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Exam 7: Sarbanes-Oxley, Internal Control, and Cash

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Question 41

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In management's internal control report that is now required of all public companies, which of the following does not have a direct effect on a company's internal control system?

A) internal auditors
B) independent accountants
C) Board of Director's audit committee
D) Board of Trustees

E) All of the above
F) A) and B)

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Question 42

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Journalize the entries to record the following: June 1 Established a petty cash fund of $200 30 The amount of cash in the petty cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment $100; miscellaneous $20. Record any discrepancy in the cash short and over account. Journal

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Question 43

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A check drawn by a company in payment of a voucher for $635 was recorded in the journal as $365. What entry is required in the company's accounts?

Sarbanes-Oxley requires companies to maintain strong and effective internal controls and thus prevent fraud and misleading financial statements.

The reconciliation of the cash register tape with the cash in the register is an example of

A remittance advice is the notification accompanying the check issued to a creditor that states the specific invoice being paid.

A voucher is usually supported by

An example of a preventive control is

Which one of the following below is not an element of internal control?

Money orders are considered cash.

The actual cash received during the week ended September 23 for cash sales was $15,543.00 and the amount indicated by the cash register total was $15,539.00. Journalize the entry to record the cash receipts and cash sales. Journal

The Sarbanes-Oxley Act of 2002 was passed by Congress due to the public outcry after the financial scandals of the early 2000s.

Consider the following journal entry made by Jones Company. Upon investigation, what might you find happened to create this amount of Cash Over/Short account difference? Give three possible reasons for this difference.

Bank reconciliation information for Cole Co. for May 31, 2011 is as follows: Record the appropriate journal entry for Cole Co.

Procedures designed to protect cash from theft and misuse from the time it is received until it can be deposited in a bank are called

A $100 petty cash fund contains $89 in petty cash receipts, and $7.50 in currency and coins. The journal entry to record the replenishment of the fund would include a

(a) Where are cash equivalents disclosed in the financial statements? (b) List three examples of cash equivalents.

Journal entries based on the bank reconciliation are required in the company's accounts for

Distinguish preventive controls from detective controls and give examples of each as they relate to cash.

A $140 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account would include a credit to