Leaming Objestive: ci The principles of internal control include A) Establish responsibilities B) Maintain minimal records C) Use only computerized systems. 1. all employees E) Require automated sales systems. Leaming Obiective: C 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 audits E) All of the above. 2. Learning Objective: C2 3. Cash equivalents A) Include savings accounts B) Include checking accounts C) Are short-term investments close to their maturity date with values that are not sensitive to interest rate ch D) Include time deposits E) Have no immediate value. : C3 4. A remittance advice is: A) An explanation for a pyment by check B) A bank statement C) A voucher D) An EFT E) A cancelled check. Learning Objective: C3 5. A bank statement includes: A) A list of 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. Learning Objiective: Al The days' sales uncollected ratio is used to: 6. A) B) Determine the number of days that have passed without collecting on accounts receivable C) Identify the likelihood of collecting sales on account D) Estimate how much time is likely to pass before the amount of E) Measure the amount of layaway sales for a period. Measure how many days of sales remain until the end of the year receivable is receiv accounts receivable of$2,700 for the y had net credit sales of $31,500 and ending uncollected equals: A) 11.7 days B) 23.3 days