Chapter 7 Homework PDF

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Homework on Chapter 7 that was done on MyLab ...

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CHAPTER 7 ACCOUNTING HOMEWORK 1) Which of the following is not part of the definition of internal control? A) Separation of duties B) Safeguard Assets C) Encourage employees to follow company policies D) Promote operational efficiency Answer: [(A) Separation of duties] 2) The Sarbanes-Oxley Act: [Requires that an outside auditor must evaluate a public company’s internal controls.] 3) Separation of duties is important for internal control of: A) Cash receipts B) Cash payments C) Neither of the above D) Both a and b Answer: [(D) Both a and b] 4) The petty cash fund had an initial imprest balance of $ 100. It currently has $ 20 and petty cash tickets totaling $ 75 for office supplies. The entry to replenish the fund would contain: [A debit to Cash Short & Over for $5] 5) When recording credit card or debit card sales using the net method, [Cash received equals sales minus the fee assessed by the card processing company.] 6) The document that explains all differences between the company's cash records and the bank's figures is called a(n): [Bank Reconciliation]...