Indicate the answer choice that best completes the statement or answers the gu 0 10 estion. 1. The objectives of internal control are to a. prevent fraud, and promote the social interest of the company b. control the internal organization of the accounting department personnel and equipment c.provide control over "internal-use only" reports and employee internal conduct d. provide reasonable assurance that assets are safeguarded and used for business purposes information is accurate, and laws and regulations are complied with 2. Which one of the following reflects a weak internal control system a. a single employee is responsible for comparing a receiving report to an invoice b. a single employee is responsible for collecting and recording of cash c. all employees must take their vacations d. all employees are well supervised 3. The cash account in the company's ledger is a(n) a. asset with a normal credit balance b. liability with a normal credit balance c. asset with a normal debit balance d. liability with a normal debit balance 4. The portion of an invoice that is returned with payment is a a, credit memo b remittance advice c. debit memo d. voucher 5. The debit balance in Cash Short and Over at the end of an accounting period is reported as a. a liability on the balance sheet b. an expense on the income statement c, income on the income statement d. an asset on the balance sheet 6. A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a(n) a. remittance advice b. invoice c, voucher d. debit memo Copyright Cenagage Learning Powered by Cognero Page 1 Indicate the answer choice that best completes the statement or answers the gu 0 10 estion. 1. The objectives of internal control are to a. prevent fraud, and promote the social interest of the company b. control the internal organization of the accounting department personnel and equipment c.provide control over "internal-use only" reports and employee internal conduct d. provide reasonable assurance that assets are safeguarded and used for business purposes information is accurate, and laws and regulations are complied with 2. Which one of the following reflects a weak internal control system a. a single employee is responsible for comparing a receiving report to an invoice b. a single employee is responsible for collecting and recording of cash c. all employees must take their vacations d. all employees are well supervised 3. The cash account in the company's ledger is a(n) a. asset with a normal credit balance b. liability with a normal credit balance c. asset with a normal debit balance d. liability with a normal debit balance 4. The portion of an invoice that is returned with payment is a a, credit memo b remittance advice c. debit memo d. voucher 5. The debit balance in Cash Short and Over at the end of an accounting period is reported as a. a liability on the balance sheet b. an expense on the income statement c, income on the income statement d. an asset on the balance sheet 6. A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a(n) a. remittance advice b. invoice c, voucher d. debit memo Copyright Cenagage Learning Powered by Cognero Page 1