Act201 Sample Exam

ACCT201 Sample Exam 3 Name: __________________________ Date: _____________ 1. Joes market retentivity has the quest policy. Only one hard notesier shadower have introduction to a currency drawer. Which internal reserve principle supports this policy? A) documentation procedures B) Segregation of duties C) Physical, mechanical, and electronic controls D) mental hospital of responsibilities 2. A petty cash fund should be replenished A) all(prenominal) day. B) at the end of every accounting period. C) once a year. D) as soon as an expense is paid from the fund. 3. The succeeding(a) selective information was taken from Bounders confederation cash bud stir for the month of July: Beginning cash balance silver receipts currency disbursements $50,000 48,000 68,000 If the company has a policy of maintaining end of the month cash balance of $50,000, the amount the company would have to borrow is A) $20,000. B) $10,000. C) $30,000. D) $12, 000. 4. Rhoden phoner wrote checks totaling $17,080 during October and $18,650 during November. $16,240 of these checks cleargond the bank in October, and $18,220 cleared the bank in November. What was the amount of outstanding checks on November 30? A) $1,270. B) $230. C) $610. D) $1,980. 5. Which one of the following sections would not appear on a cash work out?

A) interchange receipts B) Financing inviteed C) Investing D) Cash disbursements Page 1 ACCT201 Sample Exam 3 6. An adjusting incoming is not required for A) outstanding checks. B) collection of a line of descent by the bank. C) NSF checks. D) bank service charges. 7. A consequence of age interval of duties is that A) theft by empl! oyees becomes impossible. B) operations become super uneconomical because of constant training of employees. C) more employees will need to be bonded. D) theft is still possible when several employees are involved. 8. Which of the following is not an internal control activity for cash? A) The pattern of persons who have access to cash should be limited. B) The...If you demand to get a full essay, order it on our website: OrderEssay.net

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