Specific periodic adjustments ( Form 4, Accounting Commercial )

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Test your knowledge of cash control and e-money.

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Specific periodic adjustments ( Form 4, Accounting Commercial )


Specific periodic adjustments ( Form 4, Accounting Commercial )Version en ligne Test your knowledge of cash control and e-money. par YAKILI LMS 1 A cash book records all cash receipts and payments. Yes No 2 Petty cash vouchers are optional. Yes No 3 Electronic money instruments do not include mobile money. Yes No 4 Under the imprest system, the petty cash float can be increased or decreased arbitrarily without replenishment. Yes No 5 Cash in hand is never counted or verified. Yes No 6 Should bank reconciliation normally be performed monthly for most businesses? Yes No 7 Electronic money instruments include debit cards, credit cards, mobile money, and e-wallets. Yes No 8 The imprest system uses a fixed amount of petty cash that is replenished to the same level. Yes No 9 Bank reconciliation compares the cash book with the bank statement to identify differences. Yes No 10 Cash in hand should be safeguarded and supported by receipts and vouchers. Yes No 11 Does an outstanding cheque appear on the bank statement before it is presented to the bank? Yes No 12 If there is an overdraft on the bank statement, it appears as a negative balance in the bank column. Yes No 13 Reconciliation helps detect errors in the cash book, such as double posting or missed entries. Yes No 14 Petty cash reconciliation is optional. Yes No 15 A cheque deposited but not yet presented to the bank causes the cash book balance to be higher than the bank balance. Yes No 16 Should bank charges shown on the bank statement be recorded in the company’s cash book? Yes No 17 In a bank reconciliation, the cash book and bank statement balances are always identical before adjustments. Yes No 18 Should interest credited by the bank (but not yet recorded by the company) be added to the cash book? Yes No 19 Should deposits in transit be added to the bank statement balance when preparing a bank reconciliation? Yes No 20 Is bank reconciliation used as a tool to help detect fraud? Yes No 21 The imprest system is commonly used to manage petty cash, keeping the imprest balance fixed. Yes No 22 Any error found in cash recording is corrected only at year-end. Yes No 23 The imprest system allows petty cash balances to drift upward or downward without replenishment. Yes No 24 Petty cash vouchers are optional for small expenditures. Yes No 25 Should reconciliations be documented and signed by the person who prepared them? Yes No 26 Dual custody of cash reduces the risk of misappropriation. Yes No 27 All cash receipts and payments must be supported by vouchers or receipts. Yes No 28 Cash accounts are reconciled daily with the cash book and bank statements. Yes No 29 Do bank charges and fees decrease the company’s cash book balance? Yes No 30 Should cash on hand be counted physically even when bank reconciliations are complete and balanced? Yes No 31 Should errors made by the bank be corrected in the company’s cash book without first confirming with the bank? Yes No 32 Is the correct journal entry to record bank interest received: Debit Bank, Credit Interest Income? Yes No 33 Does a deposit in transit appear in the company’s cash book but not yet on the bank statement? Yes No 34 Should a bank reconciliation be prepared only when a discrepancy is suspected? Yes No 35 Should bank interest earned be recorded in the cash book as soon as the bank notifies the company? Yes No 36 Bank errors in the bank's records are corrected by changing entries in the cash book. Yes No 37 When preparing a bank reconciliation, should outstanding cheques be deducted from the balance per bank? Yes No 38 Should bank interest charged (a debit) be recorded in the cash book as Bank Charges (Dr) and Bank (Cr)? Yes No 39 Do outstanding cheques appear as additions to the bank statement balance? Yes No 40 If a cheque deposited is dishonoured, you reverse the cash book entry. Yes No 41 Can internal controls completely eliminate the possibility of fraud? Yes No 42 Is segregation of duties an effective internal control to reduce fraud risk? Yes No 43 Should authorization and approval processes be documented as part of internal control procedures? Yes No 44 Does an external audit increase the credibility of financial statements for outside users? Yes No 45 Should ledger and bank reconciliations be performed regularly to detect errors early? Yes No 46 Is an internal audit alone always sufficient to satisfy external stakeholders’ need for assurance? Yes No 47 Should high-value cash receipts be monitored daily regardless of overall transaction volume? Yes No 48 Is segregation of duties unnecessary in very small businesses with few staff? Yes No 49 Can internal controls guarantee records will be entirely error-free? Yes No 50 Should internal controls be tested periodically and not only during the annual audit? Yes No

Specific periodic adjustments ( Form 4, Accounting Commercial )

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Specific periodic adjustments ( Form 4, Accounting Commercial )Version en ligne

par YAKILI LMS

A cash book records all cash receipts and payments.

Petty cash vouchers are optional.

Electronic money instruments do not include mobile money.

Under the imprest system, the petty cash float can be increased or decreased arbitrarily without replenishment.

Cash in hand is never counted or verified.

Should bank reconciliation normally be performed monthly for most businesses?

Electronic money instruments include debit cards, credit cards, mobile money, and e-wallets.

The imprest system uses a fixed amount of petty cash that is replenished to the same level.

Bank reconciliation compares the cash book with the bank statement to identify differences.

Cash in hand should be safeguarded and supported by receipts and vouchers.

Does an outstanding cheque appear on the bank statement before it is presented to the bank?

If there is an overdraft on the bank statement, it appears as a negative balance in the bank column.

Reconciliation helps detect errors in the cash book, such as double posting or missed entries.

Petty cash reconciliation is optional.

A cheque deposited but not yet presented to the bank causes the cash book balance to be higher than the bank balance.

Should bank charges shown on the bank statement be recorded in the company’s cash book?

In a bank reconciliation, the cash book and bank statement balances are always identical before adjustments.

Should interest credited by the bank (but not yet recorded by the company) be added to the cash book?

Should deposits in transit be added to the bank statement balance when preparing a bank reconciliation?

Is bank reconciliation used as a tool to help detect fraud?

The imprest system is commonly used to manage petty cash, keeping the imprest balance fixed.

Any error found in cash recording is corrected only at year-end.

The imprest system allows petty cash balances to drift upward or downward without replenishment.

Petty cash vouchers are optional for small expenditures.

Should reconciliations be documented and signed by the person who prepared them?

Dual custody of cash reduces the risk of misappropriation.

All cash receipts and payments must be supported by vouchers or receipts.

Cash accounts are reconciled daily with the cash book and bank statements.

Do bank charges and fees decrease the company’s cash book balance?

Should cash on hand be counted physically even when bank reconciliations are complete and balanced?

Should errors made by the bank be corrected in the company’s cash book without first confirming with the bank?

Is the correct journal entry to record bank interest received: Debit Bank, Credit Interest Income?

Does a deposit in transit appear in the company’s cash book but not yet on the bank statement?

Should a bank reconciliation be prepared only when a discrepancy is suspected?

Should bank interest earned be recorded in the cash book as soon as the bank notifies the company?

Bank errors in the bank's records are corrected by changing entries in the cash book.

When preparing a bank reconciliation, should outstanding cheques be deducted from the balance per bank?

Should bank interest charged (a debit) be recorded in the cash book as Bank Charges (Dr) and Bank (Cr)?

Do outstanding cheques appear as additions to the bank statement balance?

If a cheque deposited is dishonoured, you reverse the cash book entry.

Can internal controls completely eliminate the possibility of fraud?

Is segregation of duties an effective internal control to reduce fraud risk?

Should authorization and approval processes be documented as part of internal control procedures?

Does an external audit increase the credibility of financial statements for outside users?

Should ledger and bank reconciliations be performed regularly to detect errors early?

Is an internal audit alone always sufficient to satisfy external stakeholders’ need for assurance?

Should high-value cash receipts be monitored daily regardless of overall transaction volume?

Is segregation of duties unnecessary in very small businesses with few staff?

Can internal controls guarantee records will be entirely error-free?

Should internal controls be tested periodically and not only during the annual audit?