09 May WHICH IS A VALID REASON FOR NOT KEEPING A SET OF ACCOUNTING RECORDS FOR A BUSINESS?
16. An example of a weakness in internal control is:a. The use of a signature stamp for checksb. A petty cash boxc. Having the bookkeeper deposit cash receipts and also prepare the cash receipts journald. Having the bookkeeper deposit cash receipts and also prepare checkse. Having the bank statement mailed to the owner’s home address 317. The payroll with holdings that must be matched by the employer are:a. Social Security withholdingb. Medicare withholdingc. Social Security and Medicare withholdingd. Social Security Medicare and CA SDI withholdinge. None of the above18. Reasons why a check written and recorded in the cash disbursements journal may not appear on the monthly bank statement include:a. The cash disbursements entry is erroneousb. The recipient hasn’t deposited the check yetc. The check was lost in the maild. The check was held and never given to the recipiente. All of the above19. Which is a valid reason for not keeping a set of accounting records for a business?a. All that’s important is the amount of cash in the bank. That will tell the business how profitable it is.b. A set of books would leave a trail for the IRS to be able to tax the business.c. The owner is much too busy growing and running the business to spend time number crunching. If the customers are happy then the business is successful.d. Simple is best and a shoe box filled with receipts is the only accounting record needed.e. None of the above20. Internal control over cash is similar to management of cash in that:a. Both are concerned with the preservation of an assetb. Both if mastered can lead to maximum return on the owner’s investmentc. Both are concerned with maximizing the return on cashd. a. and b.e. a. and c.
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