Reference no: EM13922490
True or false:
1. The Sarbanes-Oxley Act of 2002 was passed by Congress due to the public outcry after the financial scandals of the early 2000s.
2. There are two internal control objectives and they are to ensure accurate financial reports, and ensure compliance with applicable laws.
3. The Sarbanes-Oxley Act requires that financial statements of all public companies report on management's conclusions about the effectiveness of the company's internal control procedures.
4. The control environment in an internal control structure is the attitude and awareness of internal control by all employees.
5. Separating the responsibilities for purchasing, receiving, and paying for equipment is an example of the control procedure: separating operations, custody of assets, and accounting.
6. Internal control is enhanced by separating the control of a transaction from the record-keeping function.
7. A customer's check received in settlement of an account receivable is considered cash.
8. Businesses who have several bank accounts, petty cash, and cash on hand, would maintain a separate ledger account for each type of cash.
9. For strong internal control system over cash, it is important to have the duties related to cash receipts and cash payments divided among different employees.
10. If the balance in Cash Short and Over at the end of a period is a credit, it indicates that cash shortages have exceeded cash overages for the period.
11. The bank often informs the company of bank service charges by including a credit memo with the monthly bank statement.
12. Bank customers are considered creditors of the bank so the bank shows their accounts with credit balances on the bank's records.
13. Depositing all cash, checks, etc. in a bank and paying with checks is an internal control procedure over cash.
14. In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per bank statement.
15. In preparing a bank reconciliation, the amount indicated by a debit memo for bank service charges is added to the balance per company's records.
16. In preparing a bank reconciliation, the amount of a check omitted from the journal is added to the balance per company's records.
17. In establishing a petty cash fund, a check is written for the amount of the fund and is recorded as a debit to Accounts Payable and a credit to Petty Cash.
18. Expenditures from a petty cash fund are documented by a petty cash receipt.
19. When the petty cash fund is replenished, the petty cash account is credited for the total of all expenditures made since the fund was last replenished.
20. Money market accounts, commercial paper, and United States Treasury Notes are examples of cash equivalents.
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