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What entry is required in the company accounts

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Reference no: EM132568468

Question 1) Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?

a.debit Cash; credit Miscellaneous Income

b.debit Cash; credit Notes Receivable and Interest Revenue

c.debit Accounts Receivable; credit Cash

d.debit Notes Receivable; credit Cash

Question 2) Which of the following is not an element of internal control?

a.information and communication

b.cost-benefit considerations

c.monitoring

d.risk assessment

Question 3) Entries are made to the petty cash account when

a.making payments out of the fund

b.recording shortages in the fund

c.establishing the fund

d.replenishing the petty cash fund

Reference no: EM132568468

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