Question
Internal controls are important because they:
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a. deter fraud and prevent misleading financialstatements.
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c. guarantee accurate financial statements.
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d. ensure that the company maintains a compensating balance.
Which of the following of internal control deals with hiring,training, evaluation, compensation, and promotion of employees?
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d. Monitoring
A check drawn by a depositor for $295 in payment of a liabilitywas recorded in the depositor's book as $925. The $630 differencewould be included on the bank reconciliation as a(n):
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a. addition to the cash balance per bank.
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b. deduction from the cash balance per bank.
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c. deduction from the cash balance per books.
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d. addition to the cash balance per books.
The due date of a 90-day note dated July 5 is:
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d. October 1.
A 90-day, 10% note for $10,000 dated March 15 is received from acustomer on account. The face value of the note is:
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