not sure on these Chapters 8 Test Multiple Choice Identify the chokee that bess

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not sure on these

Chapters 8 Test Multiple Choice Identify the chokee that bess csmpietes the stateswt or n the gpenven Birh yentin 1. Which ane of the following below reflects a a all weak inteal otrol ees are well supervised gle employee is responsile for compering a recevitg sepet c. all employees must take their acatinsg d. a single employee is nesponsible for collocting and reconding of c 2 The debit halance in Cash Short and Over a the end of an aconting perieal s mporned a an expense on the income statement b. income on the income ststemeet c. im asset on the balance sheet d, a lisbility on the balance sheet The tenn cash inchudes a. coins, currency (paper money), checks b. monsy ordens, and manes an deyposi ase asil frmicad vastema d. both a and b 4. On the bank's socounming records, cusomers' accounts are torreally shone as a. debit balances an asset d a liability a. the company's records and the bark's records ave in b the bank has not recorded all of is massactios c any diferences betwers the compary's rocceds and the bak's records od be 5. A bank reconeiliatioa shvuld be prepared priodicalty bocasse determined, and any erors male by either party dould beisooverod and coced d. the bank must make sure that its reoords are correc

Explanation / Answer

1. Correct answer is (d). A single employee is responsible for collecting and recording of cash. (No Maker Checker)

2. Correct answer is (a). An expense on the income statement. (Expenses incurred)

3. Correct answer is (c). Both (a) and (b); Coins, currency (Paper Money), checks and money orders, & money on deposit that is available for unrestricted withdrawl.

4) Correct answer is (d). A liability. (Amount deposited by customer is payable by bank on demand, hence its a liability for them)

5) Correct answer is (c). Any difference between the company's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected.

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