Accounting homework help

Posted on 2014-03-18 10:06:00 in Accounting by 130NG R1P420

1) In the month of November Gavin Company Inc. wrote checks in the amount of $27,750. In December, checks in the amount of $37,974 were written. In November, $25,404 of these checks were presented to the bank for payment, and $32,649 in December. What is the amount of outstanding checks at the end of December?

A) $7,671.

B)$2,346.

C)$10,650.

D)$5,325.



2) Which of the following does not appear as a separate section on the cash budget?

A) Cash receipts.

B)Cash disbursements.

C)Cash sales.

D)Financing.



3) Which one of the following would not cause a bank to debit a depositor's account?

A)Checks marked NSF.

B)Wiring of funds to other locations.

C)Bank service charge.

D)Collection of a note receivable.



4)The custodian of a company asset should

A)be someone outside the company.

B)not have access to the accounting records for that asset.

C)be an accountant.

D)have access to the accounting records for that asset.



5)Management of cash is the responsibility of the company

A)accountant.

B)president.

C)treasurer.

D)vice-president.



6) The cash receipts section of a cash budget includes all of the following except

A)expected borrowings.

B)collections from customers.

C)receipts of interest and dividends.

D)cash sales.



7) In large companies, the independent internal verification procedure is often assigned to

A) internal auditors.

B)computer operators.

C)management.

D)outside CPAs.

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