• 2022-05-27
    C Co ensures that two individuals are always present when the post is opened. Which control objective does this help to achieve?
    A: That cash is banked on a regular basis .
    B: That cash and cheques are accurately recorded in the general ledger.
    C: That cash and cheques are not misappropriated.
    D: The cash and cheques are owned by C Co
  • C

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      Which of the following would explain why the petty cash book balance is the same as the amount of cash in the petty cash tin? A: Theft B: Casting error in the petty cash book C: The petty cash has not been topped up to the imprest D: An incorrect amount recorded on a petty cash voucher

    • 1

      To which of the following is the receivables ledger control account reconciled? A: Aged receivables analysis B: Payables ledger C: Receivables ledger D: Cash book

    • 2

      The profitability index is the ratio of the A: future value of cash flows to investment. B: net present value of cash flows to investment. C: net present value of cash flows to IRR. D: present value of cash flows to IRR.

    • 3

      August 25. The company recorded the cash received in payment of services (on a cash basis) to customers, $16,000.The correct journal entry is: A: Dr. Cash 16,000 Cr. Fees earned 16,000 B: Dr. Cash 16,000 Cr. Sales 16,000 C: Dr. Accounts receivable 16,000 Cr. Fees earned 16,000

    • 4

      Present value is defined as A: future cash flows discounted to the present by an appropriate discount rate. B: inverse of future cash flows. C: present cash flows compounded into the future. D: future cash flows multiplied by the factor[img=59x27]18030eb8dae724e.png[/img].