ACC557 week 6 QUIZ
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Multiple Choice Question 107 A bank statement

is a credit reference letter written by the depositor's bank. shows the activity which increased or decreased the depositor's account balance. is a bill from the bank for services rendered. lets a depositor know the financial position of the bank as of a certain date.

Multiple Choice Question 65 In large companies, the independent internal verification procedure is often assigned to

management. computer operators. internal auditors. outside CPAs.

Multiple Choice Question 104 All of the following are parties to a check except the

Federal Reserve. maker. bank. payee.

Multiple Choice Question 43 Internal controls are concerned with

preparing income tax returns. safeguarding assets. the extent of government regulations. only manual systems of accounting.

Multiple Choice Question 146 If a check correctly written and paid by the bank for $591 is incorrectly recorded on the company’s books for $519, the appropriate treatment on the bank reconciliation would be to

deduct $72 from the book’s balance. add $72 to the book’s balance. deduct $72 from the bank’s balance. deduct $591 from the book’s balance.

Multiple Choice Question 109 A company maintains the asset account, Cash in Bank, on its books, while the bank maintains a reciprocal account which is

an owner's equity account. a liability account. a contra-asset account. also an asset account.

Multiple Choice Question 58 An accounts payable clerk also has access to the approved supplier