accounting chapter 7

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Control environment is influenced by all of the following primary factors except

Changes in personnel that make up the internal audit team

The ratio of cash to monthly cash expense is calculated as

Cash as of year end / monthly cash expense

Cash equivalents include

Money market funds , u.s treasury bills commercial paper

Cash equivalents:

Are investments in highly liquid investments that earn interest

The internal control

Design analyze and evaluate internal controls

A check drawn by a depositor for $510 in payment of a liability was recorded in the journal as $150. What entry is required in the depositors accounts?

Debit accounts payable $360 credit cash $360

An NSF check appears on the bank statement as a

Debit memorandum that decreases the account balance NSF is a non sufficient fund check the check was previously deposited into the account but when it is NSF the balance must then be reduced therefor an NSF check appears in the bank statement as a debit memorandum that decreases the account balance

The petty cash fund should be replenished for the

Amount needed to bring the petty cash fund back I it’s established amount Petty cash is replenished by the difference between the balance sheet amount less remaining cash on hand

Not required or result of the sarbanes-oxley act of 2002

Eliminating auditor reporting of a company’s internal controls

Bank statement

Provides a summary of all checking account transactions recorded by the bank

Internal control does not consist of policies and procedures that

Guarantee the company will make a profit

Credit memorandum on bank statement

Eft deposit

Ratios monthly cash expenses
Negative cash flow from operations 540$
Cash and cash equivalents as of end of year 495


Ratio of cash monthly expenses
Negative cash flows from operations 630
Cash and cash equivalents as if end of year 525

10.0 630/12=$52.5 525/52.5=10.0

100 petty cash contains 91$ in petty cash receipts and 11$ in currency and coins

Credit to cash short and over 2$ Miscellaneous expense 91$ Cash over and short 2 Cash 89

Not an internal control activity for cash

The functions of cash record keeping and cash custody should be combined

Congress passed the SOX act of 2002 not to

Apply to private companies

100petty cash fund has cash 16 $ and receipts of $80 the journal entry to replenish the account would include a

Debit to cash over and short for 4$

Which of these minimum cash account balance that is required by a bank

Compensating balance def- minimum cash account balance that is required by a bank

Debit balance in cash short and over at the end of an accounting period is reported as

An expense on the income statement

Term cash does not include

Notes receivable

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