Question 1

Match between columns
                        Premises:  U.S. treasury bills
 Commercial paper
 Certified check
 Currency
 Coins
 Three-month certificate of deposit
 Money market accounts
 Money orders
 Cashier's check
 Petty cash

Accepted Answer

The Answer of cash and cash equivalent. is...

Question 2

Match between columns
                        Premises:  A fund used for disbursements related to small items such as postage
 Principles requiring management to establish responsibility, maintain adequate records, insure assets, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls and perform reviews
 A measure of the liquidity of receivables computed by taking the current balance of receivables and dividing by periods credit sales and then multiplied by 365
 A document used by the purchasing department to place an order with a vendor purchase
 An internal business document (or file) used to accumulate information to control cash disbursements and to ensure that the transaction is properly recorded
 A method of recording purchases at the full invoice price without deducting any cash discounts
 An income statement account used to record cash overages and cash shortages arising from missing petty cash receipts or from errors in making change
 A report that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement
 The ability of a company to pay for its short-term obligations
 An internal document used to report that ordered goods are received and to describe the quantity and condition

Accepted Answer

The Answer of Bank reconciliation and Voucher and Principles of is...

Question 3

Match between columns
                        Premises:    Apply technological controls 
   Establish responsibility 
   Perform regular and independent reviews 
   Apply technological controls 
   Separate recordkeeping from custody of assets 
   Divide responsibility for related transactions 
   Perform regular and independent reviews 
   Divide responsibility for related transactions 
   Insure assets and bond employees 
   Establish responsibility

Accepted Answer

The Answer of  The bookkeeper prepares and signs checks is...

Quiz 6: Reporting and Analyzing Cash and Internal Controls

Identify each of the following items

Match each definition to its term

Match each of the following transactions with the applicable internal control principle.