3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a. provide reasonable assurance that assets are safeguarded and used for ess purposes, financial reports are accurate, and laws and regulations are complied with Ob. provide control over "internal use only" reports and employee internal conduct OC. control the internal organization of the Accounting Department personnel and equipment O d. prevent fraud and promote the social interest of the company 2) A bank reconciliation should be prepared periodically because O a. The bank must make sure that its records are correct. Ob. the bank has not recorded all of its transactions C. any differences 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 Od. the company's records and the bank's records are in agreement 3) The amount of deposits in transit is included on the bank reconciliation as a(n) O a. addition to the balance per bank statement O b. deduction from the balance per the company's books O c. addition to the balance per company books O d. deduction from the balance per bank statement 4) The amount of the outstanding checks is included on the bank reconciliation as a(n) O a. addition to the balance per bank statement Ob. addition to the balance per company's records Oc deduction from the balance per company's records Od. deduction from the balance per bank statement 5) Journal entries based on the bank reconciliation are required in the company's accounts for O a. book errors Ob. outstanding checks Oc deposits in transit O d. bank errors