Question 1

The bank statement for Marley Co.indicates a cash balance of $10,000.50 on June 30,2010.The cash account in Marley's records had a balance of $4,677.10.Illustrate the adjustments to the accounts and their effect on Marley's financial statements,based on the following reconciling items:

Statement of Cash Flows Income Statement

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Question 2

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

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Question 3

Identify each of the following as related to (a)the control environment, (b)risk assessment,or (c)control procedures.
(1)Mandatory vacations
(2)Personnel policies
(3)Report of outside consultants on future market changes

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Question 4

Discuss what would be included under personnel policies.

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Question 5

The bank statement for Marley Co.indicates a balance of $10,000.50 on June 30,2010.
The cash account in the depositor's records had a balance of $4,677.10.Prepare a bank reconciliation on the basis of the following reconciling items:

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Question 6

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

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Question 7

Using the following information,prepare a bank reconciliation for Wilkes Co.for
May 31,2010:

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Question 8

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

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Question 9

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

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

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

Identify each of the following as related to (a)the control environment, (b)risk assessment,or (c)control procedures. (1)Mandatory vacations (2)Personnel policies (3)Report of outside consultants on future market changes

Discuss what would be included under personnel policies.

The bank statement for Marley Co.indicates a balance of $10,000.50 on June 30,2010. The cash account in the depositor's records had a balance of $4,677.10.Prepare a bank reconciliation on the basis of the following reconciling items:

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

Using the following information,prepare a bank reconciliation for Wilkes Co.for May 31,2010:

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

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