees to take annual vacations is part of which element of internal control? (Points : 2) The control environment Risk assessment Control procedures Monitoring View less » Dec 08 2013 01:25 AM

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