Reference no: EM132902407
Problem 1: One of the objectives of internal control is _______?
A) To comply with applicable laws and regulations.
B) To safeguard and use assets solely for business purposes.
C) To produce reliable and accurate financial reports.
D) All of the above are correct.
Problem 2: A $50 petty cash fund has cash left in the cash box of $25 and valid receipts for $30. The entry to replenish the fund would include
A) credit to Cash for $30.
B) credit to Petty Cash for $25.
C) credit to Cash for $25.
D) credit to Petty Cash for $30.
Problem 3: Any shortage while replenishing petty cash fund is recorded as a ______ to _____ account?
A) credit, Petty cash account
B) credit, Cash short & over
C) debit, Cash short & over
D) credit, Cash short & over
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