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Cards In This Set
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Which of the following are classified as cash inflows from operating activities?
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Receipt of InterestCollection from customers
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Occupational Fraud
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The use of ones occupation for personal enrichment through deliberate misuse of employers resources
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A bank will show a customers deposit on a bank statement as what?
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As a credit because a deposit is a liability from the banks point of view
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Short Term Liquid investments are also known as
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Cash Equivalents
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Two types of control procedures are
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Preventative and Detective
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What are classifications of cash outflows regarding operating cash flows?
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Payment on AccountPurchase of supplies Interest paid on bonds
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When two or more people work together to circumvent internal control procedures and commit fraud this is known as?
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Collusion
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Internal control procedures for cash disbursements include?
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All disbursements are made by debit/credit card or cash
all expenditures are authorized checks are signed by authorized individuals |
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Rice corp. noticed a company check was incorrectly recorded by the bank (paid 1000 recorded as 1100) What should the company do to reverse this error?
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Error was made by the bank therefore the company needs to take no action
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Cash disbursements that have been recorded in the company's accounting records but are not yet recorded by banks are called?
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Checks outstanding
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A bank will show a customer withdrawal as?
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A Debit because a withdrawal increases its liability from the banks point of view
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Joyce Inc sells 5000 of goods to a customer. Customer pays with Visa. Visa charges a 3% service fee. What would the company record
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Debit 4850 to cash Debit service fee Expense 150
Credit 5000 to sales |
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A bank will show a deposit on a bank statement as a?
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Credit because a deposit is a liability from banks point of view
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This months bank statement shows interest earned of 45 dollars. How would this be treated on the bank reconciliation?
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It would be added to the book balance
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Collection of a notes receivable on a bank balance would?
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Be added to the book balance
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