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Accounting Quiz 10 MCQs
1. Internal control is:A) The act of stealing a business’ assets
B) The preparation of fraudulent financial statements
C) The process that helps a business achieve its objectives such as operating efficiently and effectively
D) The reconciliation of the bank’s cash balance to the book’s cash balance2.Separation of duties refers to separating all of these functions exceptA) Authorizing transactions
B) Keeping accounting records
C) Hiring personnel
D) Maintaining custody of assets3.Which of the following is not a control activity?A) Mandatory vacations
B) Risk assessment
C) Security measures
D) Proper authorization4.Which of the following is NOT a factor in the fraud triangle?A) Perceived Pressure
C) Perceived Risk
D) Perceived opportunity5.The entry to replenish a petty cash fund includesA) debits to various expense accounts and a credit to Petty Cash Fund
B) debits to various expense accounts and a credit to Cash
C) a debit to Petty Cash Fund and a credit to Cash
D) a debit to Cash and a credit to Petty Cash6.A company may be limited in their internal control procedures because the cost of hiring enough people to implement the procedures:A) outweighs the benefits of the system.
B) has nothing to do with the effectiveness of the internal control system.
C) can prevent collusion.
D) can limit employee distractions. 7.Which element of internal control deals with establishing procedures for things such as handling of incoming checks?A) Monitoring
B) Control environment
C) Control activities
D) Risk assessment 8.Which element of internal control deals with identifying weaknesses of the internal control system?A) Monitoring
B) Control environment
C) Information and communication
D) Risk assessment 9.To arrive at an accurate balance on the bank reconciliation statement, deposits in transit should be:A) Added to the bank statement balance
B) Added to the book balance
C) Deducted from the bank statement balance
D) Deducted from the book balance10.A firm appropriately wrote a check for $87 but entered the amount as a payment of $96. On the bank reconciliation statement this error would be shown asA) A deduction of $9 from the bank statement balance
B) An addition of $9 to the bank statement balance
C) A deduction of $9 from the book balance
D) An addition of $9 to the book balance