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Please answer all the questions.

All of the following are purposes of internal control except to:

A$)$ prevent and detect error and fraud.

B$)$ ensure accurate and reliable accounting records.

C$)$ safeguard assets.

D$)$ promote operational inefficiency.

Internal control is the organizational plan and related measures that:

A$)$ prevents the safeguard of assets.

B$)$ ensures accurate accounting records.

C$)$ encourages operational inefficiency.

D$)$ Eliminates errors and fraud.

Separation of authorization of transactions from custody of related assets is related to proper separation of duties.

A$)$ True

B$)$ False

Separation of duties and responsibilities is essential in the control procedures for both cash receipts and cash disbursements.

A$)$ True

B$)$ False

The employee who processes cash payments should have nothing to do with the approval process. This is a part of which characteristic of internal control?

A$)$ competent, reliable, and ethical

B$)$ proper authorization personnel

C$)$ separation of duties D$)$ assignment of responsibilities

The cheques that have been paid by the bank on behalf of the depositor and included with the bank statement are called:

A$)$ cheques in transit.

B$)$ cancelled cheques.

C$)$ outstanding cheques.

D$)$ deposited cheques.

An NSF cheque would be entered into the books by a debit to accounts receivable.

A$)$ True

B$)$ False

Which of the following would be a reconciling item on the bank side of the reconciliation?

A$)$ non$-$sufficient funds cheque for $$75$

B$)$ service fee of $$20$

C$)$ collection of note receivable for $$1,000$

D$)$ bank recorded a $$2,000$ deposit as $$200$

If a cash register is short by $$93,$ and the cash register tape equaled $$9,270,$ then:

A$)$ Sales Revenue is credited for $$9,177.$

B$)$ Cash Short and Over is debited for $$93.$

C$)$ Cash is debited for $$9,270.$

D$)$ Cash Short and Over is credited for $$93.$

All of the following are controls over petty cash except:

a$)$ supporting all fund payments with a petty cash ticket.

$)$ replenishing the fund through normal cash payment procedures.

C$)$ designating one employee to administer the fund.

D$)$ keeping an unlimited amount of cash on hand.

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