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Thursday, February 14, 2013

Act201 Sample Exam

ACCT201

Sample Exam 3

Name: __________________________ Date: _____________
1. Joes Grocery retentivity has the quest policy. Only one hard cashier can have introduction to a
cash drawer. Which internal control principle supports this policy?
A) documentation procedures
B) Segregation of duties
C) Physical, mechanical, and electronic controls
D) Establishment of responsibilities
2. A petty cash fund should be replenished
A) all(prenominal) day.
B) at the end of every accounting period.
C) once a year.
D) as soon as an expense is paid from the fund.
3. The following information was taken from Bounders confederation cash bud stir for the
month of July:
Beginning cash balance
silver receipts
currency disbursements

$50,000
48,000
68,000

If the company has a policy of maintaining end of the month cash balance of
$50,000, the amount the company would have to borrow
is
A) $20,000.
B) $10,000.
C) $30,000.
D) $12,000.
4. Rhoden caller-up wrote checks totaling $17,080 during October and $18,650 during
November. $16,240 of these checks cleared the bank in October, and $18,220
cleared the bank in November. What was the amount of outstanding checks on
November 30?
A) $1,270.
B) $230.
C) $610.
D) $1,980.
5. Which one of the following sections would not appear on a cash budget?

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A) Cash receipts
B) Financing needed
C) Investing
D) Cash disbursements

Page 1

ACCT201

Sample Exam 3

6. An adjusting submission is not required for
A) outstanding checks.
B) collection of a contrast by the bank.
C) NSF checks.
D) bank service charges.
7. A consequence of time interval of duties is that
A) theft by employees becomes impossible.
B) operations become extremely uneconomical because of constant training of
employees.
C) more employees will need to be bonded.
D) theft is still possible when several employees are involved.
8. Which of the following is not an internal control activity for cash?
A) The pattern of persons who have access to cash should be limited.
B) The...If you want to get a full essay, order it on our website: Ordercustompaper.com



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