ACC 556 Week 4 Homework

1. The most important element of the fraud triangle is rationalization.


2. Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.


3. Under an effective system of internal control, errors occur only as a result of fraud or dishonesty.


4. Control over cash disbursements is improved if major expenditures are paid by check.


5. Cash equivalents are highly liquid investments that can be converted into a specific amount of cash.


6. Which of the following is not one of the main factors that contribute to fraudulent activity?


7. Under the concept of establishment of responsibility, how many people should have the ultimate responsibility?


8. A consequence of separation of duties is that


9. In large companies, the independent internal verification procedure is often assigned to


10. Sam’s Grocery Store has the following policy. ‘Only one cashier can have access to a cash drawer.’ Which internal control principle supports this policy?


11. Supervisors counting cash receipts daily is an example of


12. All of the following are true regarding bank statements except


13. Which of the following would be added to the balance per bank on a bank reconciliation?


14. Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry:


15. Clark Company developed the following reconciling information in preparing its September bank reconciliation:
    
    Cash balance per bank, 9/30                               $30,800
    
    Note receivable collected by bank                         16,800
    
    Outstanding checks                                               25,200
    
    Deposits in transit                                                  12,600
    
    Bank service charge                                                   210
    
    NSF check                                                               3,360Using the above information, determine the cash balance per books (before adjustments) for the Clark Company.


16. Of the following employees, who should prepare the bank reconciliation?


17. In the month of May, Lopat Company Inc. wrote checks in the amount of $55,500. In June, checks in the amount of $75,948 were written. In May, $50,808 of these checks were presented to the bank for payment, and $65,298 in June. What is the amount of outstanding checks at the end of May?


18. All of the following are true regarding the management and monitoring of cash except


19. Match the items below by entering the appropriate code letter in the space provided.

Course Home Work aims to provide quality study notes and tutorials to the students of ACC 556 Week 4 Homework in order to ace their studies.

Course Home Work – Best Home Work Tutorials

ACC 556 Week 4 Homework

Course Home Work, ACC 556 Week 4 Homework, Home Work Tutorials, Home Work Solutions, Home Work Essay, Home Work Questions.ACC 565 Wk 7 Assignment 3, ACC403 w4ek 2 assignment, ACC565 Week 10, ACCT 212 (Financial Accounting),  ACCT 344 (Entire Course) – Devry, ACCT 344 Final Exam Latest 2014 – Devry,  ACCT 346 (Managerial Accounting), ACCT 346 Midterm Exam Updated DeVry, ACCT 504, ACCT 504 Week 8, ACCT 553, ART 101 Week 8, Ashford BUS 401, ASHFORD BUS 640, Ashford HIS 204, ASHFORD MAT 222 Week 3, BA 215 (Business Statistics), BA 215 All Assignments Week 1 -8 – Grantham, BA 225, BA 260, BA 265 (Business Law II), BA 265 (Business Law II) FINAL EXAM, BA 340 All Course Assignments, BA 340 Human Resource, BA 370 (Employment Law), BA 405 Multinational Management, BA 470 Week 3 – 5 – 6 – 7, BA 470 Entrepreneurship, BA350 Principles Of Finance, BIS 155 Final Exam – DeVry, BIS 220 Final Exam, BSOP 429, BSOP 434 Entire Course – Devry, BUS 303 Week 2, BUS 303 Week 3, BUS 303 Week 5, BUS 311 Business Law, BUS 330 Week 1, BUS 330 Week 3, BUS 330 Week 5, BUS 401 Week 4 DQ 1, BUS 401 Week 4 DQ 2, BUS 402 WEEK 4, BUS 405 (Principles of Investment), BUS 475, BUS 475 Final Exam 100 MCQS, BUS 475 Final Exam 600 MCQS, BUS 599 (STRAYER), BUS 599 Assignment, BUS 620 Week 4, BUS 640 Week 1, BUS499 Asignment 4, BUS508 Asignment 1, BUS499 Assignment 3.

 

ACC 556 Week 4 Homework