Final Exam Account 2

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Grade Details 1. Question:
A firm's internal control environment is not influenced by ________.   Your Answer:
|      |[pic]|management's operating style | |    | |   | | | | | |      |[pic]|organizational structure | |    | |   | | | | | |      |[pic]|personnel policies | |    | |   | | | | | |      |[pic]|monitoring policies | |   CORRECT | |   | | | | |

  Points Received: 4 of 4   Comments:
2. Question:
Procedures designed to protect cash from theft and misuse from the time it is received until it can be deposited in a bank are called ________.   Your Answer:
|      |[pic]|accounting controls | |    | |   | | | | | |      |[pic]|cash controls | |    | |   | | | | | |      |[pic]|preventive controls | |   CORRECT | |   | | | | | |      |[pic]|detective controls | |    | |   | | | | |

  Points Received: 4 of 4   Comments:
3. Question:
There are three parties to a check.  The drawer is ________.   Your Answer:
|      |[pic]|a written document signed by the depositor | |    | |   | | | | | |      |[pic]|is the one who signs the check ordering payment by the bank | |   CORRECT | |   | | | | | |      |[pic]|the bank on which the check is drawn | |    | |   | | | | | |      |[pic]|the party to whom payment is to be made | |    | |   | | | | | |      |[pic]|none of the above | |    | |   | | | | |

  Points Received: 4 of 4   Comments:
4. Question:
The bank reconciliation ________.
  Your Answer:
|      |[pic]|should be prepared by an employee who records cash transactions | |    | |   | | | | | |      |[pic]|is part of the internal control system | |   CORRECT | |   | | | | | |      |[pic]|is for information purposes only | |    | |   | | | | | |      |[pic]|is sent to the bank for verification | |    | |   | |...
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