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AB 113 AB/113 AB113 Unit 7 Exam (Kaplan)

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AB 113 Unit 7 Exam (Kaplan)

  1. The amount of deposits in transit is included on the bank statement as a (n) _______.
  2. A firm's internal control environment is influenced by _______.
  3. The Sarbanes-Oxley Act of 2002 requires companies and their independent accountants to _______.
  4. Separating the custody of assets from accounting for assets is a part of which element of internal control?
  5. Which of the following would be deducted from the balance per books on a bank reconciliation?
  6. In reference to a promissory note, the person who is to receive payment is called the _______.
  7. EFT:
  8. Receivables are usually a significant portion of _______.
  9. A bank reconciliation should be prepared periodically because _______.
  10. Cash equivalents include _______.
  11. A credit memorandum from the bank _______.
  12. The purpose of the Sarbanes-Oxley Act of 2002 is to _______.
  13. Which of the following would be added to the balance per books on a bank reconciliation?
  14. The amount of the outstanding checks is included on the bank reconciliation as a(n)
  15. The bank reconciliation _______.
  16. When an account is written off under the allowance method,
  17. Which of the following is NOT defined as cash?
  18. A 60-day, 10% note for $6,000 dated April 15 is received from a customer on account.
    The face value of the note is _______.
  19. Use the following data to calculate cost of merchandise sold under FIFO method.
     

    September 1

    Beginning Inventory

    15 units @ $20

    September 10

    Purchases

    20 units @ $25

    September 20

    Purchases

    25 units @ $28

    September 30

    Ending Inventory

    30 units

     

  20. What adjustment is required in the depositor's accounts to record outstanding checks?
  21. The two most widely used methods for determining the cost of inventory are _______.
  22. On the bank's accounting records, customers' accounts are normally shown as _______.
  23. Management's philosophy and operating style would affect which of the following elements of internal control?
  24. What type of account is Allowance for Doubtful Accounts?
  25. Use the following data to calculate the cost of ending inventory under the FIFO method.
     

    September 1

    Beginning Inventory

    15 units @ $20

    September 10

    Purchases

    20 units @ $25

    September 20

    Purchases

    25 units @ $28

    September 30

    Ending Inventory

    30 units

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