ACTG EXAM 2
QUESTIONS WITH
COMPLETE
SOLUTIONS!!
ACGT
Evatee 9/2/24 ACGT
, ACTG EXAM 2 QUESTIONS WITH COMPLETE
SOLUTIONS!!
The Sarbanes-Oxley Act of 2002 applies to: Answer - All companies that file
reports with the SEC.
Who is ultimately responsible for the establishment and success of a
company's internal control system? Answer - The company's top executives
Consistent with the COSO framework, an effective internal control system
includes the control environment. The control environment refers to: Answer -
The ethical tone set by top management.
Which of the following is considered cash for financial reporting purposes?
Answer - Checks received from a customer from the sale of merchandise
Effective internal control over cash includes the requirement that: Answer -
The person who makes deposits should NOT record the deposits.
Which of the following adjusts the bank's balance of cash in a bank
reconciliation? Answer - Deposits outstanding
Which of the following adjusts the company's balance of cash in a bank
reconciliation? Answer - Interest on bank deposit.
Investing cash flows include which of the following? Answer - Cash received
from the sale of a used company truck.
QUESTIONS WITH
COMPLETE
SOLUTIONS!!
ACGT
Evatee 9/2/24 ACGT
, ACTG EXAM 2 QUESTIONS WITH COMPLETE
SOLUTIONS!!
The Sarbanes-Oxley Act of 2002 applies to: Answer - All companies that file
reports with the SEC.
Who is ultimately responsible for the establishment and success of a
company's internal control system? Answer - The company's top executives
Consistent with the COSO framework, an effective internal control system
includes the control environment. The control environment refers to: Answer -
The ethical tone set by top management.
Which of the following is considered cash for financial reporting purposes?
Answer - Checks received from a customer from the sale of merchandise
Effective internal control over cash includes the requirement that: Answer -
The person who makes deposits should NOT record the deposits.
Which of the following adjusts the bank's balance of cash in a bank
reconciliation? Answer - Deposits outstanding
Which of the following adjusts the company's balance of cash in a bank
reconciliation? Answer - Interest on bank deposit.
Investing cash flows include which of the following? Answer - Cash received
from the sale of a used company truck.
