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Exam 4: Ethics, Internal Control, and Cash

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Question 51

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In dealing with ethics, saying "Do as I say, not as I do" works very well.

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Question 52

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Streamlined payment procedures now involve the use of electronic data interchange and electronic funds transfer between and among suppliers and merchandisers.

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Question 53

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Newfoundland Equipment established a petty cash fund of $500 on January 1. Prepare the journal entry to record the creation of the fund.

An employee may embezzle by taking bribes or kickbacks from:

Embezzlement usually involves the misappropriation of business:

The Pumpkin Party Company deposited $1,000 into its bank account, but the bank statement does not show the deposit. This $1,000 is an example of a(n) __________.

The delegation of authority and leadership is part of the control environment of an internal control system.

Being unethical is the same thing as being unlawful.

Identify each of the following examples as an element of internal control.

Sarbanes-Oxley has not influenced Canadian standards.

The ________ usually assumes responsibility for the custody of cash.

Internal control is a comprehensive system that helps an organization do all of the following EXCEPT:

Deposits in transit are:

Having security measures, proper authorization channels, and restricted access to assets is an example of what element of internal control?

Record the necessary journal entries from the following bank reconciliation information for July 31,2013:

Each cash account is listed separately on the balance sheet.

Under SOX, the Chief Executive Officer and Chief Financial Officer must sign off on:

Receiving favours from a supplier by turning a blind eye to the delivery of inferior goods is a form of __________.

A petty cash fund is established by making a cheque payable to cash, cashing the cheque, and placing the funds in a safe, locked location.

The following information is for Pins & Needles Inc for September. Requirements: A. Prepare the journal entry to record the transactions below. B. Determine the cash balance in the general ledger. Show the general ledger account.