Question

accounting help needed!! When a firm uses internal auditors, it is adhering to which one of the following inte?

4. When a firm uses internal auditors, it is adhering to which one of the following internal control elements?
a.risk assessment
b.monitoring
c.proofs and security measures
d.separating responsibilities for related operations

5. On the bank's accounting records, customers' accounts are normally shown as
a.debit balances
b.expenses
c.an asset
d.a liability

6. A bank statement
a.is a credit reference letter written by the depositor's bank.
b.lets a depositor know 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 depositor's account balance

7. Which one of the following would not cause a bank to debit a depositor's account?
a.Bank service charge
b.Collection of a note receivable
c.Checks marked NSF
d.Wiring of funds to other locations

8. A person authorized to write checks drawn on a checking account at a bank must sign and have on file with the bank a
a.signature card
b.deposit ticket
c.checkbook
d.bank card

9. A bank reconciliation should be prepared periodically because
a.the depositor'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 depositor'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

10. 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

6 years ago - 1 answers

Best Answer

Chosen by Asker

4. b
5. d
6. d
7. b
8. a
9. c
10. b

6 years ago