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1)The basic principles of cash management include
carrying more inventory.
paying accounts payable sooner.
investing idle cash.
extending more credit.
2)Restricted cash is normally reported
in the notes to the financial statements.
as a current or noncurrent asset on the statement of financial position.
as a non-operating item in the income statement.
as an investing activity in the statement of cash flows.
3)Cash receipts come by way of all except:
Over-the-counter receipts
Mailed receipts
Cheque receipts
Electronic receipts
4)Control activities over cash payments are least effective when payments are made by:
Credit card
Cash
Cheque
Electronic funds transfer
5) All of the following are examples of a control activity except
review and reconciliation.
limited access to assets.
assignment of responsibility.
increasing the speed of collection on receivables.
6) When two or more people get together for the purpose of circumventing prescribed controls, it is called
fraud prevention.
a division of duties.
collusion.
assignment of responsibilities.
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