Answered: Which one of the following reflects a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. 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

2. The debit balance in Cash Short and Over at the end of an accounting period is reported as

A. income on the income statement

B. an asset on the balance sheet

C. an expense on the income statement

D. a liability on the balance sheet

3. A bank reconciliation should be prepared periodically because

A. the bank must make sure that its records are correct

B. 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

C. the bank has not recorded all of its transactions

D. the company's records and the bank's records are in agreement

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