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Accounting Homework questions…..?
1. The closing process
A. results in increasing assets by net income or decreasing assets by a net loss
B. resets all temporary accounts to zero so the accounts are ready for the beginning of the next accounting period
C. resultsin zero balances in all balance sheet accounts
D. sometimes involves the cash account
4. An effective system of internal controls includes all of the following except
A. providing employe training
B. prenumbered documents
C. allowing the accounting department to authorize payments
D. rotating employees to various jobs
5. The following statement is true regarding internal control over cash payments
A. controlling cash payments is not as important as controlling cash receipts
B. specific employees should approve purchase documents for payment
C. all payments should be made with cash
D. a lockbox maximizes internal controls over payments
A. Because the income statement is finalized at period closing & proceeds is trf to BS.
C. The section that conducts record should not authorize. Segregation of duties
B. The approval payment should be done by different employees, specifically those who are being given authorization due to his/ her position in the organization.
Ministry – Lockbox
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Master Lock Select Access Wall-Mounted Key Storage Box with Set-Your-Own Combination Lock … |
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WDD-180 Through-The-Wall Drop Box $199.00 ?Tubular-style key lock with Double “D” configuration (can be retrofitted with other cam locks). ?Piano hinge ?Drop door openning thick enough to drop keys, wallets, car remotes, thick envelopes and more. ?Metal baffle to protect drop openning from fishing ?Pre-drilled mounting holes on sides for in-the -wall installation ?Installation hardware included ?Two tubular keys included ?Reinforced d… |
