ACC 291T Wk 3 - Practice Connect Knowledge Check (2021.7 New)

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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.