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Match the Statements Below with the Appropriate Terms

Question 239

Matching

Match the statements below with the appropriate terms

Premises:

Responses:

Segregation of duties.

Prenumbered documents

One to whom a check is payable.

Custody of an asset should be kept separate from the record-keeping for that asset

Two or more employees circumventing prescribed procedures.

Cash registers, garment sensors and burglar alarms are examples

Prevent a transaction from being recorded more than once.

Bonding employees

Checks which have been returned by the maker's bank for lack of funds.

Collusion

Checks which have been paid by the depositor's bank.

Cash

Shows the depositor's bank transactions and balances.

Bank statement

Anything that a bank will accept for deposit.

Payee

Physical controls.

Maker

One who issues a check.

Canceled checks

Insurance protection against misappropriation of assets.

NSF checks

An extensive network of approvals by authorized individuals.

Outstanding checks

Document indicating the purpose of a petty cash expenditure.

Petty cash receipt

Issued checks that have not been paid by the bank.

Cash equivalents

Highly liquid investments.

Voucher system

Premises:

Segregation of duties.

One to whom a check is payable.

Two or more employees circumventing prescribed procedures.

Prevent a transaction from being recorded more than once.

Checks which have been returned by the maker's bank for lack of funds.

Checks which have been paid by the depositor's bank.

Shows the depositor's bank transactions and balances.

Anything that a bank will accept for deposit.

Physical controls.

One who issues a check.

Insurance protection against misappropriation of assets.

An extensive network of approvals by authorized individuals.

Document indicating the purpose of a petty cash expenditure.

Issued checks that have not been paid by the bank.

Highly liquid investments.

Responses:

Prenumbered documents

Custody of an asset should be kept separate from the record-keeping for that asset

Cash registers, garment sensors and burglar alarms are examples

Bonding employees

Collusion

Cash

Bank statement

Payee

Maker

Canceled checks

NSF checks

Outstanding checks

Petty cash receipt

Cash equivalents

Voucher system

Correct Answer:

Premises:

Responses:

Segregation of duties.

One to whom a check is payable.

Two or more employees circumventing prescribed procedures.

Prevent a transaction from being recorded more than once.

Checks which have been returned by the maker's bank for lack of funds.

Checks which have been paid by the depositor's bank.

Shows the depositor's bank transactions and balances.

Anything that a bank will accept for deposit.

Physical controls.

One who issues a check.

Insurance protection against misappropriation of assets.

An extensive network of approvals by authorized individuals.

Document indicating the purpose of a petty cash expenditure.

Issued checks that have not been paid by the bank.

Highly liquid investments.