1. Which of the following is not one of the policies and procedures that make up
ID: 2523610 • Letter: 1
Question
1. Which of the following is not one of the policies and procedures that make up an internal control system? A. Protect assets. B. Ensure reliable accounting. C. Guarantee a return to investors. D. Urge adherence to company policies. 2. Two clerks sharing the same cash register is a violation of which internal control principle? A. Establish responsibilities. B. Maintain adequate records. C. Insure assets D. Bond key employees. income statement account that is used to record cash overages and cash shortages arising from petty cash transactions or from? errors in making change is titled: A. Cash Lost B. Bank Reconciliation. C. Petty Cash Cash Over and Short At the end of the day, the cash register's record shows S1,050, but the count of cash in the cash register is 4. $1,055. The correct entry to record the cash sales is A. Debit Cash $1,055; credit Sales $1,055. B. Debit Cash $1,055; credit Cash Over and Short $5; credit Sales $1,050. C. Debit Cash $1,050; credit Sales $1050. D. Debit Cash $1,050; debit Cash Over and Short $5; credit Sales $1,055. 5. The entry to establish a petty cash fund includes: A. A debit to Cash and a credit to Petty Cash B. A debit to Cash and a credit to Cash Over and Short. CA debit to Petty Cash and a credit to Cash. D. A debit to Petty Cash and a credit to Accounts Receivable. 6. The entry to record reimbursement of the petty cash fund for postage expense should include: A debit to Postage Expense. B. A debit to Petty Cash . A debit to Cash. A debit to Cash Short and Over.Explanation / Answer
Answer for 1)
My answer is option(c).
The internal control is policies and procedures used to safeguards of assets,comply with legal policies and ensure reliable accounts but not promise any gaurantee returns.
Answer for 2)
Answer is option(a) establish responsibility.
In Internal control,the control is most effective when only one person is responsible for single tash
Answer for 4)
Answer is option(c)
The cash count is $1055 and hence debit cash by $1055 and then credit sales $1050 as it was recorded unregister and difference as over or short
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