1) Which of the following demonstrates an effective internal control procedure?

ID: 2515628 • Letter: 1

Question

Which of the following demonstrates an effective internal control procedure?

Select one:

a. Require signatures from a manager and one financial officer of the company on all checks.

b. Require that cash be deposited at the bank daily.

c. Require that the person responsible for removing cash from the register have no access to the accounting records.

d. All of the above are steps toward effective internal control.

Which of the following is reported as a cash flow from investing activities?

Select one:

a. Cash received from dividends earned.

b. Depreciation expense on property & equipment.

c. Selling a long-term investment for cash.

d. Cash received from interest earned.

Which of the following accounts would not be considered an intangible asset?

Select one:

a. Trademarks

b. Patents

c. Goodwill

d. Research and Development Costs

Which of the following describes the effect of recording the journal entry for depreciation expense?

Select one:

a. Stockholders' equity is not affected and net income decreases.

b. Total assets decrease and stockholders' equity is not affected.

c. Net income decreases and total assets decrease.

d. Net income decreases and total assets increase.

4. (c) net income decrease and assets decrease becoz dep. will be debited as expense and credit with asset.

3. (d) research and development cost.

2. (c) selling of long term investment in cash

1. (d) all of the above

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