CH 8 Final Review Essay

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CHAPTER 8
Circle the correct answer.
True/False
1.

An effective system of internal control will segregate functions between individuals to reduce the potential for errors and fraud.
True

2.

When one individual is responsible for all of the related activities, the potential for errors and fraud is increased.
True

3.

False

The lack of agreement between the balance per books and the balance per bank is due to time lags and errors by either party.
True

9.

False

Cash proceeds collected by the bank for a depositor would be identified in the bank statement by a credit memorandum to explain the entry.
True

8.

False

A check is a written order signed by the depositor directing the bank to pay a specified sum of money to a designated recipient.
True

7.

False

At the end of an accounting period, a debit balance of $99.00 in the Cash Over and Short account would be reported in the income statement as Miscellaneous
Revenue.
True

6.

False

The duties of receiving cash, recording cash receipts transactions, and having custody of cash should be assigned to a single capable individual.
True

5.

False

Independent internal verification should be made periodically and should be done by an employee who is independent of the employee responsible for the information. True

4.

False

False

An outstanding check that was also outstanding the previous month should not be included in the reconciliation of the bank statement this month.
True

False

10.

A postage due expense of $4.75 would be paid out of petty cash and the entry to record the transaction would reduce the balance of the Petty Cash account by that amount. True

False

Multiple Choice
1.

Which of the following is a primary concern of internal control?
a. Promote training programs and control incentives.
b. Enhancing the reliability of accounting data.
c. Ensuring fairness of the financial statements.
d. Encouraging adherence to prescribed managerial performance.

2.

Each of the following is an attribute of internal control except
a. segregation of duties.
b. establishment of
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