Corbin Company was charged $25 for a check printing fee associated with their checking account. What journal entry is required?
A.Debit Miscellaneous Expense for $25 and credit Accounts Payable for $25.
B.Debit Miscellaneous Expense for $25 and credit Accounts Receivable for $25.
C.Debit Miscellaneous Expense for $25 and credit Cash for $25.
D.No journal entry is required.
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WhichisNOTanobjectiveofaninternalcontrolsystem?
A. Safeguardingofassets
B. Compliancewithcompanypolicies
Compliancewithlegalrequirements
D. Riskminimization
Internalcontrolsaredesignedtoaccomplishfiveobjectives–complywithlegalrequirements,promoteoperationalefficiency,safeguardassets,encourageemployeestofollowcompanypolicyand:
A. preventembezzlement.
B. preventcollusion.
C. ensureaccurate,reliableexternalaudits.
D. ensureaccurate,reliableaccountingrecords.
ThePublicCompanyOversightBoardwascreatedtooversee:
A. theSEC.
B. theauditsofnon-profitorganizations.
C. theauditsofpubliccompanies.
D. theFASB.
Therearethreepartiestoacheck.Thepersonorcompanytowhomthecheckispaidisthe:
A. maker.
B. payee.
C. draftee.
D. promissee.