ACC/291T Principles Of Accounting Ii The Latest Version A+ Study Guide **********************************************
ACC 291T Entire Course Link http://www.onlinehelp123.com/acc-291 ********************************************** ACC 291T Wk 3 Practice Connect Knowledge Check (2021.7 New) Assume that the custodian of a $450 petty cash fund has $65 in coins and currency plus $382 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice • A debit to Petty Cash for $385. • A credit to Cash for $385. • A credit to Cash Over and Short for $3. • A debit to Cash for $382. • A debit to Cash for $450. The following information is available for Montrose Company at December 31:
Cash in bank account $ 8,540 Petty cash $ 250 Short-term investment $ 10,400 Checks from customers $ 1,350 Equipment $ 805 Treasury bill maturing in 60 days $ 10,000 Money orders $ 290 A three-year certificate of deposit maturing in three years
$
6,000
________________________________________ Based on this information, the amounts considered Cash and Cash Equivalents, respectively on December 31 are: Multiple Choice • Cash $8,790; Cash equivalents $26,400 • Cash $19,190; Cash equivalents $16,000 • Cash $11,235; Cash equivalents $26,400 • Cash $10,430; Cash equivalents $20,400 • Cash $8,540; Cash equivalents $22,290
A purchase order is a document the purchasing department sends to the vendor to place an order. Group startsTrue or False
Spencer Co. has a $200 petty cash fund. At the end of the first month the accumulated receipts represent $43 for delivery expenses, $127 for merchandise inventory, and $12 for miscellaneous expenses. The fund has a balance of $18. The journal entry to record the reimbursement of the account includes a: Multiple Choice • Debit to Petty Cash for $200. • Credit to Cash for $182. • Credit to Cash Over and Short for $18. • Credit to Inventory for $127. • Debit to Cash Over and Short for $18.
Internal controls are crucial to global companies because of all of the following risks except: Multiple Choice • Possible fraud. •
Management's inability to certify the effectiveness of the controls. • Additional costs of inefficient operations. • Possible misstatement of financial information. • Controls are significantly different across the globe.
Great Falls Co.'s bank reconciliation as of February 28 is shown below.
Bank balance $ 37,643 Book balance $ 38,153 + Deposit in transit 2,950 Note collection +745 - Outstanding checks -1,730 Check printing -35 Adjusted bank balance $ 38,863 Adjusted book balance $ ________________________________________
38,863
One of the adjusting journal entries that Great Falls must record as a result of the bank reconciliation includes: Multiple Choice • Debit Miscellaneous Expense $35; credit Accounts Payable $35. • Debit Cash $2,950; credit Accounts Receivable $2,950. • Debit Cash $745; credit Note Receivable $745. • Debit Note Payable $745; credit Cash $745. • Debit Cash $2,950; credit Sales $2,950.
Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Multiple Choice • Debit Petty Cash $250; credit Accounts Payable $250. • Debit Miscellaneous Expense $250; credit Cash $250. •
Debit Cash $250; credit Petty Cash $250. • Debit Cash $250; credit Accounts Payable $250. • Debit Petty Cash $250; credit Cash $250.
Outstanding checks, deposits in transit, and bank service charges are added to the beginning balance of the bank statement to determine the adjusted bank balance. Group startsTrue or False
A bank does not reduce the account of the depositor of which of the following? Multiple Choice • A deposit to their account. • A fee assessed to the depositor's account. • All withdrawals through an ATM. • Periodic payments arranged in advance, by a depositor. • An uncollectible check.
Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the reimbursement of the fund on September 30 includes a: Multiple Choice • Debit to Office Supplies for $73. • Debit Petty Cash for $232. • Credit to Cash for $18. • Credit to Cash for $250. • Credit to Merchandise Inventory for $137.