Cash and Cash Equivalent

Cash and Cash Equivalent

Professional Development

11 Qs

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Cash and Cash Equivalent

Cash and Cash Equivalent

Assessment

Quiz

Business, Social Studies

Professional Development

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Created by

Febrina Dewi

Used 93+ times

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11 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is the focus of an audit of cash for most companies?

General cash account

Payroll cash account

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following items on a bank reconciliation would require an adjusting entry on the company’s books?

An error by the bank

A bank service charge

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not a “cash equivalent”?

Time deposits

Marketable securities

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The audit objective of determining that cash in bank, as stated on the reconciliation, foots correctly and agrees with the general ledger can be tested by which of the following procedures?

Performing tests for kiting

Footing the outstanding checks list and the list of deposits in transit

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a cash equivalent?

Sertificates of deposit

Notes payable

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

An auditor performs a proof of cash to verify that:

All deposits in the bank were recorded in the accounting records

All recorded cash disbursements were paid by the bank

All recorded cash receipts were deposited

All of the above

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The following are the common controls over cash except...

Segregation of duties

Computerized control totals and edits tests

Perform an overall estimate of depreciation expense

Independent bank reconciliations by employees who do not handle cash

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