Quiz on Cash Disbursement and Internal Control Activities for

School: Azusa Pacific University - Course: ACCT 512 - Subject: Accounting

Week 5: Quiz Instructions This is a graded quiz to help you test your knowledge on assigned textbook readings and sample quiz questions provided in the assigned chapters this week. The quiz format will be open-book open-note and based on true/false and multiple-choice questions. The quiz will be timed, with little time for referring to reference material, so it is important to be well- prepared and organized. ClickTake the Quizto get started. Question 1 1 / 1 pts All of the following activities occur at the time of a cash disbursement from petty cashexcept available supporting documents are attached to the voucher. Correct! a journal entry is made for each cash distribution. the individual receiving payment signs the voucher. the petty cash custodian signs the voucher. Question 2 1 / 1 pts Which of the following isnotan internal control activity for cash? Banking facilities should be used as much as possible. Correct! All payments should be made with currency, not checks. The amount of cash on hand should be kept to a minimum.

Employees who have access to cash should be bonded. Question 3 1 / 1 pts All of the following actions would strengthen internal control over a petty cash fundexcept submission of supporting documents. cancellation of paid vouchers. surprise counts by a supervisor. Correct! multiple petty cash custodians. Question 4 1 / 1 pts All of the following are examples of internal control proceduresexcept Correct! customer satisfaction surveys. insisting that employees take vacations. using prenumbered documents. reconciling the bank statement. Question 5 1 / 1 pts Internal control is most effective when several people are responsible for a given task. Correct! False

True Question 6 1 / 1 pts In large companies, the independent internal verification procedure is often assigned to outside CPAs. management. computer operators. Correct! internal auditors.