Exam (elaborations)
Bookkeeping Midterm Exam Questions and Answers
- Course
- Institution
Bookkeeping Midterm Exam Questions and Answers
[Show more]
Content preview
Bookkeeping Midterm Exam Questionsand Answers
8 internal control procedures - Answer -1. Competent, reliable and ethical personnel
2. Assignment of responsibilities
3. Separation of duties
4. Proper authorization
5. Audits
6. Use of documents and records
7. Use of electronic devices and computer controls
8. Other controls
A note receivable was given for the return of merchandise - Answer -G
A payment of cash was made on account - Answer -CR
A plan funded by employer that provides financial support for workers - Answer -
Workers' compensation
A set period during which the base rate is paid to an employee - Answer -Straight time
Abbreviated as ORPP - Answer -Ontario Retirement Pension Plan
All employees and self-employed persons in Canada between 18 and 70 years
contribute to this - Answer -Canada Pension Plan
An insurance fund that provides assistance to unemployed workers - Answer -
Employment insurance
An online tool provided by the CRA for calculating federal and provincial payroll
deductions - Answer -Payroll Online Deductions
Cash Payments Journal (CP) - Answer -A special journal used to record all cash
payments
Cash Receipts Journal (CR) - Answer -A special journal used to record all cash receipts
Compatibility - Answer -The accounting system works smoothly with the businesses
operations, personnel, and organizational structure of the business
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now