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Chapter 7: Internal Control and Cash

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Horngren'S Financial And Managerial Accounting
Pages: 380 - 431

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69 Questions for Chapter 7: Internal Control and Cash

  1. Question: How does the Sarbanes-Oxley Act relate to internal controls?

    Found on Page 411
  2. What are the steps taken to ensure control over purchases and payments by check?

    Found on Page 411
  3. Recording transactions from a bank reconciliation Review your results from preparing Guard Dog Security Systems’ bank reconciliation in Short Exercise S7-9. Journalize the company’s transactions that arise from the bank reconciliation. Include an explanation with each entry.

    Found on Page 414
  4. What are the controls needed to secure the petty cash fund?

    Found on Page 411
  5. Understanding the Sarbanes-Oxley Act and identifying internal control strengths and weaknesses. The following situations suggest a strength or a weakness in internal control.

    Found on Page 414
  6. When are the only times the Petty Cash account is used in a journal entry?

    Found on Page 411
  7. Identifying internal controls. Consider each situation separately. Identify the missing internal control procedure from these characteristics:

    Found on Page 414
  8. What are two common methods used when accepting deposits for credit card and debit card transactions?

    Found on Page 411
  9. Evaluating internal control over cash receipts Dogtopia sells pet supplies and food and handles all sales with a cash register. The cash register displays the amount of the sale. It also shows the cash received and any change returned to the customer. The register also produces a customer receipt butkeeps no internal record of the transactions. At the end of the day, the clerk counts the cash in the register and gives it to the cashier for deposit in the company bank account.

    Found on Page 415
  10. What are some common controls used with a bank account?

    Found on Page 411

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