Question 1

Discuss what would be included under personnel policies.

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Question 2

Using the following information,prepare a bank reconciliation for Murack Co.for May 31,2015:

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Question 3

List the advantages of Electronic Funds Transfers.

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Question 4

a)	Where are cash equivalents disclosed in the financial statements?
(b)	List three examples of cash equivalents.

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Question 5

Explain why one person should not be permitted to purchase,receive,and pay for supplies.

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Question 6

Why would a bank require a company to maintain a compensating balance?

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Question 7

Using the following information,prepare a bank reconciliation for Hydrope Co.for May 31,2015.

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Question 8

The bank statement for Exible Co.indicates a balance of $10,252.50 on June 30,2015.The cash account for the company had a balance of $4,787.10.Prepare a bank reconciliation on the basis of the following reconciling items:

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Question 9

Using the following information,list the items that will require adjustments to the accounts of Salem Co.Also,indicate which accounts will increase or decrease due to the adjustment.

(a)	The bank statement balance is $2,597.
(b)	The cash account balance is $2,680.
(c)	Outstanding checks amounted to $703.
(d)	Deposits in transit are $732.
(e)	The bank service charge is $25.
(f)	Interest added to the checking account by the bank is $7.
(g)	A check drawn for $59 was incorrectly charged by the bank as $95.

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Question 10

What is a special-purpose cash fund? What is its purpose? Give two examples.

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Question 11

Identify each of the following as related to (a)the control environment,(b)risk assessment,or (c)control procedures.

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Question 12

What is the purpose of the Sarbanes-Oxley Act of 2002,and why was it enacted?

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Quiz 5: Sarbanes-Oxley, internal Control, and Cash