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Missouri State University, Springfield ACC 201ACC 201 Chapter 7 Review
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Missouri State University, Springfield ACC 201ACC 201 Chapter 7 Review
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1. Which one of the following is not an objective of a system of internal controls?A. Safeguard company assets
B. Overstate liabilities in order to be conservative
C. Enhance the accuracy and reliability of accounting records.
D. Reduce the risks of errors.
2. All of the following are examples of internal control procedures except
A. Insistance that employees take vacations
B. using prenumbered documents.
C. reconciling the bank statement
D. customer satisfaction surveys.
3. Internal controls are concerned with
B. Safegaurding Assets
4. From an internal control standpoint, the asset most susceptible to improper diversion and use
is
A. Buildings
B. Land
C. Prepaid Insurance
D. Cash
4. L
5. A very small company would have the most difficulty in implementing which of the
following internal control activities?
A. limited access to assets
B. separation of duties
6. Two individuals at a retail store work the same cash register. You evaluate this situation
as
A. A violation of separation of duties
B. A violation of establishment fdfdfd
7. Joe is a warehouse custodian and also maintains the accounting record of the inventory
held at the warehouse. An assessment of this situation indicates Segragation of duties is
violated.
8. Which of the following would not be included in the definition of cash?
A. NSF checks
9. A company maintains the asset account, Cash in Bank, on its books, while the bank
maintains a reciprocal account that is
A. A liability account
10. A NSF check should appear in which section of the bank reconciliation? Deduction from
the balance per books
11. Which of the following would be deducted from the balance per books on a bank
reconciliation Service charges.
12. Which of the following would be added to the balance per books on a bank reconciliation
Notes collected by the bank
13. Which of the following would not be subtracted from the balance per books on a bank
reconciliation? Outstanding checks.
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