accounting 251
internal control
A key factor in helping safeguard cash is a well functioning _______ ________
current asset
Because cash normally is assumed to be available for spending, it is usually classified on the balance sheet as a(n)
reported financial statements
Strong internal control systems allow greater reliance by investors on:
designing an internal control system.
The Committee of Sponsoring Organizations (COSO) of the Treadway Commission provided a framework for
ending cash on the balance sheet date.
The amount of cash in the balance sheet reflects the
cash
The asset that is most easily stolen and susceptible to fraud is
financing or financial
The repayment of promissory notes and the payment of dividends are classified as ___________ activities on the statement of cash flows.
operating, investing, and financing.
The statement of cash flows classifies items as
reported financial statements
provide accurate and reliable accounting information.
the ending balance of cash in the accounting records.
A bank reconciliation is a procedure used to determine if the cash balance in the bank statement equals
provide accurate and reliable accounting information. safeguard company assets.
Internal control consists of plans to (Select all that apply.)
safeguard company assets. provide accurate and reliable accounting information.
Internal control consists of plans to (Select all that apply.)
net increase or decrease in cash during the year
The sum of net cash flows from operating, investings, and financing activities reported in the statement of cash flows represents the:
Repay borrowing from bank Pay dividends
Which of the following are cash outflows from financing activities?
internal controls.
A company's plans to safeguard company assets and enhance the reliability and accuracy of accounting information are referred to as
cash can be stolen.
Internal control over cash is important because
bank reconciliation
One of the most important internal controls for cash is the ______
cash
The asset that is most susceptible to employee fraud is
The balance sheet and statement of cash flows
The ending balance in cash is reported in which financial statement(s)?
Committee of Sponsoring Organizations (COSO) of the Treadway Commission.
The framework for designing an internal control system is provided by the
occupational fraud
The use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources is called
Borrowing from another company and signing a promissory note Issuance of common stock to investors
Which of the following are cash inflows from financing activities?
purchase of investment securities purchase of land
Which of the following are cash outflows from investing activities?
purchase of long-term investments purchase of building purchase of land
Which of the following are cash outflows from investing activities?
Monitoring Risk assessment Control environment Control activities
Which of the following are components of internal control?
sale of equipment sale of building sale of investments
Which of the following cash transactions are classified as cash inflows from investing activities?
sale of investments sale of land
Which of the following cash transactions are classified as cash inflows from investing activities?
cash account in the balance sheet.
A bank reconciliation reconciles the bank statement with the company's
Cash flows from Operating, Investing, and Financing Activities
During the year, Bernard Company's cash balance increased by $10,000. The sum of which totals reported on Bernard Company's statement of cash flows would also be equal to $10,000?
statement of cash flows balance sheet
Margot, a prospective investor, wants to know how much cash Ziegler Inc. has on December 31. Margot can find the information in Ziegler's: (Select all that apply.)
Strong internal control systems
Which of the following allows greater reliance by investors on reported financial statements?
Debit rend expense; credit cash 'Debit supplies; credit cash
Which of the following entries affect a company's cash flows?
collection from customers receipt of interest
Which of the following items are classified as cash inflows from operating activities on the statement of cash flows?
interest received on notes receivable collection of an accounts receivable
Which of the following items are classified as cash inflows from operating activities on the statement of cash flows?
interest paid on notes payment of employee salaries purchase of supplies with cash
Which of the following items are classified as cash outflows from operating activities on the statement of cash flows?
payment of salaries payment of an accounts payable balance
Which of the following items are classified as cash outflows from operating activities on the statement of cash flows?
