Cash Disbursements Journal Sales Journal Cash Receipts Journal Inventory Journal

Question

Cash Disbursements Journal Sales Journal Cash Receipts Journal Inventory Journal A. B. C. D. 15. Items get posted from the Purchase or Sales Journal to the General Ledger and to the: A. Subsidiary Ledger B. Income Statement C. Balance Sheet D. Substantive Ledger 16. The called: procedure of reconciling a business's cash account to the bank statement is A. B. C. D. Bank Reconciliation Blank Reconciliation Cash Internal Control Reconciliation General Ledger Reconciliation 7. One of the Internal Controls discussed include A. Separation of duties B. Having the company's bookkeeper handle the cash deposits C. Keep the accounting records unlocked D. Allow the company's bookkeeper to skip vacations

Explanation / Answer

A. Income statement (after entries are recorded in specific ledgers they goes to income statement)

B. Bank Reconciliation ( cash balance is reconciled with bank balance)

c. seperation of duties (there should be seperation of duty for eg. the records are kept by one and reviewed by another)

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