31/7/2021 Thẻ ghi nhớ: Chapter 7, 8, 9 Practice Quizzes | Quizlet

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Chapter 7, 8, 9 Practice Quizzes

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Thuật ngữ trong học phần này (81)

Which of the following is NOT a The elimination of auditor reporting on a company's internal controls
desired result of the Sarbanes-
Oxley Act?

A. Effective internal controls over

the preparation of financial
statements

B. The deterring of fraud and theft

C. The elimination of auditor

reporting on a company's internal
controls

D. Strong internal controls over the

recording of transactions

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The Internal Control—Integrated Design, analyze, and evaluate internal controls

Framework was issued by the

Committee of Sponsoring - Internal Control—Integrated Framework is the widely accepted

Organizations of the Treadway standard by which companies design, analyze, and evaluate internal
Commission and provides a controls.
framework that is the widely
accepted standard by which
companies

Which of the following is not a Complete elimination of fraud and theft

result or characteristic of the
Sarbanes-Oxley Act?

a. Effective internal controls over

the preparation of financial
statements

b. Restoration of public confidence

and trust in the financial statements
of companies

c. Complete elimination of fraud

and theft

d. Strong internal controls over the

recording of transactions

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Which one of the following is not Management's philosophy and operating style
an element of internal control?

a. Monitoring

b. Management's philosophy and

operating style

c. Control procedures

d. Risk assessment

If the same person orders supplies, All of these choices are correct

verifies receipt of the supplies, and

pays the supplier, which of the

following is a possible negative The possible + results of such an employee's diversified responsibilities
result?
are outweighed by all of these negative results
a. Supplies may be stolen by the
employee.

b. Orders may be placed on the

basis of friendship rather than on
price and quality.

c. The quantity and quality of

supplies received may not be
verified, thus causing the company
to pay for supplies not received or
for poor-quality supplies.

d. All of these chthat might

occuroices are correct.

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Guarantee the company will make a profit

Internal control does NOT consist (Aid management in directing operations toward achieving business
of policies and procedures that goals

Ensure that business info is accurate

Protect assets from missuse

The term "cash" does NOT include notes receivable

Which of the following should NOT Certificates of deposit

be considered cash by an
accountant?

A. Coins

B. Traveler's check
C. Certificates of deposit

D. Money orders

The debit balance in Cash Short An expense on the income statement

and Over at the end of an
accounting period is reported as

debit memorandum that decreases the account balance.

An NSF check appears on the bank

statement as a
NSF --> Not sufficient funds check.

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Which one of the following would Interest earned by the account

not cause a bank to debit a
depositor's account?

A. Interest earned by the account

B. Wiring of the depositor's funds

to other locations

C. Checks marked NSF

D. Bank service charge

A bank correction of an error from credit memorandum that increases the account balance
recording a $50 check paid as
$500 appears on the bank
statement as a

Journal entries based on the bank NSF items

reconciliation are required in the
depositor's accounts for

The bank section of the bank Ends with the adjusted balance
reconciliation

A bank reconciliation has A bank section and a company section

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