Prelim Quiz 2

CMPC 313 Prelim Summative
Assessment 2
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* Required
CMPC 313 Multiple Choice (Theories)

This section merits 1 pt. each question
What is the effect of not replenishing the petty cash fund at year-end and not
making the appropriate adjusting entry? *
A detailed audit is necessary.
All may be adjusting entries
The petty cash custodian should turn over the petty cash to the general cashier.
Cash will be overstated, and expenses understated.
Expenses will be overstated, and cash will be understated.
By preparing a proof of cash at year end, an auditor will generally be able to

detect: *
All of the choices
An unrecorded check cashed during the month
A bank charge during the month not recorded on the books
An unrecorded deposit made at the bank at the end of the month
Kiting would least likely be detected by: *

All of the choices will most likely detect kiting
Preparing a four-column bank reconciliation for all major cash accounts.
Preparing a schedule of interbank transfers by using the client's records and bank statements
around year end.
Analyzing details of large cash deposits around year end.
Comparing customer remittance advices with recorded disbursements in the cash
disbursements journal.
Which of the following manipulations of cash transactions would overstate the cash
balance on the financial statements? *
Overstatement of bank services charges
Overstatement of outstanding checks
Understatement of deposits in transit
Understatement of outstanding checks
all of the choices
An auditor suspects that a client’s cashier is misappropriating cash receipts for
personal use by lapping customer checks received in the mail. In attempting to
uncover this embezzlement scheme, the auditor most likely would compare the *
Dates uncollectible accounts are authorized to be written off with the dates the write-offs are
actually recorded.
Dates checks are deposited per bank statements with the dates remittance credits are
recorded
Daily cash summaries with the sums of the cash receipts journal entries
Individual bank deposit slips with the details of the monthly bank statements
Which of the following describes the most effective preventive control to ensure
proper handling of cash receipt transactions? *
Have the employee who receives customer mail prepare the daily bank deposit; have another
employee actually make the deposit
Have one employee issue a pre-numbered receipt for all cash collections; have another
employee match daily totals of pre-numbered receipts to bank deposits
Have bank reconciliations prepared by an employee not involved with cash collections and
then have them reviewed by a supervisor
Use predetermined totals (has totals) of cash receipts to control posting routines
Which of the following describes the most effective preventive control to ensure
proper handling of cash receipt transactions? *
Determines whether any unauthorized disbursements or unrecorded deposits were made for
the given time period.
Validates that the client’s bank did not make an error during the period being examined.
Provides that the client’s year-end balance of cash is fairly stated.
Confirms that the client has properly separated the custody function from the recording
function with respect to cash.
In preparing the bank reconciliation statement of the client, a cash in bank overage
normally occurs when: *
The adjusted balance per bank is lower than the adjusted balance per books.
The adjusted balance per bank is higher than the adjusted balance per books.
The unadjusted balance per bank is lower than the unadjusted balance per books.
The unadjusted balance per bank is higher than the unadjusted balance per books.
In preparing the bank reconciliation statement of the client, a cash in bank overage
normally occurs when: *
The company being audited erroneously omitted a debit memo which was not detected by the
auditor
All of the choices will cause cash in bank overage
The bank erroneously debited an amount to the company which was not detected
The bank erroneously credited an amount to the company which was not detected
The company being audited erroneously recorded a credit memo which was not detected by
the auditor
Which of the following audit procedures would be used to verify the payment of
note in July? *
Obtain cutoff bank statement.
Check for absence of note on July 31, bank confirmation.
Trace payment to duplicate deposit slip.
Check the mathematical accuracy of the July 31, reconciliation.
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Assessment 2

* Required
Multiple Choice Problems

This section merits 2 pts. each question
The checks outstanding on July 31 amount to: *

P 13,440
P 500
P236,150
P 13,940
The adjusted cash balance on July 31 is: *
P 6,480
P46,110
P 6,980
P82,560
The petty cash receipt voucher is for a return of travel expense advance. What is
the petty cash shortage? *
P1,000
P 500
P 400
P 900
What amount should be reported as Cash and Cash Equivalents? *
3,523,000
3,548,000
3,423,000
3,448,000
How much from the information above should be presented as part of liability? *
2,200,000
2,175,000
Zero
200,000
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Assessment 2

* Required
Long Problems
Round off final answers to Whole Numbers
This section merits 5 pts. each question
How much is the total outstanding checks as of December 31? *
Your answer
What is the adjusted cash in bank balance on December 31? *

Your answer
How much is the total book receipts in December? *
Your answer
Determine the amount of Cash and Cash equivalents. *
Your answer
What is the adjusted balance per bank as of December 31, 2017? *
Your answer
The amount of cash overage (shortage) as of December 31, 2017 is: *
Your answer
A copy of your responses will be emailed to [email protected].

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CMPC 313 Prelim Summative

CMPC 313 Multiple Choice (Theories)

By preparing a proof of cash at year end, an auditor will generally be able to

Kiting would least likely be detected by: *

CMPC 313 Prelim Summative

Multiple Choice Problems

The checks outstanding on July 31 amount to: *

The adjusted cash balance on July 31 is: *

What amount should be reported as Cash and Cash Equivalents? *

CMPC 313 Prelim Summative

What is the adjusted cash in bank balance on December 31? *

How much is the total book receipts in December? *

Determine the amount of Cash and Cash equivalents. *

The amount of cash overage (shortage) as of December 31, 2017 is: *

A copy of your responses will be emailed to [email protected].

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