Banks collect money of behalf of depositors. Many businesses have their customers pay directly to the company bank account. What is this system called?
A) an EFT system
B) a lock-box system
C) an imprest system
D) a bank account reconciliation system
52) A fund with a small amount of cash on hand for minor payments is called a:
A) petty cash fund
B) miscellaneous expense fund
C) money market fund
D) cash disbursement fund
53) The entry to establish the petty cash fund is:
B) Petty CashDebit
C) Miscellaneous ExpenseDebit
D) Miscellaneous ExpenseDebit
54) The asset requiring the highest level of internal control is:
B) Accounts Receivable
D) Capital Assets
55) Which of the following statements is true?
A) A cash budget is similar to an income statement.
B) A cash budget is prepared for the external auditors.
C) A cash budget is a formal financial statement bound by GAAP.
D) A cash budget is an internal document used by management to aid in the planning process.
56) A cash budget includes:
A) estimated cash payments, accounts receivable, and accounts payable balances
B) estimated cash receipts, accounts receivable, and accounts payable balances
C) estimated cash receipts and cash payments
D) estimated cash receipts, cash payments, and noncash expenses such as amortization expense
57) Assuming a beginning cash balance of $2,000, estimated cash receipts of $105,900, and a expected ending cash balance of $2,500, then:
A) the estimated cash payments are $105,400
B) the estimated cash payments are $106,400
C) the estimated cash payments are $107,900
D) the estimated cash payments are $108,400
58) If the expected ending cash balance is $5,000, estimated cash receipts are $125,000, and estimated cash payments are $131,000, then:
A) the beginning cash balance is $11,000
B) the beginning cash balance is $6,000
C) the beginning cash balance is $5,000
D) the beginning cash balance is $1,000
59) Assuming estimated cash receipts of $150,500, estimated cash payments of $135,300, and a expected ending cash balance of $32,700, then:
A) the beginning Cash balance is $15,200
B) the beginning Cash balance is $17,500
C) the beginning Cash balance is $47,900
D) the beginning Cash balance is $50,200
60) The most common form of management fraud is earnings management.
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