B) All banks offer the same rates on CDs. Your adjusted checkbook balance after considering these items is. This type B) First National -$6.00; City Bank -$4.00. ), Small Orange Fine Foods is a specialty grocery store. \text{Salaries Payable}\\ He contributes 3 percent of his pay to a 401(k) and has $25 per paycheck deducted for a Section 125 plan. She contributes 1% of her pay to a 401(k) plan and has $30 per paycheck deducted for a court-ordered garnishment. ** There was$165 of supplies on hand at the end of the year. Only accounts with activity during the period are included in the report. Place the following steps in the proper order (e.g. WebStudy with Quizlet and memorize flashcards containing terms like bank reconciliation, bank statement, cash and more. a.The revenue activities of a retail business involve providing services to customers. Demonstrate the entries needed to update the Cash account in the general ledger by selecting the correct answers below. **13. Review the statements below to determine the correct definition of a credit memorandum. This Friday, were taking a look at Microsoft and Sonys increasingly bitter feud over Call of Duty and whether U.K. regulators are leaning toward torpedoing the Activision Blizzard deal. \displaystyle\int_{1}^{5}\displaystyle\int_{0}^{2} \frac{x}{\sqrt{y+x^2}}\ dx\ dy True False, Extremely low interest rates favor investors and boost the incentive to Good recordkeeping helps protect assets and helps managers: Bonding employees who handle cash is important because it: Which of the following are correct regarding why management uses internal controls? What are the penalties associated with the lack of reporting and remitting payroll taxes? Determine: a. the date by which the deposit should have been made. \$\hspace{5pt}\text{(f)}& \\ \\ The operations manager of a large production plant would like to estimate the average amount of time workers take to assemble a new electronic component. Review the following statements and select the ones which accurately describe a Petty Cash fund. Winston Briggs is the accounting supervisor for Cheeky Cat Furnishings, which has chosen to maintain its payroll on an in-house basis for this purpose and has hired new accounting clerks. Paid cash for the purchase. A. The reports may be used as employee contracts, Bob Higgins works for Red Apple Engines, which pays employees on a semimonthly basis. The term structure of interest rates is measured by a(n) ________, which shows the interest rate offered at each maturity level. (Check all that Assuming a 25 percent income tax rate, when will Kelly need to deposit the payroll taxes? Round your answer to the nearest whole number. However, Walmart does sell recovered (and new) pallets online. true. Determine which of the items below would appear in the Checks and Debits column of a bank statement and would cause a decline in the account's balance. 5. The taxes will need to be deposited on Thursday, August 17, 2017. In preparing a monthly bank reconciliation, a business follows several steps. \text{End Balance}\hspace{47pt} WebStudy with Quizlet and memorize flashcards containing terms like Introductory high interest rates paid by financial institutions for new accounts are usually a good deal and you should therefore take advantage of them without question., Nondepository institutions are financial institutions that provide various financial services, but their deposits are not federally \textbf{Debit}& \textbf{Credit} \\ \hline \end{aligned} ), Jackson Co. needs to replenish its petty cash fund. Demonstrate the correct journal entry to create the account by choosing the correct action from those below, Jackson Co. needs to replenish its petty cash fund. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following is NOT correct? \begin{array}{c} Which of the following should not be considered cash by an accountant? C) Use long-term loans to take advantage of current low rates. Assuming that Allison could invest any funds not required for a minimum deposit in a one-year CD paying 6 percent, what would be the monthly cost to Allison for First National and City Bank? They estimated that $100 would be needed in the fund. WebStudy with Quizlet and memorize flashcards containing terms like Determine which of the items below would show up on a monthly bank statement. \ The operating cycle always is one year in duration. Since you don't have a need for the money in the near future, which of the following would be the best place to put the $5,000? c. The operating cycle sometimes is shorter than one year in duration. Which of the following is not a requirement or result of the Sarbanes-Oxley Act of 2002? 1. Cash was paid for the net amount of salaries due. WebStudy with Quizlet and memorize flashcards containing terms like What are the three main types of financial institutions available for helping you manage you finances?, Choose all statements that describe a "bank. The employees of Agonnacultis, Inc., are paid on a semimonthly basis. The unadjusted trial balance for First Class Maids Company, a cleaning service, is as follows: WebStudy with Quizlet and memorize flashcards containing terms like Which of the following are correct regarding why management uses internal controls?, Which of the following are principles of internal control?, The triple threat of fraud involves: and more. Which of the following is true with regards to rising interest rates? WebStudy with Quizlet and memorize flashcards containing terms like 23) Which of the following is an example of a formal group? An invoice approval is completed by the accounting department to approve an invoice for payment. Under current regulations the FDIC guarantees deposit up to _____ per depositor per bank. Enter the bank statement balance then add any deposits in transit and subtract any outstanding checks, Determine which of the items below would appear in the Deposits column of a bank statement and would cause an increase in the account's balance. On Tuesday, the company accumulates additional taxes of $20,000. 11. jimmy_nguyen713. Jackson Brothers decided to create a petty cash fund. **5. A. It is illegal for a federally insured financial institution to charge those with poor credit higher interest rates than those with good credit. Identify the statement below that describes what the Days' sales uncollected ratio assesses. WorldCom Inc. was one of the largest companies to file for bankruptcy. 8. -Monthly check charges assessed by the bank, Demonstrate the required adjusting entry needed to record a $1,000 note receivable collected by the bank by choosing the correct entry below. B. Currently, it contains $5 in cash and receipts for supplies of $40 and delivery expenses of $49. A. Demonstrate the journal entry to replenish the account by choosing the correct actions from those below. general trivia questions and answers checkpoint operation failed cannot create the Identify the purpose of a balanced budget amendment. Twenty-three and $\frac{10}{100}$. $$ WebStudy with Quizlet and memorize flashcards containing terms like Milligan's Millworks pays its employees on a weekly basis. it is calculated using cash at the beginning of the year. Expenses usually have the word "expense" in the account title. WebStudy with Quizlet and memorize flashcards containing terms like D, E, B and more. (Round your intermediate calculations and final answers to 2 decimal places.). What is the purpose of internal controls? Jackson Co. needs to replenish its petty cash fund. Liquid assets must be readily available to settle near-term debt or obligations, Human ______________ (error/fraud) is related to misjudgment or confusion. 4. Coins, currency (paper money), checks, money orders, and money on deposit that is available for unrestricted withdrawal from banks and other financial institutions. Might they offer a negative real expected rate of return? True False, Cash management helps in personal financial planning. No deposit was made by the company until August 24, 20--. This Friday, were taking a look at Microsoft and Sonys increasingly bitter feud over Call of Duty and whether U.K. regulators are leaning toward torpedoing the Activision Blizzard deal. WebStudy with Quizlet and memorize flashcards containing terms like Describe the internal control principle of separating recordkeeping from custody of assets by completing the following sentence. All of the following are objectives of internal control except. What rule should Bartlett Repair, a new company, follow in making its deposits for accumulated employment taxes? Interest earned on the September cash balance in the bank. Identify the statement below that describes what the Days' sales uncollected ratio assesses. A single employee is responsible for receiving and counting cash. 157 was the only job finished that was not sold. an electronic (not paper) transfer of cash. $$ Webwhich of the statements below is correct regarding information reflected on a monthly bank statement. The equipment has a 5-year life and a $2,000 salvage value. On payday, Friday, a semiweekly depositor has accumulated employment taxes totaling $13,900. WebStudy with Quizlet and memorize flashcards containing terms like Introductory high interest rates paid by financial institutions for new accounts are usually a good deal and you should therefore take advantage of them without question., Nondepository institutions are financial institutions that provide various financial services, but their deposits are not federally Debit Accounts Payable, $360; credit Cash, $360. -We must reconcile the balance of the bank's records and the Cash account in the general ledger and explain or account for any differences in the two. b.The revenue activities of a service business involve the building of a product. WebStudy with Quizlet and memorize flashcards containing terms like opportunity cost of funds, perpetuity, time value of money and more. 4. She deposits the money in her savings account at the end of each year and earns 9% annual interest. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following are correct regarding why management uses internal controls?, Identify the principles of internal control by selecting the correct answers below., Summarize the internal control principle of establishing responsibility by completing the following sentence. Study with Quizlet and memorize flashcards containing terms like False, True, True and more. If something happened to cause savers to lose faith in the safety of banks, what might happen to the economy? A set of procedures for authorizing and recording liabilities and cash payments. That is: On October 5, Narveson Company buys merchandise on account from Rossi Company. WebStudy with Quizlet and memorize flashcards containing terms like D, E, B and more. NSF check from customer is returned on September 25 but not yet recorded by this company. Monthly cash expenses are calculated as a. \text{December 31, 2016}\\ Employer contributions for retirement plan payments for employees are defined as wages and, If on any day during a deposit period an employer has accumulated $100,000 or more in, If an employee defers compensation into a 401(k) plan, the deferral (payroll deduction) is still. 1. (Check all that apply. Because they have lower expenses, Web-based financial institutions tend to pay higher interest rates on deposits than institutions with physical branches. 5. The bank determines it incorrectly charged the depositor's account twice for the monthly service charge in a previous month. All jobs, except for Job No. Identify the item below that would be added to the book balance. Determine which of the statements below describes a petty cash receipt. WebStudy with Quizlet and memorize flashcards containing terms like What is the purpose of internal controls? Demonstrate the correct journal entry to create the account by choosing the correct action from those below. Cash is debited for $70 and Petty Cash is credited for $70. To maintain control of cash payments, all payments should be made by check except. The remaining$65,000 were sales on account. WebStudy with Quizlet and memorize flashcards containing terms like Generally, in a court ordered sale, which of these is paid first? A ________ is a check that is written on behalf of a person and will be charged against a nonfinancial institution's account. Johnson Industries, a semiweekly depositor, pays its employees every Friday. This case requires the analysis of WorldCom's December 31, 2002, 10-K filed with the Securities and Exchange Commission. ), Determine which of the items below would appear in the Checks and Debits column of a bank statement and would cause a decline in the account's balance. WebStudy with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. **16. The intentional act of deceiving an employer for personal gain. A petty cash receipt is sometimes called a petty cash ticket. Review the statements below and determine which is correct regarding this discrepancy. When you receive May's bank statement, you discover the following additional items: Bank fees, $271; Interest earned, $163. The van has a 4-year life and a$6,000 salvage value. Ashe, an employer, has made timely deposits of FICA taxes and withheld income taxes during the first quarter of 2018. Jackson Brothers decided to create a petty cash fund. Which of the following statements reflects a weak internal control system? \text{Merchandise inventory (23 @ \$280)}&&\text{6,440}\\ \begin{array}{lc} Davis Reyes is the accounting for Heads Up Hat Corporation. Match the banking term on the left with its definition on the right. Which of the following is classified as a nondepository institution? 100% of deposits are guaranteed) B. Describe the internal control principle of separating recordkeeping from custody of assets by completing the following sentence. **17. Check. **27. Which of the following financial institutions would be used the most by business customers wishing to borrow money? WebStudy with Quizlet and memorize flashcards containing terms like The principles of internal control include _____., An internal control system consists of the policies and procedures managers use to _____. On Schedule B of Form 941, the employer does not show the date of each tax deposit during the quarter. Determine which of the following entries is correct to record cash sales and the shortage. \text{Retained earnings}&&\text{91,605}\\ Describe what an invoice approval is by selecting the correct answer below. Unlimited (i.e. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay. $\frac{d y}{d x}+\frac{y}{x+1}=x ; y=0$ when $x=3$. WebJax Company's (a monthly depositor) tax liability (amounts withheld from employees' wages for federal income tax and FICA tax plus the company's portion of the FICA tax) for July was $1,210. At the end of the month, ABC Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $44. The ________ is the return on an investment that is guaranteed for a specified period. What type of employer's matching contribution into employees' fund is Taxable for FICA, What form is for Employer's Quarterly Federal Tax Return, What type of depositor has pay to By the 15th day of the following month, What is the Amount for OASDI taxable wage base, Form for Employee's application for social security card, A child working for his father's corporation is not exempt from coverage under FICA, Under FICA, each partner in a partnership is defined as an employee of that organization. A. A. 2 percent of the amount of the taxes . ", Choose all statements that describe a "credit union." Other Quizlet sets. Which statement below explains why liquid assets are needed in a business? Demonstrate the correct journal entry to create the account by choosing the correct action from those below. $950 B. Surprise Depositor Fees. Identify the principles of internal control by selecting the correct answers below. (Check all that apply. Which of the following are payroll responsibilities of Cheeky Cat Furnishings? ________ are nondepository institutions that facilitate the purchase or sale of securities by firms or individuals by providing investment banking services and brokerage services. Prop 30 is supported by a coalition including CalFire Firefighters, the American Lung Association, environmental organizations, electrical workers and businesses that want to improve Californias air quality by fighting and preventing wildfires and reducing air pollution from vehicles. Candy Farms, Inc., has the following voluntary withholdings to remit as of September 30, 2017: How does a payroll accountant use the information in the General Ledger? Self-employed persons who also work other jobs as employees do not have to pay any FICA, The requirements for depositing FICA taxes and income taxes withheld from employees' wages, A monthly depositor's employment taxes total $3,800 on Wednesday, March 31, 20--, the end of. Lorenzo is considering two banks for his checking account. OASDI taxes are levied when the wages are earned by, rather than when paid to, employees. \text{Equipment}&20,000\\ WebStudy with Quizlet and memorize flashcards containing terms like The allocation of the cost of a tangible fixed asset is referred to as ___, whereas the allocation of the cost of an intangible asset is referred to as, For a manufacturing company, what type of cost is factory depreciation expense?, Service life Allocation method Allocation base and more. The company should follow the semiweekly deposit rules and pay the $20,000 by Friday. $990 C. $630 D. $750. Which of the following is a characteristic of workers' compensation? 86 terms. Which of the following are principles of internal control? Multiple choice question. first mortgage mechanics liens child support liens real estate taxes, Which of these is an example of specific, voluntary lien? A manufacturer of game controllers is concerned that their controller may be difficult for left-handed users. The operating cycle sometimes is longer than one year in duration. Other data: \text{Office Supplies}&3,000\\ which of the statements below is true regarding the adjusted bank balance and the adjusted book balance on a bank reconciliation. Which of the following is true about the cost of employees within a business context? \hspace{5pt}\text{(c)}& \\ Choose the items below that would be added to the book balance on a bank reconciliation. The Cash Over and Short account will be credited for $5. Far less important than direct finance through stock and bond markets B. Assume information similar to that in 5-1. In preparing a monthly bank reconciliation, a business follows several steps. Review the statements below to determine the correct definition of a debit memorandum. (Assume that no pre-tax deductions exist for any Companies create internal controls to protect assets and ensure reliable accounting. \text{Total}&\underline{\underline{\$33,900}}&\underline{\underline{\$33,900}}\\ & \\ \hline \hline On December 1, two jobs were in process: Job No. She has narrowed her choice to two. She starts to save $850 every year and plans to renovate her kitchen. (Check all that apply.). It contains information about the quantity received as well as its condition and whether it agrees with the purchase order. Recorded the accrued unemployment tax on the salaries for the year. The fund had $5 cash and has receipts of$60 for yard mowing, $15 for office supplies expense, and$17 for miscellaneous expenses. $$ They estimated that $100 would be needed in the fund. WebStudy with Quizlet and memorize flashcards containing terms like Describe the internal control principle of separating recordkeeping from custody of assets by completing the following sentence. Your great aunt Mary passed away and left you and inheritance of $5,000. The process of transferring amounts from the General Journal to the General Ledger is called posting. \end{array} (Check all that apply.). WebStudy with Quizlet and memorize flashcards containing terms like False, True, True and more. An additional 0.9% Medicare tax must be deducted from the executives' pay for those over the base, but no corporate match is required. (Check all that apply. Petty Cash is debited for $200; Cash is credited for $200. WebStudy with Quizlet and memorize flashcards containing terms like Short-term financing not backed by collateral is called: , Simone has worked as an editorial assistant at a magazine publisher for the last six months. the depositor can use a check. WebStudy with Quizlet and memorize flashcards containing terms like What is the purpose of internal controls?, Which of the following are correct regarding why management uses internal controls?, The internal control of _____of duties means that the responsibility for a transaction should be divided between two or more individuals. Hello, and welcome to Protocol Entertainment, your guide to the business of the gaming and media industries. Only a little more important than direct finance in the United States C. Much more important than direct finance through stock and bond markets D. The same thing as finance through stock and Show each account's adjusted balance. Webstretch machine for splits. (Check all that apply. true. Which of the following is not true concerning the Internal ControlIntegrated Framework? The payroll data for August 31-September 1 is as follows: How do the payroll register and employees' earnings records connect with payroll tax determination and remittance? b.The revenue activities of a service business involve the building of a product. Round your final answers to 2 decimal places.). Debit Cash $100; debit Cash Over and Short $2; and credit Sales $102. On April 21, raw materials were requisitioned for production as follows: 25,000 units for Job 50 at$10 per units and 27,000 units for Job 50 at $12 per unit. Identify the item below that would be subtracted from the book balance on a bank reconciliation. \text{Overhead}\hspace{60pt} \text{(d)} \\ A person who has access to an asset must _____ access to that asset's accounting records. ($14,000 of salaries is subject to this tax.) WebStudy with Quizlet and memorize flashcards containing terms like Geographic dispersion Multiple departments Increased task variation., According to FMLA, during the time that an employee is on family leave:, The Age Discrimination in Employment Act prohibits and more. as a basis of employee performance reviews to guarantee that loss is eliminated to protect assets and ensure reliable accounting to reduce outstanding customer balances, Which of the following are principles of internal control? ), Monthly check charges assessed by the bank. -It records the effects of cash overages and cash shortages, Identify when the Petty Cash fund is debited or credited by selecting the correct answer below. WebStudy with Quizlet and memorize flashcards containing terms like The principles of internal control include _____., An internal control system consists of the policies and procedures managers use to _____. Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Don Herrmann, J. David Spiceland, Wayne Thomas, Identify and Explain: precedent, strict constructionist, loose constructionist, jurisdiction, original jurisdiction, district court, court of appeals, circuit, appellate jurisdiction, brief, senatorial courtesy. Only the items reconciling the book balance require adjustment. WebStudy with Quizlet and memorize flashcards containing terms like A schedule that accounts for the differences between cash balance shown on the bank statement and the cash balance shown on the general ledger, Note receivable collected by bank in favor of the depositor and credited to the account of the depositor, Deposit in transit and more. WebAbout Our Coalition. The formula to compute days' sales uncollected is: accounts receivable divided by net sales times 365. Because of this, every time the account owner makes a deposit, the bank (debits/credits) the account owner's account. The petty cashier failed to get a receipt for payment. the depositor can use a check. 3. Brown Co. decides to increase the amount in its petty cash fund from 100 to $150. Year-end bonuses paid to employees are not subject to the hospital insurance (HI) part of the, Under FICA, employers must collect the employee's FICA taxes on tips reported by each. \hspace{40pt}\textbf{Work in Process Inventory}\\ Financial intermediation is: A. **26. 82 terms. which of the statements below is true regarding the adjusted bank balance and the adjusted book balance on a bank reconciliation. **Required** Modigliani and Miller (MM), on the one hand, and Gordon and Lintner (GL), on the other hand, have expressed strong views regarding the effect of dividend policy on a firms cost of capital and value. Jackson Co. needs to replenish its petty cash fund. ** Paid $9,000 on May 2, 2019, for one year's office rent in advance. ). Surprise Depositor Fees. Demonstrate the correct journal entry to reduce the amount in the account by choosing the correct action from those given below. a. 3. Deposits at commercial banks are insured by a government owned insurance agency called. What is the minimum amount interest rates would have to increase to make the one-year CD better than the two-year? Review the following statements regarding a petty cash fund used in a business. ), Using the percentage method in Appendix C, calculate the federal withholding amounts for the following employees. When a consumer deposits a check that bounces, banks sometimes charge a fee to the depositor, usually in the range of $10 to $19. Employers must withhold FICA taxes on payments that are made to independent contractors. The company uses double-declining-balance for the van and straight-line for the equipment. (Check all that apply.). Note collected by the bank on behalf of the depositor - 80 Monthly bank charges - 40 Outstanding checks - 50 A. ), A note collected by the bank on behalf of the account owner, Choose the items below that would be subtracted from the book balance on a bank reconciliation. Which of the following characteristics is common to both commercial banks and credit unions? WebStudy with Quizlet and memorize flashcards containing terms like Expenses, Company starts a $350 petty cash fund on sep 9. True or false: The adjusted book balance and the adjusted bank balance must equal each other on a bank reconciliation; otherwise, the cash account is not reconciled. 155. $$ 100% of deposits are guaranteed) B. Which of the following is not an internal control activity for cash? WebStudy with Quizlet and memorize flashcards containing terms like A schedule that accounts for the differences between cash balance shown on the bank statement and the cash balance shown on the general ledger, Note receivable collected by bank in favor of the depositor and credited to the account of the depositor, Deposit in transit and more. $$. (Check all that apply.). If the Federal Reserve buys or sells Treasury securities to affect the money supply, it uses, If the government borrows funds to finance a military build-up in the Middle East, this will cause a, Interest rates could change due to all of the following except. What are some of the benefits of free trade to a less-developed country? Which of the following is not a service that a depository institution might offer? They estimated that $200 would be needed in the fund. \end{array} WebStudy with Quizlet and memorize flashcards containing terms like What are the three main types of financial institutions available for helping you manage you finances?, Choose all statements that describe a "bank. Highly liquid investments that are usually reported with cash on the balance sheet. ** Recognized the expired rent for the office building for the year. This Friday, were taking a look at Microsoft and Sonys increasingly bitter feud over Call of Duty and whether U.K. regulators are leaning toward torpedoing the Activision Blizzard deal. ** After numerous attempts to collect from customers, wrote off$2,060 of uncollectible accounts receivable. Responsibility for a task should be clearly established and assigned to: Good recordkeeping helps protect assets and helps managers: Which statement below describes the internal control procedure of insuring assets and bonding key employees? ** Paid $15,000 of advertising expense during the year. (Check all that apply.) The fund was initially established with $100. Determine which of the statements below describes a petty cash receipt. Select all answers which apply. \begin{array}{lrr} (Check all that apply. WebKatie had a high monthly food bill before she decided to cook at home every day in order to reduce her expenses. Debit Cash $100; debit Cash Over and Short $2; and credit Sales $102, Review the following statements and select the ones which accurately describe a Petty Cash fund, -It is established to pay for small payments like postage, shipping fees, etc, Define what liquidity means by completing the following sentence. Describe what a petty cash fund is by completing the following sentence. WebStudy with Quizlet and memorize flashcards containing terms like 23) Which of the following is an example of a formal group? WebStudy with Quizlet and memorize flashcards containing terms like Determine which of the items below would show up on a monthly bank statement. Only the petty cashier is responsible for paying cash from the fund. Determine the statements below that are true regarding why a bank reconciliation is used. Calculate the following: (Round "Employer Share Social Security Tax" & ''Employer Share Medicare Tax'' to 2 decimal places.). Cash. A. \text{Petty cash}&&\text{100}\\ Part-time employees pay a FICA tax at half the tax rate of full-time employees. Cash funds used for a special business need. (Check all that apply.) All cash payments should be made with cash. Prepare an income statement, statement of changes in stockholders' equity, a classified balance sheet, and statement of cash flows. However, Walmart does sell recovered (and new) pallets online.. Phoenix-based Airguns of Arizona. How do payroll-related expenses affect financial statements? WebStudy with Quizlet and memorize flashcards containing terms like Milligan's Millworks pays its employees on a weekly basis. To maximize her earnings, she should put her savings in a. You should select only one financial institution for all of your checking, savings, and investing needs. It is an asset reported on the balance sheet. The adjusted bank balance must equal the adjusted cash balance per books. a.The revenue activities of a retail business involve providing services to customers. After observing a number of workers assembling similar devices, she guesses that the standard deviation is 6 minutes. and more. WebStudy with Quizlet and memorize flashcards containing terms like 1. What is the employee and company Occupational Privilege Tax for these employees? The operating cycle sometimes is longer than one year in duration. First National requires a $100 minimum deposit and charges 15 cents per check. Review the following statements and select the ones which accurately describe a Petty Cash fund. Nondepository institutions are financial institutions that provide various financial services, but their deposits are not federally insured, Finance companies are more selective in choosing the lender they serve, and therefore usually charge lower interest rates than banks or credit unions, Securities firms primarily sell insurance to protect individuals from adverse events, A mutual fund is a means by which investors with only a small amount of money can invest in a portfolio of securities. Review the items below and determine which would cause a decrease in the monthly bank statement balance. All of the employees worked a predominant number of hours within the city. Review the statements below to determine the correct definition of a debit memorandum. -Divide responsibility for related transactions. The unemployment tax rate is 4.5 percent. NSF check from customer is returned on September 25 but not yet recorded by this company. Which mountain ranges resulted from the collision of what is now the Indian subcontinent with Asia? b. (Check all that apply.). Demonstrate the journal entry to replenish the account by choosing the correct actions from those below. Once a person reaches the age of 65, social security taxes are not taken out of his or her paycheck. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Accounting: What the Numbers Mean, International Edition, Daniel F Viele, P. David Marshall, Wayne W McManus. An act passed by Congress to restore public confidence and trust in the financial statements of companies. The note had an 8 percent interest rate and a one-year term to maturity. Which of the following information points needs to be updated and issued monthly? About $13 \%$ of the population is left-handed. However, Walmart does sell recovered (and new) pallets online. Summarize the internal control principle of establishing responsibility by completing the following sentence. True False, Extremely low interest rates favor investors and boost the incentive to ), Beginning-of-period balance in the account. $50,000 B. They estimated that $200 would be needed in the fund. Enter the bank statement balance then add any deposits in transit and subtract any outstanding checks. NSF check from customer is returned on September 25 but not yet recorded by this company. $$, *Find the family of all antiderivatives of each derivative. Keep a minimum level of cash necessary to operate. Assume a standard deviation of $0.5 \mathrm{mg}$, based on a small preliminary sample of 12 cups. (Check all that apply. A depositor's account is a(n) __________ (liability/asset/expense) on the bank's records, but it is a(n) ________ (liability/asset/expense) on the books of the account owner. The trial balance of Pacilio Security Services Inc. as of January 1, 2019, had the following normal balances: You can be assured that if your ATM query shows you have a certain balance in your checking account, that figure is more accurate than the amount in your check register. (Check all that apply. Web1. One objective is to predict the ratio of salary to worker pay based on the CEO's age. \end{array} The insurance coverage provided by the FDIC for a savings account is _____ per depositor until January 1, 2014. *In this task, evaluate each iterated integral. City Bank requires a $500 minimum deposit, but charges only 5 cents per check. An account which has recorded errors in cash sales or errors in making change causing the amount of actual cash on hand to differ from the beginning amount of cash plus the cash sales for the day. Web1. The bank notifies the depositor of each deduction to the account with a debit memorandum. (See the indicated problem for the evaluation of the inner integral. Sophie Sue Breeders has the following voluntary withholdings to remit: Which column exists in the employees' earnings records but not in the payroll register? Another name for these types of financial institutions is. Contrast how a depositor's account is classified by a bank compared to how it is classified by the account owner by completing the following sentence. Employers file Form 941 with the IRS center of the region in which the employer's principal place of business is located. Determine which of the statements below is correct regarding information reflected on a monthly bank statement. But the reductions will be partly offset by new types of work. She deposits the money in her savings account at the end of each year and earns 9% annual interest. A debit increases which of the following types of accounts? On December 1, Job No. WebStudy with Quizlet and memorize flashcards containing terms like D, E, B and more. Requirements Giblin's Goodies pays employees weekly on Fridays. Under current regulations the FDIC guarantees deposit up to _____ per depositor per bank. psy quiz 4/5/6. A depositor's account is a(n) (liability/asset/expense) on the bank's records, but it is a(n) (liability/asset/expense) on the books of the account owner. WebKatie had a high monthly food bill before she decided to cook at home every day in order to reduce her expenses. The Internal ControlIntegrated Framework was issued by the Committee of Sponsoring Organizations and provides a framework that is the widely accepted standard by which companies. (Be sure to compute cost of goods sold using the FIFO cost flow method.) A. &\textbf{Balance}\\ The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Demonstrate the journal entry to replenish the account by choosing the correct action from those given below. It measures how quickly a company can convert its accounts receivables into cash. Web1. The operating cycle always is one year in duration. A) people who assemble in the company library to read B) a group of employees attending a colleague's wedding C) a functional department in an organization D) a group of employees who meet after work to play basketball, 24) Groups mam90. Determine which of the statement(s) are correct if a Petty Cash account is not replenished at the end of the accounting period. Which statement below describes the internal control procedure of insuring assets and bonding key employees? A. How large a sample of workers should she take if she wishes to estimate the mean assembly time to within 20 seconds? $$ It records the effects of cash overages and cash shortages. Using the state income tax rate of 5.75 percent, calculate the income tax for each employee. If you have $10,000 that you do not currently need for expenses and you wish to put it somewhere so that it will earn a return, which of the following financial institutions would you not choose? ** Purchased 145 alarm systems at a cost of $290 each. **25. Find the gas mileage for each trip. WebStudy with Quizlet and memorize flashcards containing terms like The seller, A definite termination date must be included, $15,000 and more. The adjusted bank balance must equal the adjusted cash balance per books. (Check all that 4. Describe what a petty cash fund is by completing the following sentence. (Round your answers to 2 decimal places. A. **5. Workers' compensation is provided to cover employees who are injured or killed while performing work duties. WebJax Company's (a monthly depositor) tax liability (amounts withheld from employees' wages for federal income tax and FICA tax plus the company's portion of the FICA tax) for July was $1,210. Calculate the adjusted cash balance per the books of XYZ Co. given the following information. Liquidity refers to a company's ability to pay for its ____________ (near/long) -term obligations, Determine which of the statements below describes a petty cash receipt, -A petty cash receipt is sometimes called a petty cash ticket. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. All of the following types of payment are Taxable for FICA: 17. Employer's contributions to a Simplified Employee Pension Plan (SEP) for its employees. White Lemon Cameras' SUTA tax rate is 5.4 percent and applies to the first $9,800 of employee wages. A person who ____________ (identifies/controls/recommends) or has access to an asset must __________ (always/not/) keep that asset's accounting records. If you were debating MM, how would you counter them. **2. The cash in a cash register equaled $100, but the record of cash receipts/sales equaled $102. Note collected by the bank on behalf of the depositor - 80 Monthly bank charges - 40 Outstanding checks - 50 A. Monthly cash expenses are calculated as a. b.The revenue activities of a service business involve the building of a product. 65 terms. c. How could MM use the clientele effect concept to counter their opponents arguments? ** Paid the sales tax collected on $69,600 of the alarm sales. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Which of the answers below correctly describe the Cash Over and Short account? \text{Common stock}&&\text{50,000}\\ The term structure is often based on rates of return or yields offered by ________ which are ________ issued by the U.S. Treasury with different maturities. However, a person trying to deposit a check has no idea or control over whether the check will clear, and sometimes, that person is the victim of check fraud. Are the wages of the truck drivers who were replaced by robots likely to end up higher or lower in the drivers new jobs? Each of the following are types of technological impacts related to internal control: Human (error/fraud) is related to misjudgment or confusion. A. To help managers know if the business is receiving the assets and services it has paid for. Cash. Human (error/fraud) involves intent to defeat internal controls for personal gain. Determine which of the statements below accurately describe services provided by a bank. Note collected by the bank on behalf of the depositor - 80 Monthly bank charges - 40 Outstanding checks - 50 A. Employer payments made directly to employees in lieu of health insurance coverage are taxable wages. B. ), A note collected by the bank on behalf of the account owner, Choose the items below that would be subtracted from the book balance on a bank reconciliation. (Check all that apply. Check. The operating cycle sometimes is longer than one year in duration. Managers use labor reports to do which of the following? (c) Indicate the amount pertaining to each letter. The journal entry to replenish the account would include a. are highly liquid investments that earn interest. Determine: a. the date by which the deposit should have been made. Which of the following is not a fee that financial institutions charge? WebStudy with Quizlet and memorize flashcards containing terms like Common payment choices for everyday activities include all of the following except A. 65 terms. What entry is required in the depositor's accounts? Her boss is impressed wit h her dedication and hard work, and assigns her the additional task of serving as a liaison for freelance writers. The fund was initially established with $100. Currently, it contains $11 in cash and receipts for supplies of $40 and delivery expenses of $49. The bank determines it incorrectly charged the depositor's account twice for the monthly service charge in a previous month. B) Butterfield and Edwards Brokerage firm, Financial institutions that accept deposits (that are insured up to a maximum level) from individuals and provide loans are called. Bob's annual salary is $147,000. Fannon's Chocolate Factory operates in North Carolina. 2. (Check all that apply.). If the same person orders supplies, verifies receipt of the supplies, and pays the supplier, which of the following is a possible negative result? What alternative would give Juan the most interest and what would the total interest be? The petty cashier failed to get a receipt for payment. An employee, Melinda Gunnarson, comes to her on September 14 and requests a pay advance of $955, which she will pay back in equal parts on the September 28 and October 12 paychecks. The information on the bank statement reflects the bank's records of the depositor's account. We must reconcile the balance of the bank's records and the Cash account in the general ledger and explain or account for any differences in the two. **8. NSF check, Deposit in transit, interest paid by bank, Recall the preparation of a bank reconciliation by selecting the correct items below. An employee, Glen Riley, comes to her on November 10 and requests a pay advance of $750, which he will pay back in equal parts on the November 15 and December 15 paychecks. Recall the preparation of a bank reconciliation by selecting the correct items below. Only the items reconciling the book balance require adjustment. Which of the following will not vary at a commercial bank? Place the selected steps below in the correct order of occurrence, 1. State and local government employers must make their tax deposits according to a different schedule than private employers. Currently, it contains $5 in cash and receipts for supplies of $40 and delivery expenses of $49. Outstanding check---, A check written by the depositor that has not yet been received by the bank for payment. an addition to the balance per the depositor's records. \text{Salaries Expense}&6,000\\ Do you think it is possible for risk-free Treasury bills to offer a negative nominal interest rate? What is the annual amount of FUTA and SUTA taxes due for each employee? A voucher is an (internal/external) document (or file) used to accumulate information to (reduce/control) cash disbursements and to ensure that a transaction is properly recorded. (Round your answers for "SUTA Due" to 2 decimal places. Under the safe harbor rule, when employers deposit their tax liabilities, they may have a shortfall of no more than $200 without incurring any penalty. Internal control policies and procedures have limitations that arise from many elements. (Check all that apply.). B) Whether it is state or federally chartered. ** Pacilio now offers a one-year warranty on its alarm systems. FICA excludes from coverage all of the following kinds of employment except: All of the following kinds of employment are excluded from FICA coverage: 13. Identify the bank reconciliation items that would require adjustments to the book balance. A cash register tape reflected total sales equaling $100, but the cash in the cash register drawer equaled $105. Checks written by another depositor but charged against this companys account. Demonstrate the correct journal entry to create the account by choosing the correct action from those below. **3. The bank notifies the depositor of each deduction to the account with a debit memorandum. **9. The account balances form the basis for accounting reports. The process of earning simple interest does not allow a depositor or investor to earn interest on any previously earned interest. WebStudy with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. $50,000 B. However, that did not affect WorldCom's financial reporting for periods prior to the merger.) Determine which of the statements below is true regarding the adjusted bank balance and the adjusted book balance on a bank reconciliation. The ________ is an additional return beyond the risk-free rate that can be earned from a deposit guaranteed by the government. WebStudy with Quizlet and memorize flashcards containing terms like 23) Which of the following is an example of a formal group? (Do not round intermediate calculations. If a researcher wants to estimate the mean caffeine content of a cup of Starbucks decaffeinated espresso with 98 percent confidence and an error of $\pm 0.1 \mathrm{mg}$, what is the required number of cups that must be tested? 3. **18. WebStudy with Quizlet and memorize flashcards containing terms like bank reconciliation, bank statement, cash and more. If $f^{\prime}(x)=5 x^4$, what is $f(x)$? A(n) ________ card allows you to pay for a purchase at a later time when the bill arrives. To show this increase in the petty cash account, you would: Jackson Co. needs to replenish its petty cash fund. 9. Demonstrate the journal entry to replenish the account by choosing the correct actions from those below. Select the one that is correct. 10. The one-year loan rate for individuals is usually about the same as the one-year CD rate. **24. Katie's savings are an example of an annuity. The depositor orders new checks through the bank at a cost of $50. Under current regulations the FDIC guarantees deposit up to _____ per depositor per bank. The bank reconciliation of XYZ Co. is provided below. (Check all that (Assume that no pre-tax deductions exist for any Determine the statements below that are true regarding why a bank reconciliation is used. WebStudy with Quizlet and memorize flashcards containing terms like What is the purpose of internal controls? Which of the following would appear as a credit memorandum on the bank statement? Select the items below that would cause the bank statement balance to differ from the depositor's book balance. Which of the following are the rates for Social Security and Medicare taxes, respectively? Because of this, every time the account owner makes a deposit, the bank _________ (debits/credits) the account owner's account. Following the success of a special project, Kelly Burton, the owner, pays each of the 250 employees a $20,000 bonus on August 16, 2017. **23. (Check all that apply.) Assuming a 25 percent income tax rate, when will Kelly need to deposit the payroll taxes? Which one of the following is not an element of internal control? A voucher system is a set of procedures and approvals designed to control cash payments. When should the company deposit the employment taxes for each weekly payday? 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