Ebook Corporate Financial Accounting 15Th Edition Warren Test Bank Full Chapter PDF

Corporate Financial Accounting 15th
Edition Warren Test Bank

Visit to download the full and correct content document: https://testbankdeal.com/dow
nload/corporate-financial-accounting-15th-edition-warren-test-bank/
Chapter 07 - Internal Control and Cash
1. The Sarbanes-Oxley Act applies only to companies whose stock is traded on public exchanges.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
REFERENCES: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.07-01 - LO: 07-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.10 - Internal Control
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
DATE CREATED: 7/22/2017 6:21 PM
DATE MODIFIED: 10/16/2017 5:17 PM
2. Sarbanes-Oxley’s purpose is to maintain public confidence and trust in the financial reporting of companies.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Ethics
3. There are three internal control objectives and they are to safeguard the company's reputation, ensure accurate financial
reports, and ensure compliance with applicable laws.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Copyright Cengage Learning. Powered by Cognero. Page 1

BUSPROG: Ethics
4. The Sarbanes-Oxley Act requires that financial statements of all public companies report on management's conclusions
about the effectiveness of the company's internal control procedures.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
BUSPROG: Ethics
5. Sarbanes-Oxley requires companies to maintain strong and effective internal controls and thus deter fraud and prevent
misleading financial statements.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Ethics
6. The control environment in an internal control structure is the overall attitude of management and employees about the
importance of internal control.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
ACCT.AICPA.BB.01 - Industry
BUSPROG: Analytic
7. Separating the responsibilities for purchasing, receiving, and paying for equipment is an example of the control
procedure: separating operations, custody of assets, and accounting.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
8. Internal control is enhanced by separating the control of a transaction from the record-keeping function.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
9. A backlog in recording transactions is an example of a warning sign from the accounting system.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
10. Money orders are considered cash.

a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.ACBSP.APC.10 - Internal Control
BUSPROG: Analytic
11. A customer's check received in settlement of an account receivable is considered cash.

a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy

ACCREDITING STANDARDS: ACCT.ACBSP.APC.04 - Cash vs. Accrual
BUSPROG: Analytic
12. Businesses who have several bank accounts, petty cash, and cash on hand, would maintain a separate ledger account
for each type of cash.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
13. For a strong internal control system over cash, it is important to have the duties related to cash receipts and cash
payments divided among different employees.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
14. If the balance in Cash Short and Over at the end of a period is a credit, it indicates that cash shortages have exceeded
cash overages for the period.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
15. If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as an "other income" item
on the income statement.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements
BUSPROG: Analytic
16. An example of good internal controls over cash payments is the taking of all cash discounts offered.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
17. A voucher is a form on which is recorded pertinent data about a liability and the particulars of its payment.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
18. When the voucher system is used, the amount due on each voucher represents the credit balance of an account payable
if the voucher is in full payment to a creditor.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
19. A voucher system is an example of an internal control procedure over cash payments.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
20. A voucher is a written authorization to make a cash payment.

a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
21. The bank often informs the company of bank service charges by including a credit memo with the monthly bank
statement.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
ACCT.ACBSP.APC.11 - Bank Reconciliation
BUSPROG: Analytic
22. Bank customers are considered creditors of the bank so the bank shows their accounts with credit balances on the
bank's records.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
23. Depositing all cash, checks, etc. in a bank and paying with checks is an internal control procedure over cash.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
24. For efficiency of operations and better control over cash, a company should maintain only one bank account.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Bloom's: Remembering
Easy
BUSPROG: Analytic
25. In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bank statement.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
ACCREDITING STANDARDS: ACCT.ACBSP.APC.11 - Bank Reconciliation
BUSPROG: Analytic
26. In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per bank statement.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
27. In preparing a bank reconciliation, the amount indicated by a debit memo for bank service charges is added to the
balance per company's records.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic

28. In preparing a bank reconciliation, the amount of a canceled check omitted from the journal is added to the balance per
company's records.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
29. A check for $342 was erroneously charged by the bank as $432. In order for the bank reconciliation to balance, you
must add $90 to the bank statement balance.
a. True
b. False
ANSWER: True
POINTS: 1
Bloom's: Applying
BUSPROG: Analytic
30. If an adjustment for an NSF check is made in a company’s bank reconciliation, then the company must have written a
bad check during the month.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
31. The amount of the "adjusted balance" appearing on the bank reconciliation as of a given date is the amount that is
shown on the balance sheet for that date.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
32. All bank memos reported on the bank reconciliation require entries in the company's accounts.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
33. The bank reconciliation is an important part of the system of internal controls.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy

BUSPROG: Analytic
34. The main reason that the bank statement cash balance and the company's cash balance do not initially balance is due
to timing differences.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
35. The bank reconciles its statement to the company's records.

a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
36. In preparing a bank reconciliation, the amount indicated by a credit memo for a note receivable collected by the bank
is added to the balance per company's records.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
37. In preparing a bank reconciliation, the amount of an error indicating the recording of a check in the journal for an
amount larger than the amount of the check is added to the balance per company's records.
a. True
b. False
ANSWER: True
POINTS: 1
BUSPROG: Analytic
38. A check outstanding for two consecutive months will appear only on the first month's bank reconciliation.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic

39. After a bank reconciliation is completed, journal entries are prepared for items in the balance per company's records as
well as items in the balance per bank statement.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
40. A business that requires all cash payments be made by check can not use a petty cash system.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
41. In establishing a petty cash fund, a check is written for the amount of the fund and is recorded as a debit to Accounts
Payable and a credit to Petty Cash.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy

BUSPROG: Analytic
42. Expenditures from a petty cash fund are documented by a petty cash receipt.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
43. The sum of the money on hand and petty cash receipts in a petty cash fund will always be equal to the balance in the
petty cash account.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
44. When the petty cash fund is replenished, the petty cash account is credited for the total of all expenditures made since
the fund was last replenished.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
45. Most companies who have several bank accounts, petty cash, and cash on hand, would list each separately on the
balance sheet.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Bloom's: Remembering
Easy
BUSPROG: Analytic
46. A petty cash fund is used to pay relatively large amounts.

a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
47. The petty cash fund eliminates the need for a bank checking account.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
48. A compensating balance occurs when a bank may require a company to maintain a maximum cash balance.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
49. Cash equivalents include short-term investments that will be converted to cash within 120 days.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
50. Money market accounts, commercial paper, and U. S. Treasury bills are examples of cash equivalents.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
51. Sarbanes-Oxley applies to

a. publicly held companies
b. not-for-profit organizations
c. privately held businesses
d. all of these
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
BUSPROG: Ethics
52. "To maintain public confidence and trust in the financial reporting of companies" is the purpose of
a. the FASB
b. the IRS
c. Sarbanes-Oxley
d. GAAP
ANSWER: c
POINTS: 1
DIFFICULTY: Easy

BUSPROG: Ethics
53. Which one of the following below is not an element of internal control?
a. risk assessment
b. monitoring
c. information and communication
d. cost-benefit considerations
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
54. Which one of the following is not a factor that influences a business's control environment?
a. management's philosophy and operating style
b. organizational structure
c. proofs and security measures
d. personnel policies
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
55. When a firm uses internal auditors, it is adhering to which of the following internal control elements?
a. risk assessment
b. monitoring
c. proofs and security measures
d. information and communication
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
56. The objectives of internal control are to

a. control the internal organization of the accounting department personnel and equipment
b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information
is accurate, and laws and regulations are complied with
c. prevent fraud, and promote the social interest of the company
d. provide control over "internal-use only" reports and employee internal conduct
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
57. Which one of the following reflects a weak internal control system?
a. all employees are well supervised
b. a single employee is responsible for comparing a receiving report to an invoice
c. all employees must take their vacations
d. a single employee is responsible for collecting and recording of cash
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
58. Internal control does not consist of policies and procedures that
a. protect assets from misuse
b. ensure employees and managers comply with laws and regulations
c. guarantee the company will earn a profit
d. ensure that business information is accurate
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
59. A firm's internal control environment is not influenced by

a. management's operating style
b. organizational structure
c. personnel policies
d. monitoring policies
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
60. An element of internal control is

a. risk assessment
b. journals
c. subsidiary ledgers
d. controlling accounts
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
61. A necessary element of internal control is

a. database
b. systems design
c. systems analysis
d. information and communication
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
62. Which of the following should not be considered cash by an accountant?

a. money orders
b. bank checking accounts
c. postage stamps
d. travelers' checks
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
63. The cash account in the company's ledger is a(n)

a. asset with a normal debit balance
b. asset with a normal credit balance
c. liability with a normal debit balance
d. liability with a normal credit balance
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
ACCT.ACBSP.APC.15 - Current Assets Reporting
BUSPROG: Analytic
64. The portion of an invoice that is returned with payment is a

a. remittance advice
b. voucher
c. debit memo
d. credit memo
ANSWER: a
POINTS: 1
DIFFICULTY: Easy


BUSPROG: Analytic
65. The debit balance in Cash Short and Over at the end of an accounting period is reported as
a. an expense on the income statement
b. income on the income statement
c. an asset on the balance sheet
d. a liability on the balance sheet
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
66. Procedures designed to protect cash from theft and misuse from the time it is received until it can be deposited in a
bank are called
a. accounting controls
b. cash controls
c. FASB controls
d. GAAP controls
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
67. A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a(n)
a. invoice
b. voucher
c. debit memo
d. remittance advice
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
68. EFT
a. means Efficient Funds Transfer
b. can process certain cash transactions at less cost than by using the mail
c. makes it easier to document purchase and sale transactions
d. means Effective Funds Transfer
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
69. A voucher is usually supported by

a. a supplier's invoice
b. a purchase order
c. a receiving report
d. all of these
ANSWER: d
POINTS: 1
DIFFICULTY: Easy

BUSPROG: Analytic
70. Credit memos from the bank

a. decrease a bank customer's account
b. are used to show a bank service charge
c. show that a company has deposited a customer's NSF check
d. show the bank has collected a note receivable for the customer
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
71. Consider the following information taken from the cash account. Assume cash payments were 80% of collections.
Cash
?? Beginning balance
$115,375 Collections
?? Disbursements
$80,275 Ending balance
How much was the beginning balance of the cash account?

a. $57,200
b. $92,300
c. $103,350
d. $35,100
ANSWER: a
RATIONALE: Disbursements = 80% of collections = 80% × $115,375 = $92,300
Beginning balance of cash account = Ending balance + Disbursements – Collections =
$80,275 + $92,300 – $115,375 = $57,200

POINTS: 1
DIFFICULTY: Challenging
Bloom's: Applying
BUSPROG: Analytic
72. A bank statement

a. is a credit reference letter written by the company's bank
b. shows a company the financial position of the bank as of a certain date
c. is a bill from the bank for services rendered
d. shows the activity that increased or decreased the company's account balance
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
73. A debit or credit memo describing entries in the company's bank account may be enclosed with the bank
statement. An example of a credit memo is
a. deposited checks returned for insufficient funds
b. a promissory note left for collection
c. a service charge
d. notification that a customer's check for $375 was recorded by the company as $735 on the deposit ticket
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
74. A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. This item would
be included on the bank reconciliation as a(n)
a. addition to the balance per the company's records
b. addition to the balance per the bank statement
c. deduction from the balance per the bank statement
d. deduction from the balance per the company's records
ANSWER: a
POINTS: 1
BUSPROG: Analytic
75. A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is
required in the company's accounts?
a. debit Accounts Payable; credit Cash
b. debit Cash; credit Accounts Receivable
c. debit Cash; credit Accounts Payable
d. debit Accounts Receivable; credit Cash
ANSWER: c
POINTS: 1
BUSPROG: Analytic
76. A bank reconciliation should be prepared periodically because

a. the company's records and the bank's records are in agreement
b. the bank has not recorded all of its transactions
c. any differences between the company's records and the bank's records should be determined, and any errors
made by either party should be discovered and corrected
d. the bank must make sure that its records are correct
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
77. The bank reconciliation

a. should be prepared by an employee who records cash transactions
b. is part of the internal control system
c. is for information purposes only
d. is sent to the bank for verification
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
78. Journal entries based on the bank reconciliation are required in the company's accounts for
a. outstanding checks
b. deposits in transit
c. bank errors
d. book errors
ANSWER: d
POINTS: 1
DIFFICULTY: Easy


BUSPROG: Analytic
79. Accompanying the bank statement was a debit memo for bank service charges. On the bank reconciliation, the item is
a. a deduction from the balance per company's records
b. an addition to the balance per bank statement
c. a deduction from the balance per bank statement
d. an addition to the balance per company's records
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
80. Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the
company's accounts?
a. debit Miscellaneous Expense; credit Cash
b. debit Cash; credit Other Income
d. debit Accounts Payable; credit Cash
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
81. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. This item would
be included in the bank reconciliation as a(n)
a. deduction from the balance per the company's records

b. addition to the balance per the bank statement
c. deduction from the balance per the bank statement
d. addition to the balance per the company's records
ANSWER: a
POINTS: 1
BUSPROG: Analytic
82. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is
a. debit Accounts Payable; credit Cash
ANSWER: a
POINTS: 1
BUSPROG: Analytic
83. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300. This item would
be included on the bank reconciliation as a(n)
a. deduction from the balance per company's records
b. addition to the balance per bank statement
c. deduction from the balance per bank statement
d. addition to the balance per company's records
ANSWER: d
POINTS: 1

BUSPROG: Analytic
84. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the
company. This item is a(n)
ANSWER: d
POINTS: 1
BUSPROG: Analytic
85. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the
customer. What entry is required in the company's accounts?
a. debit Notes Receivable; credit Cash
b. debit Cash; credit Miscellaneous Income
c. debit Cash; credit Notes Receivable and Interest Revenue
ANSWER: c
POINTS: 1
BUSPROG: Analytic
86. The amount of deposits in transit is included on the bank reconciliation as a(n)
a. deduction from the balance per the company's books
b. deduction from the balance per bank statement
c. addition to the balance per bank statement
d. addition to the balance per company books
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
87. The amount of the outstanding checks is included on the bank reconciliation as a(n)
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
88. Which of the following items that appeared on the bank reconciliation did not require a journal entry?
a. bank service charges
c. NSF checks
d. a check for $630, recorded in the check register for $360
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
89. What entry is required in the company's accounts to record outstanding checks?
a. debit Accounts Receivable; credit Cash
d. no entry is required
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
90. Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be
included on the bank reconciliation as a(n)
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
91. Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is
a. debit Other Income; credit Cash
b. debit Cash; credit Other Income
c. debit Cash; credit Accounts Receivable
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
92. The amount of cash to be reported on the balance sheet at June 30 is the
a. total of the cash column in the cash receipts journal as of June 30
b. adjusted balance appearing in the bank reconciliation for June 30
c. total of the cash column in the cash payments journal as of June 30
d. balance as of June 30 on the bank statement
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
93. Which of the following would be deducted from the balance per books on a bank reconciliation?
a. service charges
b. outstanding checks
c. deposits in transit
d. notes collected by the bank
ANSWER: a

POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
94. Which of the following would be added to the balance per books on a bank reconciliation?
a. service charges
b. outstanding checks
c. deposits in transit
d. notes collected by the bank
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
95. Which of the following would be subtracted from the balance per books on a bank reconciliation?
c. notes collected by the bank
d. error by the company in recording a check for $732 as $723
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic


96. Which of the following would be subtracted from the balance per bank on a bank reconciliation?
c. notes collected by the bank
d. service charges
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
97. A bank reconciliation should be prepared

a. whenever the bank refuses to lend the company money
b. to explain any difference between the company's balance per books with the balance per bank
c. by the company's bank
d. by the person who is authorized to sign checks
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
98. Minor Company had checks outstanding totaling $19,200 on its April bank reconciliation. In May, Minor Company
issued checks totaling $64,900. The May bank statement shows that $47,600 in checks cleared the bank in May. A check
from one of Minor Company's customers of $300 was also returned marked "NSF." The amount of outstanding checks on
Minor Company's May bank reconciliation should be
a. $28,400
b. $36,800
c. $17,300
d. $36,500
ANSWER: d
RATIONALE: Amount of outstanding checks on the May bank reconciliation = Outstanding checks
appearing on the April bank reconciliation + Checks issued in May – Checks cleared
in May = $19,200 + $64,900 – $47,600 = $36,500
POINTS: 1
Bloom's: Applying
BUSPROG: Analytic
99. Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate
the adjusted cash balance per books on May 31.
Cash balance per books, 5/31 $5,400

Deposits in transit 375
Notes receivable and interest collected by bank 650
Bank charge for check printing 40
Outstanding checks 2,400
NSF check 140
a. $5,870
b. $6,245
c. $4,930
d. $3,845
ANSWER: a
RATIONALE: Adjusted cash balance per books on May 31 = Cash balance per books on May 31 +
Notes receivable and interest collected by bank – Bank charge for check printing –
NSF check = $5,400 + $650 – $40 – $140 = $5,870
POINTS: 1
Bloom's: Applying
BUSPROG: Analytic
100. Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation.
Calculate the adjusted cash balance per books on September 30.
Cash balance per books, 9/30 $2,750

Deposits in transit 200
Notes receivable and interest collected by bank 630
Bank charge for check printing 50
NSF check 290
a. $5,130
b. $3,690
c. $3,040
d. $1,590
ANSWER: c
RATIONALE: Adjusted cash balance per books on September 30 = Cash balance per books on
September 30 + Notes receivable and interest collected by bank – Bank charge for
check printing – NSF check = $2,750 + $630 – $50 – $290 = $3,040
POINTS: 1
Bloom's: Applying
BUSPROG: Analytic
101. Jamison Company gathered the following reconciling information in preparing its June bank reconciliation:
Cash balance per bank, 6/30 $13,000

Note receivable collected by bank 4,000
Deposits in transit 2,500
Bank service charge 35
NSF check 1,900
Using the above information, determine the cash balance per books (before adjustments) for Jamison Company.
a. $8,065
b. $10,565
c. $15,065
d. $6,435
ANSWER: d
RATIONALE: Adjusted balance = Cash balance per bank on June 30 + Deposits in transit –
Outstanding checks = $13,000 + $2,500 – $7,000 = $8,500
Cash balance per books (before adjustment) = Adjusted balance + NSF checks + Bank
service charge – Note receivable collected by bank = $8,500 + $1,900 + $35 – $4,000
= $6,435
POINTS: 1
Bloom's: Applying
BUSPROG: Analytic
102. Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation:
Cash balance per bank, 10/31 $17,000

Note receivable collected by bank 4,800
Deposits in transit 3,000
Bank service charge 50
NSF check 2,300
Using the above information, determine the cash balance per books (before adjustments) for Thompson Corporation.
a. $11,050
b. $19,450
c. $15,950
d. $11,150
ANSWER: a
RATIONALE: Adjusted balance = Cash balance per bank on October 31 + Deposits in transit –
Outstanding checks = $17,000 + $3,000 – $6,500 = $13,500
Cash balance per books (before adjustments) = Adjusted balance + NSF checks +
Bank service charge – Note receivable collected by bank = $13,500 + $2,300 + $50 –
$4,800 = $11,050
POINTS: 1
Bloom's: Applying
BUSPROG: Analytic
103. During a bank reconciliation process,

a. outstanding checks and deposits in transit are added to the bank statement balance
b. outstanding checks are subtracted and deposits in transit are added to the bank statement balance
c. outstanding checks and deposits in transit are subtracted from the bank statement balance
d. outstanding checks are added and deposits in transit are subtracted from the bank statement balance
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
104. The following data were gathered to use in reconciling the bank account of Savannah Company:
Balance per bank $16,750

Balance per company records 16,125
Bank service charges 80
Deposit in transit 2,195
NSF check 950
What is the adjusted balance on the bank reconciliation?

a. $14,470
b. $10,705
c. $15,095
d. $15,720
ANSWER: c
RATIONALE: Adjusted balance from bank section of reconciliation = Balance as per bank + Deposit
in transit – Outstanding checks = $16,750 + $2,195 – $3,850 = $15,095
Adjusted balance from company section of reconciliation = Balance as per company
records – Bank service charges – NSF check = $16,125 – $80 – $950 = $15,095
POINTS: 1
Bloom's: Applying
BUSPROG: Analytic

105. In the normal operation of business, you receive a check from a customer and deposit it into your checking account.
With your bank statement you are advised that this check for $775 is “NSF.” The bank also informs you that due to the
amount of activity on your business account the monthly service charge is $75. During a bank reconciliation, you will
a. subtract both values from balance according to bank
b. add both values to balance according to books
c. add both values to balance according to bank
d. subtract both values from balance according to books
ANSWER: d
POINTS: 1
Bloom's: Applying
BUSPROG: Analytic
106. A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include
a
a. credit to Petty Cash for $29
b. debit to Cash for $83
c. debit to Cash Short and Over for $13
d. credit to Cash for $54
ANSWER: c
RATIONALE: Cash short and over amount = Petty cash fund – Cash in petty cash fund – Cash
receipts = $150 – $54 – $83 = $13
The journal entry to replenish the account would include a debit to Cash Short and
Over account for $13.
POINTS: 1
DIFFICULTY: Easy
Bloom's: Applying
BUSPROG: Analytic
107. A $135 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account would
include a
a. credit to Petty Cash for $120
b. debit to Cash for $120
c. credit to Cash Short and Over for $3
d. credit to Cash for $102
ANSWER: c
RATIONALE: Cash short and over amount = Cash in petty cash fund + Cash receipts – Petty cash
fund = $18 + $120 – $135 = $3
The journal entry to replenish the account would include a credit to Cash Short and
Over account for $3.
POINTS: 1
DIFFICULTY: Easy
Bloom's: Applying
BUSPROG: Analytic
108. Entries are made to the petty cash account when

a. making payments out of the fund
b. recording shortages in the fund
c. replenishing the petty cash fund
d. establishing the fund
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
109. The type of account and normal balance of Petty Cash is a(n)
a. revenue, credit
b. asset, debit

c. liability, credit
d. expense, debit
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
110. The debit recorded in the journal to reimburse the petty cash fund is to
a. Petty Cash
b. Accounts Receivable
c. Cash
d. various accounts for which the petty cash was disbursed
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
BUSPROG: Analytic
111. A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account would
include a credit to
a. Cash for $20
b. Cash Short and Over for $3
c. Petty Cash for $190
d. Cash for $180
ANSWER: d
RATIONALE: Amount required to replenish the petty cash fund = Petty cash fund – Cash remaining
in the petty cash fund = $200 – $20 = $180
The journal entry to replenish the account would include a credit to Cash for $180.

Another random document with
no related content on Scribd:
CENTENARY EDITION
The Positive Outcome of Philosophy

By Josef Dietzgen
One of the best books we have ever published is THE POSITIVE

OUTCOME OF PHILOSOPHY. We have sold many thousands of
Josef Dietzgen’s books, and readers everywhere have testified to
their educational value and to the enjoyment and enlightenment they
obtained from the study of Dietzgen.
December 9th, 1928, was the hundredth anniversary of the birth of
Josef Dietzgen. To commemorate the event we published, with the
kind assistance of his son, Eugen Dietzgen, a new translation of
THE POSITIVE OUTCOME OF PHILOSOPHY. This new translation
from the original German is by W. W. Craik, an Englishman, resident
of Hamburg.
Good as our former edition was, we do not hesitate to assert that
this translation is immensely superior. It is in clear and expressive
English, which simplifies the study. Craik has certainly done his work
well.
To those who have formerly read the philosophy of Josef Dietzgen,
it is not necessary to comment upon its merits, but to those who
have not yet participated in this pleasure we wish to give here a brief
outline of its content.
It deals with the nature and substance of thinking. It strips the
human mind of the mysticism that is usually attached to it, and
shows the functioning of the brain as a perfectly natural process.
Just as Karl Marx and Frederick Engels traced history and
economics along evolutionary lines, to the logical conclusion that a
new social order is inevitable, so Josef Dietzgen traced the evolution
of human thought, as expressed through philosophy, to its positive
outcome. He shows that the natural sciences have taken over every
branch of the old-time philosophy, leaving only the thinking process
itself to be explained. This latter he accomplishes in a masterly
fashion in his chapter on “The Nature of Human Brain-Work.”
The Centenary Edition of THE POSITIVE OUTCOME OF
PHILOSOPHY is handsomely bound in maroon cloth with gold
stamping and contains a portrait of its famous author. Price $2.00,
postage paid.
CHARLES H. KERR & COMPANY

341 East Ohio Street, Chicago
ANTI-DÜHRING
Herr Eugene Dühring’s
Revolution in Science
By Frederick Engels
Also contains “The Mark” and the author’s introduction to “Socialism, Utopian and Scientific”
Part I treats with Philosophy, giving the most comprehensive

statement of Marx and Engels with regard to this question than
anywhere else in their published writings. Part II is, in effect, an
outline and introduction to the three volumes of Capital, along with
interesting data on the force theory and warfare and militarism. Part
III explains the basis of modern socialism in its entire range of
program, strategy and tactics.
Anti-Dühring is the only work compressing into one volume the
Marxian world-outlook in its relation to the various fields of
knowledge and science and the society of the future. Engels says of
this work: “I had to treat of all and every possible subject, from the
concepts of time and space to bimetallism; from the eternity of
matter and motion to the perishable nature of moral ideas; from
Darwin’s natural selection to the education of youth in a future
society. Anyhow, the systematic comprehensiveness of my opponent
gave me the opportunity of developing, in opposition to him, and in a
more connected form than had previously been done, the views held
by Marx and myself on this great variety of subjects. And that was
the principal reason which made me undertake this otherwise
ungrateful task.”
Price, postpaid, $2.00
Write for complete list

CHARLES H. KERR & COMPANY
341–349 E. Ohio St. Chicago, Illinois
Transcriber’s Notes:
Punctuation and spelling inaccuracies were silently
corrected.
Archaic and variable spelling has been preserved.
Variations in hyphenation and compound words have been
preserved.
*** END OF THE PROJECT GUTENBERG EBOOK MARXISM AND
DARWINISM ***
Updated editions will replace the previous one—the old editions

will be renamed.
Creating the works from print editions not protected by U.S.

copyright law means that no one owns a United States copyright
in these works, so the Foundation (and you!) can copy and
distribute it in the United States without permission and without
paying copyright royalties. Special rules, set forth in the General
Terms of Use part of this license, apply to copying and
distributing Project Gutenberg™ electronic works to protect the
PROJECT GUTENBERG™ concept and trademark. Project
Gutenberg is a registered trademark, and may not be used if
you charge for an eBook, except by following the terms of the
trademark license, including paying royalties for use of the
Project Gutenberg trademark. If you do not charge anything for
copies of this eBook, complying with the trademark license is
very easy. You may use this eBook for nearly any purpose such
as creation of derivative works, reports, performances and
research. Project Gutenberg eBooks may be modified and
printed and given away—you may do practically ANYTHING in
the United States with eBooks not protected by U.S. copyright
law. Redistribution is subject to the trademark license, especially
commercial redistribution.
START: FULL LICENSE

THE FULL PROJECT GUTENBERG LICENSE
PLEASE READ THIS BEFORE YOU DISTRIBUTE OR USE THIS WORK
To protect the Project Gutenberg™ mission of promoting the

free distribution of electronic works, by using or distributing this
work (or any other work associated in any way with the phrase
“Project Gutenberg”), you agree to comply with all the terms of
the Full Project Gutenberg™ License available with this file or
online at www.gutenberg.org/license.
Section 1. General Terms of Use and

Redistributing Project Gutenberg™
electronic works
1.A. By reading or using any part of this Project Gutenberg™
electronic work, you indicate that you have read, understand,
agree to and accept all the terms of this license and intellectual
property (trademark/copyright) agreement. If you do not agree to
abide by all the terms of this agreement, you must cease using
and return or destroy all copies of Project Gutenberg™
electronic works in your possession. If you paid a fee for
obtaining a copy of or access to a Project Gutenberg™
electronic work and you do not agree to be bound by the terms
of this agreement, you may obtain a refund from the person or
entity to whom you paid the fee as set forth in paragraph 1.E.8.
1.B. “Project Gutenberg” is a registered trademark. It may only

be used on or associated in any way with an electronic work by
people who agree to be bound by the terms of this agreement.
There are a few things that you can do with most Project
Gutenberg™ electronic works even without complying with the
full terms of this agreement. See paragraph 1.C below. There
are a lot of things you can do with Project Gutenberg™
electronic works if you follow the terms of this agreement and
help preserve free future access to Project Gutenberg™
electronic works. See paragraph 1.E below.
1.C. The Project Gutenberg Literary Archive Foundation (“the
Foundation” or PGLAF), owns a compilation copyright in the
collection of Project Gutenberg™ electronic works. Nearly all the
individual works in the collection are in the public domain in the
United States. If an individual work is unprotected by copyright
law in the United States and you are located in the United
States, we do not claim a right to prevent you from copying,
distributing, performing, displaying or creating derivative works
based on the work as long as all references to Project
Gutenberg are removed. Of course, we hope that you will
support the Project Gutenberg™ mission of promoting free
access to electronic works by freely sharing Project
Gutenberg™ works in compliance with the terms of this
agreement for keeping the Project Gutenberg™ name
associated with the work. You can easily comply with the terms
of this agreement by keeping this work in the same format with
its attached full Project Gutenberg™ License when you share it
without charge with others.
1.D. The copyright laws of the place where you are located also
govern what you can do with this work. Copyright laws in most
countries are in a constant state of change. If you are outside
the United States, check the laws of your country in addition to
the terms of this agreement before downloading, copying,
displaying, performing, distributing or creating derivative works
based on this work or any other Project Gutenberg™ work. The
Foundation makes no representations concerning the copyright
status of any work in any country other than the United States.
1.E. Unless you have removed all references to Project

Gutenberg:
1.E.1. The following sentence, with active links to, or other

immediate access to, the full Project Gutenberg™ License must
appear prominently whenever any copy of a Project
Gutenberg™ work (any work on which the phrase “Project
Gutenberg” appears, or with which the phrase “Project
Gutenberg” is associated) is accessed, displayed, performed,
viewed, copied or distributed:
This eBook is for the use of anyone anywhere in the United

States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it
away or re-use it under the terms of the Project Gutenberg
License included with this eBook or online at
www.gutenberg.org. If you are not located in the United
States, you will have to check the laws of the country where
you are located before using this eBook.
1.E.2. If an individual Project Gutenberg™ electronic work is

derived from texts not protected by U.S. copyright law (does not
contain a notice indicating that it is posted with permission of the
copyright holder), the work can be copied and distributed to
anyone in the United States without paying any fees or charges.
If you are redistributing or providing access to a work with the
phrase “Project Gutenberg” associated with or appearing on the
work, you must comply either with the requirements of
paragraphs 1.E.1 through 1.E.7 or obtain permission for the use
of the work and the Project Gutenberg™ trademark as set forth
in paragraphs 1.E.8 or 1.E.9.
1.E.3. If an individual Project Gutenberg™ electronic work is

posted with the permission of the copyright holder, your use and
distribution must comply with both paragraphs 1.E.1 through
1.E.7 and any additional terms imposed by the copyright holder.
Additional terms will be linked to the Project Gutenberg™
License for all works posted with the permission of the copyright
holder found at the beginning of this work.
1.E.4. Do not unlink or detach or remove the full Project

Gutenberg™ License terms from this work, or any files
containing a part of this work or any other work associated with
Project Gutenberg™.
1.E.5. Do not copy, display, perform, distribute or redistribute
this electronic work, or any part of this electronic work, without
prominently displaying the sentence set forth in paragraph 1.E.1
with active links or immediate access to the full terms of the
Project Gutenberg™ License.
1.E.6. You may convert to and distribute this work in any binary,
compressed, marked up, nonproprietary or proprietary form,
including any word processing or hypertext form. However, if
you provide access to or distribute copies of a Project
Gutenberg™ work in a format other than “Plain Vanilla ASCII” or
other format used in the official version posted on the official
Project Gutenberg™ website (www.gutenberg.org), you must, at
no additional cost, fee or expense to the user, provide a copy, a
means of exporting a copy, or a means of obtaining a copy upon
request, of the work in its original “Plain Vanilla ASCII” or other
form. Any alternate format must include the full Project
Gutenberg™ License as specified in paragraph 1.E.1.
1.E.7. Do not charge a fee for access to, viewing, displaying,

performing, copying or distributing any Project Gutenberg™
works unless you comply with paragraph 1.E.8 or 1.E.9.
1.E.8. You may charge a reasonable fee for copies of or

providing access to or distributing Project Gutenberg™
electronic works provided that:
• You pay a royalty fee of 20% of the gross profits you derive from
the use of Project Gutenberg™ works calculated using the
method you already use to calculate your applicable taxes. The
fee is owed to the owner of the Project Gutenberg™ trademark,
but he has agreed to donate royalties under this paragraph to
the Project Gutenberg Literary Archive Foundation. Royalty
payments must be paid within 60 days following each date on
which you prepare (or are legally required to prepare) your
periodic tax returns. Royalty payments should be clearly marked
as such and sent to the Project Gutenberg Literary Archive
Foundation at the address specified in Section 4, “Information
about donations to the Project Gutenberg Literary Archive
Foundation.”
• You provide a full refund of any money paid by a user who

notifies you in writing (or by e-mail) within 30 days of receipt that
s/he does not agree to the terms of the full Project Gutenberg™
License. You must require such a user to return or destroy all
copies of the works possessed in a physical medium and
discontinue all use of and all access to other copies of Project
Gutenberg™ works.
• You provide, in accordance with paragraph 1.F.3, a full refund of

any money paid for a work or a replacement copy, if a defect in
the electronic work is discovered and reported to you within 90
days of receipt of the work.
• You comply with all other terms of this agreement for free
distribution of Project Gutenberg™ works.
1.E.9. If you wish to charge a fee or distribute a Project

Gutenberg™ electronic work or group of works on different
terms than are set forth in this agreement, you must obtain
permission in writing from the Project Gutenberg Literary
Archive Foundation, the manager of the Project Gutenberg™
trademark. Contact the Foundation as set forth in Section 3
below.
1.F.
1.F.1. Project Gutenberg volunteers and employees expend

considerable effort to identify, do copyright research on,
transcribe and proofread works not protected by U.S. copyright
law in creating the Project Gutenberg™ collection. Despite
these efforts, Project Gutenberg™ electronic works, and the
medium on which they may be stored, may contain “Defects,”
such as, but not limited to, incomplete, inaccurate or corrupt
data, transcription errors, a copyright or other intellectual
property infringement, a defective or damaged disk or other
medium, a computer virus, or computer codes that damage or
cannot be read by your equipment.
1.F.2. LIMITED WARRANTY, DISCLAIMER OF DAMAGES -

Except for the “Right of Replacement or Refund” described in
paragraph 1.F.3, the Project Gutenberg Literary Archive
Foundation, the owner of the Project Gutenberg™ trademark,
and any other party distributing a Project Gutenberg™ electronic
work under this agreement, disclaim all liability to you for
damages, costs and expenses, including legal fees. YOU
AGREE THAT YOU HAVE NO REMEDIES FOR NEGLIGENCE,
STRICT LIABILITY, BREACH OF WARRANTY OR BREACH
OF CONTRACT EXCEPT THOSE PROVIDED IN PARAGRAPH
1.F.3. YOU AGREE THAT THE FOUNDATION, THE
TRADEMARK OWNER, AND ANY DISTRIBUTOR UNDER
THIS AGREEMENT WILL NOT BE LIABLE TO YOU FOR
ACTUAL, DIRECT, INDIRECT, CONSEQUENTIAL, PUNITIVE
OR INCIDENTAL DAMAGES EVEN IF YOU GIVE NOTICE OF
THE POSSIBILITY OF SUCH DAMAGE.
1.F.3. LIMITED RIGHT OF REPLACEMENT OR REFUND - If

you discover a defect in this electronic work within 90 days of
receiving it, you can receive a refund of the money (if any) you
paid for it by sending a written explanation to the person you
received the work from. If you received the work on a physical
medium, you must return the medium with your written
explanation. The person or entity that provided you with the
defective work may elect to provide a replacement copy in lieu
of a refund. If you received the work electronically, the person or
entity providing it to you may choose to give you a second
opportunity to receive the work electronically in lieu of a refund.
If the second copy is also defective, you may demand a refund
in writing without further opportunities to fix the problem.
1.F.4. Except for the limited right of replacement or refund set

forth in paragraph 1.F.3, this work is provided to you ‘AS-IS’,
WITH NO OTHER WARRANTIES OF ANY KIND, EXPRESS
OR IMPLIED, INCLUDING BUT NOT LIMITED TO
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR
ANY PURPOSE.
1.F.5. Some states do not allow disclaimers of certain implied

warranties or the exclusion or limitation of certain types of
damages. If any disclaimer or limitation set forth in this
agreement violates the law of the state applicable to this
agreement, the agreement shall be interpreted to make the
maximum disclaimer or limitation permitted by the applicable
state law. The invalidity or unenforceability of any provision of
this agreement shall not void the remaining provisions.
1.F.6. INDEMNITY - You agree to indemnify and hold the

Foundation, the trademark owner, any agent or employee of the
Foundation, anyone providing copies of Project Gutenberg™
electronic works in accordance with this agreement, and any
volunteers associated with the production, promotion and
distribution of Project Gutenberg™ electronic works, harmless
from all liability, costs and expenses, including legal fees, that
arise directly or indirectly from any of the following which you do
or cause to occur: (a) distribution of this or any Project
Gutenberg™ work, (b) alteration, modification, or additions or
deletions to any Project Gutenberg™ work, and (c) any Defect
you cause.
Section 2. Information about the Mission of

Project Gutenberg™
Project Gutenberg™ is synonymous with the free distribution of
electronic works in formats readable by the widest variety of
computers including obsolete, old, middle-aged and new
computers. It exists because of the efforts of hundreds of
volunteers and donations from people in all walks of life.
Volunteers and financial support to provide volunteers with the

assistance they need are critical to reaching Project
Gutenberg™’s goals and ensuring that the Project Gutenberg™
collection will remain freely available for generations to come. In
2001, the Project Gutenberg Literary Archive Foundation was
created to provide a secure and permanent future for Project
Gutenberg™ and future generations. To learn more about the
Project Gutenberg Literary Archive Foundation and how your
efforts and donations can help, see Sections 3 and 4 and the
Foundation information page at www.gutenberg.org.
Section 3. Information about the Project

Gutenberg Literary Archive Foundation
The Project Gutenberg Literary Archive Foundation is a non-
profit 501(c)(3) educational corporation organized under the
laws of the state of Mississippi and granted tax exempt status by
the Internal Revenue Service. The Foundation’s EIN or federal
tax identification number is 64-6221541. Contributions to the
Project Gutenberg Literary Archive Foundation are tax
deductible to the full extent permitted by U.S. federal laws and
your state’s laws.
The Foundation’s business office is located at 809 North 1500

West, Salt Lake City, UT 84116, (801) 596-1887. Email contact
links and up to date contact information can be found at the
Foundation’s website and official page at
www.gutenberg.org/contact
Section 4. Information about Donations to

the Project Gutenberg Literary Archive
Foundation
Project Gutenberg™ depends upon and cannot survive without
widespread public support and donations to carry out its mission
of increasing the number of public domain and licensed works
that can be freely distributed in machine-readable form
accessible by the widest array of equipment including outdated
equipment. Many small donations ($1 to $5,000) are particularly
important to maintaining tax exempt status with the IRS.
The Foundation is committed to complying with the laws

regulating charities and charitable donations in all 50 states of
the United States. Compliance requirements are not uniform
and it takes a considerable effort, much paperwork and many
fees to meet and keep up with these requirements. We do not
solicit donations in locations where we have not received written
confirmation of compliance. To SEND DONATIONS or
determine the status of compliance for any particular state visit
www.gutenberg.org/donate.
While we cannot and do not solicit contributions from states

where we have not met the solicitation requirements, we know
of no prohibition against accepting unsolicited donations from
donors in such states who approach us with offers to donate.
International donations are gratefully accepted, but we cannot

make any statements concerning tax treatment of donations
received from outside the United States. U.S. laws alone swamp
our small staff.
Please check the Project Gutenberg web pages for current

donation methods and addresses. Donations are accepted in a
number of other ways including checks, online payments and
credit card donations. To donate, please visit:
www.gutenberg.org/donate.
Section 5. General Information About Project

Gutenberg™ electronic works
Professor Michael S. Hart was the originator of the Project
Gutenberg™ concept of a library of electronic works that could
be freely shared with anyone. For forty years, he produced and
distributed Project Gutenberg™ eBooks with only a loose
network of volunteer support.
Project Gutenberg™ eBooks are often created from several

printed editions, all of which are confirmed as not protected by
copyright in the U.S. unless a copyright notice is included. Thus,
we do not necessarily keep eBooks in compliance with any
particular paper edition.
Most people start at our website which has the main PG search
facility: www.gutenberg.org.
This website includes information about Project Gutenberg™,

including how to make donations to the Project Gutenberg
Literary Archive Foundation, how to help produce our new
eBooks, and how to subscribe to our email newsletter to hear
about new eBooks.

Ebook Corporate Financial Accounting 15Th Edition Warren Test Bank Full Chapter PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Ebook Corporate Financial Accounting 15Th Edition Warren Test Bank Full Chapter PDF

Uploaded by

Copyright:

Available Formats

Corporate Financial Accounting 15th

Edition Warren Test Bank

LEARNING OBJECTIVES: FNMN.WAJO.19.07-01 - LO: 07-01

10. Money orders are considered cash.

11. A customer's check received in settlement of an account receivable is considered cash.

LEARNING OBJECTIVES: FNMN.WAJO.19.07-03 - LO: 07-03

DATE MODIFIED: 10/16/2017 5:17 PM

20. A voucher is a written authorization to make a cash payment.

Copyright Cengage Learning. Powered by Cognero. Page 10

HAS VARIABLES: False

35. The bank reconciles its statement to the company's records.

Copyright Cengage Learning. Powered by Cognero. Page 14

ACCT.ACBSP.APC.10 - Internal Control

46. A petty cash fund is used to pay relatively large amounts.

DATE MODIFIED: 10/16/2017 5:17 PM

51. Sarbanes-Oxley applies to

QUESTION TYPE: Multiple Choice

56. The objectives of internal control are to

59. A firm's internal control environment is not influenced by

60. An element of internal control is

61. A necessary element of internal control is

62. Which of the following should not be considered cash by an accountant?

63. The cash account in the company's ledger is a(n)

64. The portion of an invoice that is returned with payment is a

Copyright Cengage Learning. Powered by Cognero. Page 24

HAS VARIABLES: False

69. A voucher is usually supported by

Copyright Cengage Learning. Powered by Cognero. Page 26

70. Credit memos from the bank

How much was the beginning balance of the cash account?

Copyright Cengage Learning. Powered by Cognero. Page 27

72. A bank statement

76. A bank reconciliation should be prepared periodically because

77. The bank reconciliation

Copyright Cengage Learning. Powered by Cognero. Page 30

LEARNING OBJECTIVES: FNMN.WAJO.19.07-05 - LO: 07-05

a. deduction from the balance per the company's records

Copyright Cengage Learning. Powered by Cognero. Page 32

DATE MODIFIED: 10/16/2017 5:17 PM

DATE MODIFIED: 10/16/2017 5:17 PM

Copyright Cengage Learning. Powered by Cognero. Page 36

Copyright Cengage Learning. Powered by Cognero. Page 37

DATE CREATED: 7/22/2017 6:21 PM

97. A bank reconciliation should be prepared

Cash balance per books, 5/31 $5,400

Cash balance per books, 9/30 $2,750

Cash balance per bank, 6/30 $13,000

Cash balance per bank, 10/31 $17,000

103. During a bank reconciliation process,

Balance per bank $16,750

What is the adjusted balance on the bank reconciliation?

Copyright Cengage Learning. Powered by Cognero. Page 42

DATE MODIFIED: 10/16/2017 5:17 PM

108. Entries are made to the petty cash account when

Copyright Cengage Learning. Powered by Cognero. Page 44

Copyright Cengage Learning. Powered by Cognero. Page 45

The Positive Outcome of Philosophy

One of the best books we have ever published is THE POSITIVE

CHARLES H. KERR & COMPANY

Part I treats with Philosophy, giving the most comprehensive

Write for complete list

Updated editions will replace the previous one—the old editions

Creating the works from print editions not protected by U.S.