Principles of Accounting Volume 119th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172685
Principles of Accounting Volume 1
Solutions for Principles of Accounting Volume 1
Problem 1MC:
Which of the following would a fraudster perceive as a pressure? A. lack of management oversight B....Problem 2MC:
Internal control is said to be the backbone of all businesses. Which of the following is the best...Problem 3MC:
What is the best way for owners of small businesses to maintain proper internal controls? A. The...Problem 4MC:
Which of the following is not considered to be part of the internal control structure of a company?...Problem 5MC:
There are several elements to internal controls. Which of the following would not address the issue...Problem 6MC:
A company is trying to set up proper internal controls for their accounts payable/inventory...Problem 7MC:
There are three employees in the accounting department: payroll clerk, accounts payable clerk, and...Problem 8MC:
Which one of the following documents is not needed to process a payment to a vendor? A. vendor...Problem 9MC:
What is the advantage of using technology in the internal control system? A. Passwords can be used...Problem 10MC:
Which of the following assets require the strongest of internal controls? A. inventory B. credit...Problem 11MC:
Which of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that...Problem 12MC:
The external auditor of a company has certain requirements due to Sarbanes-Oxley. Which of the...Problem 13MC:
Petty cash is used to ________. A. avoid having to use checks frequently B. make small payments C....Problem 14MC:
A company has decided to start a petty cash fund for $150. Which of the following is the correct...Problem 15MC:
Which of the following items are found on a book side of the bank reconciliation? A. beginning bank...Problem 16MC:
Which of the following are found on the bank side of the bank reconciliation? A. NSF check B....Problem 17MC:
What would be a reason a company would want to understate income? A. to help nudge its stock price...Problem 18MC:
What would be a reason a company would want to overstate income? A. to help nudge its stock price...Problem 19MC:
At what point does revenue recognition occur? A. When the purchase order is received B. When the...Problem 1Q:
What is an example of perceived opportunity as one of the three elements causing a person to commit...Problem 2Q:
What is an example of rationalization as one of the three elements causing a person to commit fraud?Problem 3Q:
What is an example of incentive as one of the three elements causing a person to commit fraud?Problem 5Q:
The information technology departments of all companies have significant and important roles in the...Problem 6Q:
What are the functions of the internal control?Problem 8Q:
What is the role of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board?Problem 10Q:
Is it required to have only one petty cashier or should the company appoint more than one person to...Problem 11Q:
Technology can be used to support a strong internal control system. Discuss how technology has...Problem 12Q:
What is the purpose of the bank reconciliation?Problem 13Q:
What should be done if differences are found between the bank statement and the book account?Problem 1EA:
Record the following transactions: A. Started a petty cash fund in the amount of $300. B....Problem 2EA:
Record the following transactions: A. Started a petty cash fund in the amount of $200. B....Problem 3EA:
Record the following transactions: A. Started a petty cash fund in the amount of $300. B....Problem 4EA:
Record the following transactions: A. Started a petty cash fund in the amount of $500. B....Problem 5EA:
The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding...Problem 6EA:
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes...Problem 7EA:
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance:...Problem 9EA:
Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance:...Problem 11EA:
Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance:...Problem 1EB:
Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished...Problem 2EB:
Record the following transactions: A. Started a petty cash fund in the amount of $260. B....Problem 3EB:
Record the following transactions: A. Started a petty cash fund in the amount of $340. B....Problem 4EB:
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B....Problem 5EB:
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding...Problem 6EB:
The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes...Problem 7EB:
Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance:...Problem 9EB:
Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance:...Problem 11EB:
Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...Problem 1PA:
On September 1, French company has decided to initiate a petty cash fund in the amount of $800....Problem 2PA:
On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...Problem 3PA:
Domingo Company started its business on January 1, 2019. The following transactions occurred during...Problem 5PA:
Inner Resources Company started its business on April 1, 2019. The following transactions occurred...Problem 7PA:
Identify where each of the following transactions would be found on the bank reconciliation. Table...Problem 8PA:
Which of the following transactions will require a journal entry? Indicate if it will be a debit or...Problem 9PA:
Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.Problem 11PA:
Inner Resources Company received the following bank statement. Using the information from PA11 and...Problem 1PB:
On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...Problem 2PB:
On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...Problem 3PB:
Hajun Company started its business on May 1, 2019. The following transactions occurred during the...Problem 5PB:
Lavender Company started its business on April 1, 2019. The following are the transactions that...Problem 7PB:
Identify where each of the following transactions would be found on the bank reconciliation. Table...Problem 8PB:
Which of the following transactions will require a journal entry? Indicate if it will be a debit or...Problem 9PB:
Hajun Company received the following bank statement. Using the information from PB9 and PB10,...Problem 11PB:
Leann Company received the following bank statement. Using the information from PB11 and PB12,...Problem 1TP:
A retail store normally has three people working in the evening. All of the employees have access to...Problem 2TP:
Visit a favorite eatery. Describe some of the internal controls that are implemented in the...Problem 3TP:
A manufacturing plant was finding a huge increase in the scrapping of raw materials. Its internal...Problem 4TP:
The vice president of finance asks the accounts payable (AP) clerk to write a check in the name of...Problem 5TP:
Even though technology has improved the internal control structure of a company, a supervisor cannot...Browse All Chapters of This Textbook
Chapter 1 - Role Of Accounting In SocietyChapter 2 - Introduction To Financial StatementsChapter 3 - Analyzing And Recording TransactionsChapter 4 - The Adjustment ProcessChapter 5 - Completing The Accounting CycleChapter 6 - Merchandising TransactionsChapter 7 - Accounting Information SystemsChapter 8 - Fraud, Internal Controls, And CashChapter 9 - Accounting For ReceivablesChapter 10 - Inventory
Sample Solutions for this Textbook
We offer sample solutions for Principles of Accounting Volume 1 homework problems. See examples below:
More Editions of This Book
Corresponding editions of this textbook are also available below:
CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
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