When a firm uses inner auditors, the is adhering to which among the following internal manage elements?
When merchandise marketed is assumed to be in the bespeak in which the purchases were made, the firm is utilizing a. First-in, last-out. B. Typical cost. C. Last-in, first-out. D. First-in, first-out.
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What entry is forced in the company"s accounts to record exceptional checks? a. Debit Cash; credit transaction Accounts unification b. Debit accounts Receivable; credit transaction Cash c. Debit Cash; credit Accounts Payable d. None
Merchandise inventory in ~ the end of the year to be inadvertently overstated. Which of the following statements properly states the effect of the error on network income, assets, and owner"s equity? a. Net income is overstated, assets room overstated, owner"s same is overstated. B. Net income is understated, assets room understated, owner"s equity is understated. C. Net earnings is understated, assets space understated, owner"s equity is overstated. D. Net revenue is overstated, assets room overstated, owner"s equity is understated
Credit memos native the financial institution a. To decrease a financial institution customer"s account. B. Show that a firm has deposited a customer"s NSF check. C. Display the financial institution has built up a keep in mind receivable for the customer. D. Are supplied to show a financial institution service charge.
Accompanying the financial institution statement was a debit memo for financial institution service charges. ~ above the financial institution reconciliation, the items is a. An enhancement to the balance per financial institution statement. B. A deduction indigenous the balance per company"s records. C. A deduction native the balance per financial institution statement. D. An addition to the balance per company"s reco
Which among the following listed below reflects a weak internal control system? a. A solitary employee is responsible for collecting and also recording of cash. B. All employees need to take your vacations. C. A single employee is responsible for comparing a receiving report come an invoice. D. All employees space well supervised.
Accompanying the bank statement was a debit memo for financial institution service charges. What entry is forced in the company"s accounts? a. Debit Cash; credit transaction Other revenue b. Debit Miscellaneous administrative Expense; credit transaction Cash c. Debit account Payable; credit Cash d. Debit Cash; credit Accounts Payable
A $150 petty cash fund has cash of $44 and also receipts the $93. The newspaper entry come replenish the account would encompass a a. Credit to small Cash for $49. B. Debit to Cash for $93. C. Credit transaction to Cash for $44. D. Debit come Cash Over and Short for $13.
If the earnings are properly reported and the Gross benefit of a agency is understated, what is the result on Owner"s Equity? a. Correctly declared b. Understated c. Exaggeration d. None of these options are correct.
The an alert accompanying a inspect that indicates the certain invoice being payment is referred to as a a. Remittance advice. B. Debit memo. C. Credit transaction memo. D. Voucher.
The bank reconciliation a. Is sent to the bank for verification. B. Should be prepared by an employee who records cash transactions. C. Is part of the internal control system. D. Is for information purposes only.
A voucher a. Is obtained from customers to define the function of a payment. B. System is provided to control cash receipts. C. Device is one internal manage procedure come verify the the legacy in the ledger room the persons the company owns. D. Is usually prepared in the audit Department.
Accompanying the financial institution statement to be a debit memo because that an NSF examine received native a customer. This item would certainly be contained on the bank reconciliation together a(n) a. Deduction native the balance per bank statement. B. Addition to the balance every company"s records. C. Enhancement to the balance per bank statement. D. Deduction indigenous the balance every company"s records.
Which that the adhering to items that appeared on the financial institution reconciliation did not call for an adjusting entry? a. NSF check b. Financial institution service dues c. A check for $630, videotaped in the check register because that $360. D. Shop in transit
A examine drawn by a agency in payment of a voucher for $965 was videotaped in the newspaper as $695. This item would be had in the bank reconciliation together a(n) a. Deduction indigenous the balance per the company"s records. B. Deduction native the balance every the bank statement. C. Enhancement to the balance every the company"s records. D. Enhancement to the balance every the bank statement.
Which of the adhering to would it is in deducted from the balance per books on a financial institution reconciliation? a. Store in transit b. Organization charges c. Exceptional checks d. Notes collected by the bank
An facet of internal manage is a. Journals. B. Hazard assessment. C. Controlling accounts. D. Subsidiary ledgers.
Kristin"s Boutiques has established the complying with items for possible inclusion in its December 31, 2010 inventory. Which of the adhering to would no be had in the year finish inventory? a. Merchandise to buy FOB shipping point was choose up by the freight agency but had still not arrived on Kristin"s Boutique as of December 31, 2010. B. Kristin has in that is warehouse merchandise on consignment native Abby Co. C. Kristin has merchandise ~ above hand which has been returned by customers due to the fact that of not correct size. D. Kristin has sent goods to miscellaneous retailers ~ above a consignment basis.
Following the completion of the bank reconciliation, an adjusting entry to be made that debited cash and also credited attention Revenue. Because of this the bank reconciliation must have actually included an object that to be a. Deducted native the balance every company"s records. B. Added to the balance per bank statement. C. Deducted indigenous the balance per bank statement. D. Included to the balance per company"s records
Cost circulation is in the reverse order in which expenses were incurred when using a. First-in, first-out. B. Last-in, first-out. C. Load average. D. Average cost.
The kind of account and also normal balance of small Cash is a(n) a. Expense, debit. B. Liability, credit. C. Revenue, credit. D. Asset, debit.
Receipts native cash sales of $3,200 were recorded mistakenly in the cash receipts journal as $2,300. This item would be had on the bank reconciliation together a(n) a. Addition to the balance every company"s records. B. Addition to the balance per financial institution statement. C. Deduction from the balance per company"s records. D. Deduction indigenous the balance per financial institution statement.
The inventory costing method that reports the earliest expenses in ending inventory is a. FIFO. B. Mean cost. C. Details identification. D. LIFO.
If merchandise perform is being valued in ~ cost and also the price level is steadily rising, the method of costing that will yield the highest net income is a. FIFO. B. LIFO. C. Average. D. Periodic
A necessary element of internal regulate is a. Solution analysis. B. Database. C. Systems design. D. Information and communication.
The debit tape-recorded in the journal to reimburse the small cash fund is come a. Small Cash. B. Cash. C. Various accounts because that which the petty cash was disbursed. D. Accounts Receivable.
Under the _________ list method, accounting records preserve a repetitively updated inventory value. A. Regular b. Physical c. Perpetual d. Retail
Journal entries based on the financial institution reconciliation are forced in the company"s accounts because that a. Shop in transit. B. Financial institution errors. C. Publication errors. D. Outstanding checks.
Under a perpetual perform system, the amount of each form of was on hand is obtainable in the a. Creditor"s ledger. B. Purchase ledger. C. List ledger. D. Customer"s ledger.
Taking a physical count of list a. Has actually no internal regulate relevance. B. Is not essential when a periodic inventory mechanism is used. C. Must be done close to year-end. D. Is not necessary when a perpetual inventory system is used.
During time of increasing prices, i beg your pardon of the following is not an accurate statement? a. LIFO will an outcome in a greater cost of items sold 보다 FIFO. B. LIFO will result in greater income taxes than FIFO. C. Typical costing will certainly yield results that are between those that FIFO and LIFO. D. FIFO will result in a higher net earnings than LIFO.
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A bank statement a. Is a invoice from the financial institution for services rendered. B. Shows the task that increased or diminished the company"s account balance. C. Allows a firm know the financial place of the financial institution as of a specific date. D. Is a credit recommendation letter created by the company"s bank
Cash equivalents encompass a. Coins and currency. B. Stocks and also short-term bonds. C. Money sector accounts and commercial paper. D. Checks.
Which that the adhering to methods is ideal for a business whose inventory is composed of a fairly small number of unique, high-cost items? a. LIFO b. FIFO c. Certain Identification d. Average
Intermediate Accounting, Binder prepared Version16th EditionDonald E. Kieso, Jerry J. Weygandt, terrycloth D. Warfield