Questions from Financial Accounting

Q: Upon graduation from Texas State Technical College in Waco, Texas,

Upon graduation from Texas State Technical College in Waco, Texas, your neighbor John Abel immediately accepted a position as an electrician’s assistant for a large electrical repair company in Austin...

Q: All of the following are objectives of internal control except a

All of the following are objectives of internal control except a. to comply with legal requirements. b. to ensure accurate and reliable accounting records. c. to maximize net income. d. to safegua...

Q: All of the following are internal control procedures except a.

All of the following are internal control procedures except a. Sarbanes-Oxley reforms. b. adequate records. c. assignment of responsibilities. d. internal and external audits.

Q: Requiring that an employee with no access to cash do the accounting

Requiring that an employee with no access to cash do the accounting is an example of which characteristic of internal control? a. Competent and reliable personnel b. Monitoring of controls c. Assig...

Q: All of the following are controls for cash received over the counter

All of the following are controls for cash received over the counter except a. a printed receipt must be given to the customer. b. the customer should be able to see the amounts entered into the cas...

Q: In a bank reconciliation, an outstanding check is a.

In a bank reconciliation, an outstanding check is a. added to the bank balance. b. deducted from the book balance. c. deducted from the bank balance. d. added to the book balance.

Q: In a bank reconciliation, an EFT cash payment is a

In a bank reconciliation, an EFT cash payment is a. deducted from the bank balance. b. deducted from the book balance. c. added to the book balance. d. added to the bank balance.

Q: FRS 105 requires that a complete set of financial statements of a

FRS 105 requires that a complete set of financial statements of a micro-entity should include the following: (a) a statement of financial position as at the reporting date with notes included at the f...

Q: The following information (in £m) relates to the defined

The following information (in £m) relates to the defined benefit scheme of Basil plc for the year ended 31 December 20X7: Fair value of plan assets at 1 January 20X7 £3,150 and at 31 December 20X7 £3,...

Q: Set out below are the financial statements of Ant Co., its

Set out below are the financial statements of Ant Co., its subsidiary Bug Co. and an associated company Nit Co. for the accounting year-end 31 December 20X9. Ant Co. acquired 80% of the shares in B...