s a apter 7 at Tools Add-ons Help Accessibility All changes saved in Drive rmal textArial 24. The debit balance in Camh Shont and Over a the enad of an accounting period is reported b income on the incoene statement C. anasse onthe balance sheet d. a liability on the balance sheet 25 Innernal cotzol does net coosist of policies and procedures dht a protect assets from misuse b ensure employees and managers comply with laws and regulation c guarantee the company weill ecarm a pron d ensure that business inforio is accurate 26 Accompanying the bank statement was a debit memo for an NSF check reconciliation as an) received from a customer This would be inchuded on the bank deduction from the balance per company's records b addiion to the balaence per bank c deduction from the balance per bank stamen d addition to the balance per company's records 27. A 5200 petty cash fund has cash of $20 and reoripes of $177 The yourmal entry to replenish the account oould include a creds to a Cash for $20 SAMSUNG a Chegg: Corporate Financial Acc x C Corporate Financial Accountinx0 Mail-ju jackson o3esubr x Study Questionse m/document/d/1k3NpoeYB7CYgskzwj ZckSColtfT46UB6wW3rmNCYo/edit at Tools Add-ons Help Accessibility Allchanges saved in Drive mal textArial 9 B I 27. A $200 petly cash fund has canlh of $20 and meeips of $177 The jourmal entry to replenish the account would lacude a credi Cash for $20 b. Cash Short and Over for $3 C Petty Cash for $190 d. Cash for $180 28. The effect of a debit memo on the company's books decreases an anset On the bank's records, the debit memo a decreases an asset b. decreases a liability c increases an asset d. increases a liability 29 A check drawn by a company in payent of a voucher for $965 was recoeded in the pumal as 5695. This nem would be incladed in the bank reconciliation as a(n) a deductloe froam the balance per the company's records b addition to the belance per the bank state c. deduction from de balance per the bank statement d addition to the balance per the company's records 30 A debit or credia nemo drsoibing entries in the company's hank accourr may be enclosed with the bank suarmest An example of a arde meno is b a promissory note lefi for collection c a service charge d noufication that a cussosers check for $375 was recoeded by the company as $735 on the deposit tcket 31 A necessary element of internal control is a database b. systenms design c systems analysis SAMSUNG e.com/document/d/Tfk3Np0eYB7CYgskzwj ZcKSColtfT46UB6ww3rmNCYO/edit hapter 7 mat Tools Add-ons Help Accessibility Normal text Ara 32. A bank reconciliation should be prepared periodically because a the company's records and the bank's records are in agreement b. the bank has not recorded all of its transactions c any differences between the company's records and the bank's reconds should be determined, and any erors made by either party should be discovered and corrected d. the bank must make sure that its records are correct 33. A bank recoeciliation should be prepared a whenever the bank refuses to lend the company money b. to explain any difference between the company's balance per books with the balance per bank c by the company's bank d. by the person who is authorized to sign checks 34 How is the Internal Conerol Insegrated Framework used by companies? a as a standard for designing, analyzing, and evaluating internal cootrols b as a standard for making statements aboot a company's financrs to the pablic c as an extension of internal controls d. as an exsension of GAAP 35. Which of the following could signsal internal control peoblens within the accounting system (1) Safeguarding inventory in a locked warehouse (2) Abuse of alcohol or drugs SAMSUNG