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1. Which of the following is a poor internal accounting control feature?
Select one:
 

2.

From the viewpoint of good internal accounting control, which of the following individuals would be the proper person to prepare bank reconciliations for a company that receives cash payments both through the mail and from customers in person?
Select one:

3.

 

4.

Which of the following bank reconciliation items should not be added to or subtracted from the bank statement balance to determine the reconciled cash balance?
Select one:
 

5.

Which of the following items would you add to the bank statement balance to arrive at the reconciled cash balance in a bank reconciliation:
Select one:

6.

Which of the following would you deduct from the bank statement balance to arrive at the reconciled cash balance in a bank reconciliation:
Select one:
 

7.

In reconciling the January bank statement, the vice president discovered that the bookkeeper had recorded a check written for $454 as $544 in the cash disbursements journal.

For the bank reconciliation, the $90 error should be:

Select one:
 

8.Reporting Cash Jenkins Company has the following items at year-end.

Currency and coin in safe.$22,000
Funds in savings account
(requires $3,000 compensating balance)61,000
Funds in checking account7,000
Traveler’s checks6,000
Postdated check9,000
Not-sufficient-funds check1,800
Money market fund50,400

 

Required
Identify the amount of the above items that should be reported as cash and cash equivalents on Jenkins Company’s balance sheet.

Cash and Cash Equivalents = $

9.

At what amount will accounts receivable for Progress Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables?
Select one:
 

10.

Under the allowance method of accounting for credit losses, the entry to write off a specific account:
Select one:
 

11.

Assume the following unadjusted account balances at the end of the accounting period for Brooks Company: Accounts Receivable, $30,000; Allowances for Doubtful Accounts, $800 (debit balance); Net sales, $240,000.

If Brooks Company’s past experience indicates credit losses of 2% of net sales, the adjusting entry to estimate uncollectible accounts is:

Select one:

Bad Debts Expense
4,800
Allowance for Doubtful Accounts
4,800

 

Bad Debts Expense
5,600
Allowance for Doubtful Accounts
5,600

Bad Debts Expense
4,000
Allowance for Doubtful Accounts
4,000

Bad Debts Expense
4,700
Accounts Receivable
4,700

12.

On December 11, 2016, Blue gave a $40,000, 60-day, 9% note to Bird in payment of an account. On December 31, 2016, Bird should record:
Select one:

13.

Maniar, Inc. received a $32,000 30-day, 9% note dated December 21, 2016 from Lekas Company. On December 31, 2016, Maniar made the necessary adjusting entry to accrue interest income on the note.

Maniar’s entry to record payment of the note on January 20, 2017 was:

Select one:

Cash
32,240
Interest income
240
Notes receivable
32,000

Cash
32,240
Interest receivable
80
Interest income
160
Notes receivable
32,000

 

Cash
32,080
Interest income
80
Notes receivable
32,000

Cash
32,160
Interest income
160
Notes receivable
32,000

14.

The Aussie Pie company sells Australian meat pies. At January 1, the company

had an accounts receivable balance of $500,000 (debit) and an allowance for

doubtful accounts balance of $25,000 (credit). During the year, the company had

total sales of $2,000,000 (all on credit) and collected $1,900,000 of accounts

receivable. Also during the year, the company wrote off $30,000 of bad debts.

At year end, the company determined that the allowance for doubtful accounts

should have a balance of $34,000 (credit). As part of the year end adjusting

journal entry, the company will:

 

Select one:

 

($30,000 – $25,000 + $34,000)

15.

Smith & Sons received a six month note from a customer. The note had a face

amount of $5,000 and carried an interest rate of nine percent. What is the total

amount of interest to be received?

 

Select one:

 

($5,000 x 9% x 6/12 months)
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