1 The principles of internal control include A) B) Maintain minimal records C) Use only computerized systems D) Bond all employees litics 2. A company's internal control system A) Eliminates the risk of loss B) Monitors and controls business activities C) Eliminates human error D) Eliminates the need for andits. E) All of the above c2 3. Cash cequivalents: A) Include savings accounts. B) Include checking accounts Q) Are short-term investments close to their maturity date with values that are not sensitive to D) Include time deposits E) Have no immediate value. interest rate changes A) An explanation for a payment by check. B) A bank statement. C) A voucher. D) An EFT E) A cancelled check Learning Obiective: C3 A bank statement includes A) A list of outstanding checks B) A list of petty cash amounts. C) The beginning and the ending balance of the depositor's checking account D) A listing of deposits in transit. E) All of the above. 5. The days' sales uncollected ratio is used to: A) B) C) Identify the D) Estimate how much time is E) Measure the amount of layaway sales for a period. Measure how many days of sales remain until the end of the year Determine the number of days that have passed 6 without collecting on accounts receivable. likelihood of collecting sales on account the amount of accounts receivable is received in cash. Learning Objective: Al A company had net credit sales of $31,500 and ending accounts receivable of $2.7 uncollected equals: A) 11.7 days B) 23.3 days. 7