The Voucher System of Control

The voucher system of control:
Choose one answer.
a. Establishes procedures for verifying, approving,

and recording obligations for eventual cash
disbursement.
b. Applies only when multiple purchases are made

from the same supplier.
c. Establishes procedures for receiving checks for the
sale of verified, approved, and recorded activities.
d. All of these.
e. Is a set of procedures and approvals designed to
control cash receipts and the acceptance of
obligations.
Incorrect
Marks for this submission: 0/1.
History of Responses:
# Action Response Time Raw score Grade
2 Grade All of these. 00:17:09 on 0 0

2/04/11
3 Close&Grade Establishes procedures for 00:35:07 0 0
receiving checks for the sale of on 2/04/11
verified, approved, and recorded
activities.
Question2
Marks: 0/1
Cash equivalents:
Choose one answer.
a. Include time deposits.
b. Are short-term investments sufficiently close to

their maturity date that their value is not sensitive
to interest rate changes.
c. Include checking accounts.
d. Have no immediate value.
e. Include savings accounts.
Incorrect
Question3
Marks: 0/1
The Cash Over and Short account:
Choose one answer.
a. Can never have a debit balance.
b. Is not necessary in a computerized accounting

system.
c. Can never have a credit balance.
d. Is used to record a credit balance in the cash
account.
e. Is an income statement account used for recording
the income effects of cash overages and cash
shortages from errors in making change and/or from
errors in processing petty cash transactions.
Incorrect
Question4
Marks: 0/1
Mattel had net sales of $4,235 million and ending accounts receivable of $775 million. Its
days' sales uncollected equals:
Choose one answer.
a. 19.4 days.
b. 298 days.
c. 81.8 days.
d. 65.2 days. ($775/$4,235) x 365 = 66.8 days
e. 66.8 days.
Incorrect
Question5
Marks: 1/1
A voucher is an internal file:
Choose one answer.
a. Prepared after an invoice is received.
b. Used to accumulate information needed to

control cash disbursements and to ensure that
transactions are properly recorded.
c. Takes the place of a bank check.
d. Prepared before the company orders goods.
e. Used as a substitute for an invoice.
Correct
Question6
Marks: 0/1
The following information is available for Holland Company at December 31:
Based on this information, Holland Company should report Cash and Cash Equivalents on
December 31 of:
Choose one answer.
a.$37,546
b.$36,246 Add $2,790 in money market

fund + $22,431 of cash in
bank + $200 of cash in petty
cash fund + $10,000 of U.S.
Treasury bill with maturity of
less than three months on date
of purchase = $35,421.
c.$40,439
d.$35,421
e.$50,421
Incorrect
Question7
Marks: 1/1
The number of days' sales uncollected is calculated by:
Choose one answer.
a. Dividing net sales by accounts receivable and

multiplying by 365.
b. Dividing accounts receivable by net sales and

multiplying by 365.
c. Dividing net sales by accounts receivable.
d. Multiplying net sales by accounts receivable and
dividing by 365.
e. Dividing accounts receivable by net sales.
Correct
Question8
Marks: 0/1
A company plans to decrease a $200 petty cash fund to $75. The current balance in the
account includes $45 petty cash payment in receipts and $165 in currency. The entry to
reduce the fund will include a:
Choose one answer.
a. Debit to Cash for $90.
b. Credit to Petty Cash for $165.

c. Credit to Cash for $90.
d. Debit to Cash Short and Over for $200.00 - 165.00 -
$10. 45.00 = $-10.00 cash
overage
$125.00 - 45.00 +
10.00 = $90.00 debit
to cash
e. Debit to Miscellaneous Expenses

for $35.
Incorrect
Question9
Marks: 0/1
The number of days' sales uncollected:
Choose one answer.
a. Measures a company's debt to income.
b. Is used to evaluate the liquidity of receivables.

c. Measures a company's ability to pay its bills on
time.
d. Is calculated by dividing sales by accounts
receivable.
e. Is calculated by dividing accounts receivable by
sales.
Incorrect
Question10
Marks: 0/1
A check involves three parties:
Choose one answer.
a. The signer, the cashier, and the company.
b. The bookkeeper, the payee, and the bank.

c. The writer, the cashier, and the bank.
d. The maker, the payee, and the bank.
e. The maker, the manager, and the payee.
Incorrect
Question11
Marks: 0/1
In the process of reconciling Marks Enterprises' bank statement for September, Mr. Marks
compiles the following information:
The adjusted cash balance per the books on September 30 is:
Choose one answer.
a. $ 6,900
b. $ 6,520
c. $ 8,160
d. $ 5,840
e. $ 4,600
Incorrect
Question12
Marks: 0/1
During the month of September, Norris Industries issued a check in the amount of $845 to a
supplier on account. The check cleared the bank during September. The disbursement was
recorded incorrectly as $854. The journal entry to correct this mistake when discovered will
include:
Choose one answer.
a. A credit to Cash for $854.
b. A credit to Cash for $9.

c. A credit to Accounts Payable
for $9.
d. A debit to Cash for $49.
e. A debit to Accounts Payable for $854 - 845 = $9
$854.
Incorrect
Question13
Marks: 1/1
A voucher system is a series of prescribed control procedures:
Choose one answer.
a. Used almost exclusively by small companies.
b. Designed to determine if the company is

operating profitably.
c. Used to ensure that the company sells on credit
only to creditworthy customers.
d. Designed to control cash disbursements and the
acceptance of obligations.
e. Designed to eliminate the need for subsidiary
ledgers.
Correct
Question14
Marks: 1/1
Internal control policies and procedures have limitations including:
Choose one answer.
a. Human error.
b. Cost-benefit principle.
c. Collusion.
d. All of these.
e. Human fraud.
Correct
Question15
Marks: 0/1
On a bank reconciliation, the amount of an unrecorded bank service charge should be:
Choose one answer.
a. Added to the bank balance of cash.
b. Added to the book balance of cash.

c. Deducted from the book balance of cash.
d. Noted in memorandum form only.
e. Deducted from the bank balance of cash.
Incorrect
Question16
Marks: 1/1
A remittance advice is:
Choose one answer.
a. A bank statement.
b. A voucher.
c. An EFT.
d. A cancelled check.
e. An explanation for a payment by check.
Correct
Question17
Marks: 0/1
At the end of the day, the cash register's record shows $1,250, but the count of cash in the
cash register is $1,245. The correct entry to record the cash sales is
Choose one answer.
a.
b.
c.
d.
e.
Incorrect
Question18
Marks: 0/1
A company's internal control system:
Choose one answer.
a. Monitors company and employee performance.
b. Eliminates the need for audits.

c. Eliminates the company's risk of loss.
d. Eliminates human error.
e. All of these.
Incorrect
History of Responses:
# Action Response Time Raw score Grade
1 Grade 00:16:51 on 2/04/11 0 0

3 Close&Grade All of these. 00:35:07 on 2/04/11 0 0
Question19
Marks: 1/1
A check that was outstanding on last period's bank reconciliation was not among the cancelled
checks returned by the bank this period. As a result, in preparing this period's reconciliation,
the amount of this check should be:
Choose one answer.
a. Ignored in preparing the period's bank

reconciliation.
b. Added to the bank balance of cash.

d. Deducted from the bank balance of cash.
e. Added to the book balance of cash.
Correct
Question20
Marks: 0/1
An internal control system consists of the policies and procedures managers use to:
Choose one answer.
a. Promote efficient operations.
b. All of these.
c. Urge adherence to company policies.
d. Ensure reliable accounting.
e. Protect assets.
Incorrect
Question21
Marks: 0/1
An income statement account that is used to record cash overages and cash shortages arising
from petty cash transactions or from errors in making change is titled:
Choose one answer.
a. Bank Reconciliation.
b. Cash Receivable.
c. Cash Over and Short.
d. Cash Lost.
e. Petty Cash.
Incorrect
Question22
Marks: 0/1
A company using the net method of recording purchases failed to take advantage of a discount
available. When they pay the full (gross) amount of an invoice at the end of the credit period
the journal entry will include a debit to:
Choose one answer.
a. Cash.
b. Merchandise Inventory.
c. Sales Discounts.
d. Accounts Receivable.
e. Discounts Lost.
Incorrect
Question23
Marks: 1/1
The document that is an itemized statement of goods prepared by a vendor listing the
customer's name, items sold, sales prices, and terms of the sale is the
Choose one answer.
a. Receiving report.
b. Invoice approval
c. Purchase order.
d. Purchase requisition.
e. Invoice.
Correct
Question24
Marks: 0/1
At the end of the day, the cash register tape shows $1,000 in cash sales but the count of cash
in the register is $1,035. The proper entry to account for this excess includes a:
Choose one answer.
a. Debit to Petty Cash for $35.
b. Debit to Cash Over and Short for $35.

c. Credit to Cash Over and Short for $35.
d. Credit to Cash for $35.
e. Debit to Cash for $35.
Incorrect
Question25
Marks: 0/1
The principles of internal control include:
Choose one answer.
a. Bond all employees.
b. Use only computerized systems.

c. Maintain minimal records.
d. Require automated sales systems.
e. Establish responsibilities.
Incorrect
Question26
Marks: 1/1
The number of days' sales uncollected:
Choose one answer.
a. Can be used for comparisons to other companies

in the same industry.
b. Measures how much time is likely to pass before

the current amount of accounts receivable is
received in cash.
c. Can be used for comparisons between current and
prior periods.
d. Reflects the liquidity of receivables.
e. All of these.
Correct
Question27
Marks: 0/1
When two clerks share the same cash register it is a violation of which internal control
principle?
Choose one answer.
a. Insure assets.
b. Maintain adequate records.

c. Establish responsibilities.
d. Bond key employees.
e. Apply technological controls.
Incorrect
Question28
Marks: 0/1
The impact of technology on internal controls includes:
Choose one answer.
a. Elimination of fraud.
b. Elimination of separation of duties.

c. Elimination of the need for regular audits.
d. Reduced processing errors.
e. Elimination of the need to bond employees.
Incorrect
Question29
Marks: 0/1
Banking activities include:
Choose one answer.
a. Bank accounts.
b. All of these.
c. Electronic funds transfer.
d. Checking.
e. Bank deposits.
Incorrect
Question30
Marks: 1/1
Cash equivalents:
Choose one answer.
a. Include checking accounts.
b. Include money orders.

c. Are recorded in petty cash.
d. Include 6-month CDs.
e. Are short-term, highly liquid investment
assets.
Correct
Question31
Marks: 0/1
The days' sales uncollected ratio is used to:
Choose one answer.
a. Estimate how much time is likely to pass before

the amount of accounts receivable is received in
cash.
b. Measure how many days of sales remain until

the end of the year.
c. Measure the amount of layaway sales for a
period.
d. Identify the likelihood of collecting sales on
account.
e. Determine the number of days that have passed
without collecting on accounts receivable.
Incorrect
Question32
Marks: 0/1
When a petty cash fund is in use:
Choose one answer.
a. Petty Cash is credited when funds are

replenished.
b. Expenses are not recorded.

c. Petty Cash is debited when funds are
replenished.
d. Cash is debited when funds are replenished.
e. Expenses paid with petty cash are recorded when
the fund is replenished.
Incorrect
Question33
Marks: 0/1
Managers place a high priority on internal control systems because the systems assist
managers in the:
Choose one answer.
a. Prevention of avoidable losses.
b. Monitoring of employee performance.

c. All of these.
d. Planning of operations.
e. Monitoring of company performance.
Incorrect
Question34
Marks: 0/1
Prenumbered printed checks are an example of which internal control principle?
Choose one answer.

a. Maintain adequate records.
b. Establish responsibilities.
c. Technological controls.
d. Perform regular and independent reviews.
e. Divide responsibility for related transactions.
Incorrect
Question35
Marks: 1/1
Outstanding checks refer to checks that have been:
Choose one answer.
a. Written and not yet recorded in the company

books.
b. Written, recorded, sent to payees, and

received and paid by the bank.
c. Issued by the bank.
d. Written, recorded on the company books,
sent to the customer, but have not yet been paid
by the bank.
e. Held as blank checks.
Correct
Question36
Marks: 0/1
Martha Company has an established petty cash fund in the amount of $500. The fund was last
reimbursed on November 30. At the end of December, the fund contained the following petty
cash receipts:
If, in addition to these receipts, the petty cash fund contains $301 of cash, the journal entry to
reimburse the fund on December 31 will include:
Choose one answer.
a. A debit to Cash Over and

Short of $10.
b. A debit to Transportation-In
of $73.
c. A credit to Office Supplies of Opening cash balance of
$66. $500. Subtract the $189 of
disbursements from the petty
cash fund during December
(as evidenced by the petty
cash receipts). This yields an
expected cash balance of
$311. Since there is only
$301 of cash in the fund, the
journal entry to reimburse
the fund will include a $10
debit to Cash Over and
Short.
d. A credit to Cash Over and

Short of $10.
e. A debit to Transportation-
Out of $73.
Incorrect
Question37
Marks: 0/1
A company had $43 missing from petty cash that was not accounted for by petty cash receipts.
The correct procedure is to:
Choose one answer.
a. Debit Petty Cash for $43.
b. Credit Petty Cash for $43.

c. Credit Cash Over and Short for $43.
d. Credit Cash for $43.
e. Debit Cash Over and Short for $43.
Incorrect
Question38
Marks: 1/1
If a check correctly written and paid by the bank for $794 is incorrectly recorded in the
company's books for $749, how should this error be treated on the bank reconciliation?
Choose one answer.
a. Subtract $45 from the bank's

balance.
b. Subtract $45 from the bank's

balance and add $45 to the book's
balance.
c. Subtract $45 from the book $794 - 749 = $45
balance.
d. Add $45 to the bank's balance.
e. Add $45 to the book balance.
Correct
Question39
Marks: 0/1
A company had net sales of $31,500 and ending accounts receivable of $2,700 for the current
period. Its days' sales uncollected equals:
Choose one answer.
a. 31.3 days.
b. 23.3 days. ($2,700/$31,500) x 365 = 31.3 days
c. 46.6 days.
d. 11.7 days.
e. 42.5 days.
Incorrect
Question40
Marks: 0/1
A key factor in a voucher system is:

Choose one answer.
a. The system limits the individuals that can incur

cash payment obligations for a company.
b. All of these.
c. Procedures for purchasing, receiving and paying
for merchandise are divided among several
departments.
d. Only approved departments and individuals are
authorized to incur an obligation that will result in
the payment of cash.
e. It should be extended to all expenses.
Incorrect
Question41
Marks: 0/1
Cash, not including cash equivalents, includes:
Choose one answer.
a. Coins, currency, and checking accounts.
b. Two-year certificates of deposit.

c. Postage stamps.
d. Money market funds.
e. IOUs.
Incorrect
Question42
Marks: 0/1
Internal control systems are:
Choose one answer.
a. Developed by the Securities and Exchange

Commission for public companies.
b. Required only if a company plans to engage in

interstate commerce.
c. Developed by the Internal Revenue Service for all
U.S. companies.
d. Developed by the Small Business Administration
for non-public companies.
e. Required by Sarbanes-Oxley (SOX) to be
documented and certified if the company's stock is
traded on an exchange.
Incorrect
Question43
Marks: 1/1
Principles of internal control include:
Choose one answer.
a. Separate recordkeeping from custody of assets.
b. All of these.
c. Apply technological controls.
d. Perform regular and independent reviews.
e. Divide responsibilities for related transactions.
Correct
Question44
Marks: 0/1
An expense resulting from failing to take advantage of cash discounts on purchases is called:
Choose one answer.
a. Purchases discounts.
b. Discounts earned.
c. Sales discounts.
d. Discounts lost.
e. Trade discounts.
Incorrect
Question45
Marks: 1/1
The following information is available for Johnson Manufacturing Company at June 30:
Based on this information, Johnson Manufacturing Company should report Cash and Cash
Equivalents on June 30 of:
Choose one answer.
a.$15,062
b.$20,146
c.$19,205
d.$19,462 Add $6,455 of cash in bank
+ $12,400 of money market
fund, $350 of petty cash
balance + $257 of money
orders =$19,462.
e.$20,072
Correct
Question46
Marks: 1/1
Which of the following events would cause a bank to debit a depositor's account?
Choose one answer.
a. The depositor authorizes the bank to charge

the depositor's account $50 for new checks.
b. The depositor determines there are

outstanding checks drawn on the account at
month-end.
c. The depositor determines there are deposits in
transit on the account at month-end.
d. The bank collects a note receivable and
related interest on the depositor's behalf.
e. The bank determines it incorrectly charged the
depositor's account twice for the monthly service
charge in a previous month.
Correct
Question47
Marks: 0/1
The entry to record reimbursement of the petty cash fund for postage expense should include:
Choose one answer.
a. A debit to Postage Expense.
b. A debit to Petty Cash.

c. A debit to Cash Short and Over.
d. A debit to Supplies.
e. A debit to Cash.
Incorrect
Question48
Marks: 1/1
On a bank reconciliation, an unrecorded debit memorandum for printing checks is:
Choose one answer.
a. Noted as a memorandum only.
b. Added to the book balance of cash.

d. Deducted from the bank balance of cash.
e. Added to the bank balance of cash.
Correct
Question49
Marks: 0/1
In reimbursing the petty cash fund:
Choose one answer.
a. Cash is debited.
b. Petty Cash is credited.

c. No expenses are recorded.
d. Petty Cash is debited.
e. Appropriate expense accounts are debited.
Incorrect
Question50
Marks: 1/1
The document, also known as the check authorization, that is a checklist of steps necessary
for approving an invoice for recording and payment is the
Choose one answer.
a. Invoice approval
b. Receiving report.
c. Purchase requisition.
d. Purchase order.
e. Invoice.
Correct
Question51
Marks: 0/1
An analysis that explains any differences between the checking account balance according to
the depositor's records and the balance reported on the bank statement is a :
Choose one answer.
a. Analysis of debits and credits.

b. Internal audit.
c. Trial reconciliation.
d. Bank audit.
e. Bank reconciliation.
Incorrect
Question52
Marks: 0/1
A properly designed internal control system:
Choose one answer.
a. Is not necessary if the company uses a

computerized system.
b. Requires the use of non-computerized

systems.
c. Eliminates the need for an audit.
d. Insures profitable operations.
e. Lowers the company's risk of loss.
Incorrect
Question53
Marks: 0/1
For which item does a bank NOT issue a debit memorandum?
Choose one answer.
a. To notify a depositor of a uncollectible

check.
b. To notify a depositor of a deposit to their

account.
c. To notify a depositor of a fee assessed to the
depositor's account.
d. To notify a depositor of periodic payments
arranged in advance, by a depositor.
e. To notify a depositor of all withdrawals through
an ATM.
Incorrect
Question54
Marks: 0/1
The document that the purchasing department prepares and sends to the vendor to place an
order is the
Choose one answer.
a. Purchase order.
c. Invoice approval.
e. Invoice.
Incorrect
Question55
Marks: 0/1
A company made a bank deposit on September 30 that did not appear on the bank statement
dated as of September 30. In preparing the September 30 bank reconciliation, the company
should:
Choose one answer.
a. Deduct the deposit from the bank statement

balance.
b. Send the bank a debit memorandum.

c. Add the deposit to the book balance of cash.
d. Deduct the deposit from the September 30 book
balance and add it to the October 1 book balance.
e. Add the deposit to the bank statement balance.
Incorrect
Question56
Marks: 0/1
Internal control procedures for cash receipts require that:
Choose one answer.
a. Clerks having access to cash in a cash register

should not have access to the register tape or file.
b. Custody over cash is kept separate from its

recordkeeping.
c. An employee (with no access to cash receipts)
should compare the total cash recorded by the register
with the record of cash receipts reported by the
cashier.
d. Cash sales should be recorded on a cash register at
the time of each sale.
e. All of these.
Incorrect
Question57
Marks: 0/1
Assume that the custodian of a $450 petty cash fund has $62.50 in coins and currency plus
$382.50 in receipts at the end of the month. The entry to replenish the petty cash fund will
include:
Choose one answer.
a. A debit to Petty Cash for $450 - 62.50 - 382.50 = $5.00

$382.50. cash shortage
$382.50 + 5.00 = $387.50
reimbursement and credit to cash
b. A debit to Cash for

$387.50.
c. A credit to Cash for
$387.50.
d. A credit to Cash Over
and Short for $5.00.
e. A debit to Cash for
$377.50.
Incorrect
Question58
Marks: 1/1
A bank statement includes:
Choose one answer.
a. A list of petty cash amounts.
b. A list of outstanding checks.

c. A listing of deposits in transit.
d. The beginning and the ending balance of the
depositor's account.
e. All of these.
Correct
Question59
Marks: 0/1
The following information is taken from Hogan Company's December 31 balance sheet:
If net credit sales and cost of goods sold for the current year were $612,000 and $367,200,
respectively, the firm's days' sales uncollected for the year is:
Choose one answer.
a. 154 days
b. 60 days
c. 42 days
d. 70 days ($70,422/$612,000) x 365 = 42 days
e. 85 days
Incorrect
Question60
Marks: 1/1
Cash equivalents:
Choose one answer.
a. Include short-term U.S. treasury bills.
b. All of these.
c. Are readily convertible to a known cash
amount.
d. Include short-term investments purchased
within 3 months of their maturity dates.
e. Have a market value that is not sensitive to
interest rate changes.
Correct
Question61
Marks: 0/1
A seller of goods or services, usually a manufacturer or wholesaler, is known as a:
Choose one answer.
a. Creditor.
b. Vendor.
c. Vendee.
d. Payee.
e. Debtor.
Incorrect
Question62
Marks: 0/1
The gross method of recording purchases refers to the method of recording:
Choose one answer.
a. Purchases at the full invoice price, without

deducting any cash discounts.
b. Inventory at the lower of cost or market.
c. Purchases at the invoice price less any cash
discounts.
d. Specified amounts and timing of payments that
a buyer agrees to make in return for being granted
credit.
e. Inventory at its selling price.
Incorrect
Question63
Marks: 1/1
Preparing a bank reconciliation on a monthly basis is an example of:
Choose one answer.
a. A technological control.
b. Protecting assets by proving accuracy of cash

records.
c. Establishing responsibility.
d. Separation of duties.
e. Poor internal control.
Correct
Question64
Marks: 0/1
Which of the following procedures would weaken control over cash receipts that arrive through
the mail?
Choose one answer.
a. For safety, only one person should open the

mail, and that person should immediately deposit
the cash received in the bank.
b. All of these are good internal control procedures

over cash receipts that arrive through the mail.
c. After the mail is opened, a list (in triplicate) of
the money received is prepared with a record of the
sender's name, the amount, and an explanation of
why the money is sent.
d. The cashier should not also be the record keeper
who records the amounts received in the
accounting records.
e. The bank reconciliation is prepared by a person
who does not handle cash or record cash
receipts.
Incorrect
Question65
Marks: 0/1
A company that uses the net method of recording invoices made a purchase of $400 with
terms of 2/10, n/30. The entry to record the purchase would include:
Choose one answer.
a. A credit to Cash for $392.
b. A debit to Discounts Lost for $8. $400 x .98 =

$392
c. A debit to Merchandise Inventory for

$392.
d. A credit to Discounts Lost for $8.
e. A debit to Cash for $392.
Incorrect
Question66
Marks: 0/1
The internal document prepared by a department manager that informs the purchasing
department of its needs that lists the merchandise needed and requests that it be purchased is
the
Choose one answer.
a. Invoice.
b. Invoice approval.
c. Receiving report.
e. Purchase order.
Incorrect
Question67
Marks: 0/1
The internal document that is prepared to notify the appropriate persons that ordered goods
have been received and describes the quantities and condition of the goods is the
Choose one answer.
a. Purchase order.
c. Invoice.
d. Invoice approval
e. Purchase requisition.
Incorrect
Question68
Marks: 0/1
The entry necessary to establish a petty cash fund should include:
Choose one answer.
a. A debit to Cash and a credit to Petty Cash.
b. A debit to Cash and a credit to Petty Cash Over

and Short.
c. A debit to Petty Cash and a credit to Cash.
d. A debit to Cash and a credit to Cash Over and
Short.
e. A debit to Petty Cash and a credit to Accounts
Receivable.
Incorrect
Question69
Marks: 0/1
A set of procedures and approvals designed to control cash disbursements and the acceptance
of obligations is referred to as a :
Choose one answer.
a. Petty cash system.
b. Voucher system.
c. Internal cash system.
d. Cash disbursement system.
e. Cash control system.
Incorrect
Question70
Marks: 0/1
A company records purchases using the net method. On February 1, they purchased
merchandise inventory on account for $8,300 with terms of 1/10, n/30. The February 1
journal entry to record this transaction would include a:
Choose one answer.
a. Debit to Merchandise Inventory of $8,300 x .99 =

$8,300. $8,217
b. Credit to Accounts Payable of

$8,300.
c. Credit to Merchandise Inventory
of $83.
d. Debit to Merchandise Inventory of
$8,217.
e. Debit to Merchandise Inventory of
$83.

The Voucher System of Control

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The Voucher System of Control

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The voucher system of control:

Choose one answer.

a. Establishes procedures for verifying, approving,

b. Applies only when multiple purchases are made

# Action Response Time Raw score Grade

2 Grade All of these. 00:17:09 on 0 0

Choose one answer.

a. Include time deposits.

b. Are short-term investments sufficiently close to

The Cash Over and Short account:

Choose one answer.

a. Can never have a debit balance.

b. Is not necessary in a computerized accounting

Choose one answer.

A voucher is an internal file:

Choose one answer.

a. Prepared after an invoice is received.

b. Used to accumulate information needed to

The following information is available for Holland Company at December 31:

Choose one answer.

b.$36,246 Add $2,790 in money market

The number of days' sales uncollected is calculated by:

Choose one answer.

a. Dividing net sales by accounts receivable and

b. Dividing accounts receivable by net sales and

Choose one answer.

a. Debit to Cash for $90.

b. Credit to Petty Cash for $165.

e. Debit to Miscellaneous Expenses

The number of days' sales uncollected:

Choose one answer.

a. Measures a company's debt to income.

b. Is used to evaluate the liquidity of receivables.

A check involves three parties:

Choose one answer.

a. The signer, the cashier, and the company.

b. The bookkeeper, the payee, and the bank.

The adjusted cash balance per the books on September 30 is:

Choose one answer.

Choose one answer.

a. A credit to Cash for $854.

b. A credit to Cash for $9.

A voucher system is a series of prescribed control procedures:

Choose one answer.

a. Used almost exclusively by small companies.

b. Designed to determine if the company is

Internal control policies and procedures have limitations including:

Choose one answer.

Choose one answer.

a. Added to the bank balance of cash.

b. Added to the book balance of cash.

A remittance advice is:

Choose one answer.

Choose one answer.

A company's internal control system:

Choose one answer.

a. Monitors company and employee performance.

b. Eliminates the need for audits.

# Action Response Time Raw score Grade

1 Grade 00:16:51 on 2/04/11 0 0

Choose one answer.

a. Ignored in preparing the period's bank