Accounting Final Exam Part 1
a. Safeguard company assets
b. Overstate liabilities in order to be conservative
c. Enhance the accuracy and reliability of accounting records
d. Reduce the risks of errors
a. an extensive marketing plan.
b. bonding of employees.
c. separation of duties.
d. recording of all transactions.
a. Cost of establishing control procedures should not exceed their benefit
b. The human element
d. The size of the company
a. may be subject to charges of fraud.
b. will be automatically dissolved.
c. may be subject to fines and officer imprisonment.
d. may be forced to sell their assets.
a. have access to the accounting records for that asset.
b. be someone outside the company.
c. not have access to the accounting records for that asset.
d. be an accountant.
a. prepaid insurance.
internal control activities?
a. Separation of duties
b. Limited access to assets
c. Periodic independent verification
d. Sound personnel procedures
a. bonding the employees.
b. getting the owner actively involved.
c. hiring only honest employees.
d. holding one person responsible for a given set of transactions.
a. other controls.
b. establishment of responsibility.
c. physical controls.
d. documentation procedures.
a. lets a depositor know the financial position of the bank as of a certain date.
b. is a credit reference letter written by the depositor’s bank.
c. is a bill from the bank for services rendered.
d. shows the activities that increased or decreased the depositor’s account balance.
a. Bank service charge
b. Collection of a note receivable
c. Wiring of funds to other locations
d. Checks marked NSF
c. debit memorandum.
d. credit memorandum.
a. Outstanding checks
b. Deposits in transit
c. Notes collected by the bank
d. Service charges
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