The encumbrances control account of a governmental unit is increased when a voucher payable isa. not recorded and the budgetary accounts are not closed.b. not recorded but the budgetary accounts are closed.c. recorded and the budgetary accounts are closed.d. recorded but the budgetary accounts are not closed.

The encumbrances control account of a governmental unit is increased when a voucher payable isa. not recorded and the budgetary accounts are not closed.b. not recorded but the budgetary accounts are closed.c. recorded and the budgetary accounts are closed.d. recorded but the budgetary accounts are not closed.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 1M

See similar textbooks

Similar questions

Currently, the activity found LEAST often within the controller's department isa. budget preparation. b. updating the general ledger. c. maintaining accounts receivable records. d. establishing and maintaining a market for the organization's debt and equity securitie
Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash disbursements maintain the check register.b. Accounts payable maintains the accounts payable subsidiary ledger.c. Accounts payable is responsible for paying invoices.d. Accounts payable is responsible for authorizing invoices.
Which of the following is not a generally recognized internal control activity? Oa. limiting access to computerized accounting records Ob. reducing the cost of hiring seasonal employees Oc. preparation of bank reconciliations on a monthly basis Od. establishment of clear lines of authority to carry out specific tasks
28. A government entity pays an accounts payable. The entry to record the payment will most likely include a Debit to “Cash-Modified Disbursement System (MDS), Regular Account. Credit to “Due to BIR” account Credit to the “Cash-Treasury/Agency Deposit, Regular’ account None of these. The event is recorded only in the registries and the obligation request and status.
A government entity makes payment through Advice to Debit Account (ADA). The entry is most likely to be used in recording the payment is a. Accounts Payable Advances to Officers and Employees b. Accounts Payable Subsidy from National Government c. Accounts Payable Cash- ADA d. None
Which of the following control activities could prevent a paid disbursement voucher from being presented for payment a second time?a. Vouchers should be prepared by individuals who are responsible for signing disbursement checks.b. Disbursement vouchers should be approved by at least two responsible management officials.c. The date on a disbursement voucher should be within a few days of the date the voucher is presented for payment.d. The official signing the check should compare it with the voucher and should stamp “paid” on the voucher documents.
Which of the following is an internal control activity that could prevent a paid disbursement voucher from being presented for payment a second time?a. Vouchers should be prepared by individuals who are responsible for signing disbursement checks.b. Disbursement vouchers should be approved by at least two responsible management officials.c. The date on a disbursement voucher should be within a few days of the date the voucher is presented for payment.d. The official who signs the check should compare the check with the voucher and should stamp “PAID” on the voucher documents.
Under a system of good internal control, which of the following departments issues a voucher? Question 41 options: The accounts payable department The shipping department The purchasing department The billing department
Which of the following is desirable in a good system of internal accounting controls? Select one: O O O a. Develop plans and budgets b. Encourage employee collusion c. Maintain adequate accounting records d. Two of the above e. None of the above
4. SEGREGATION OF DUTIES Explain why each of the following combinations of tasks should or should not be separated to achieve adequate internal control. a. Approval of bad debt write-offs and the reconcil- iation of the AR subsidiary ledger and the GL control account b. Distribution of payroll checks to employees and approval of employee time cards. c. Posting of amounts from both the cash receipts and the cash disbursements journals to the gen- eral ledger. d. Writing checks to vendors and posting to the cash account. e. Recording cash receipts in the journal and pre- paring the bank reconciliation.
1. What check was written, forwarded to the payee but not yet presented to the bank for payment? Choices: NSF check Stale check Local check Outstanding check 2. Who is the primary recipient of government spending and funding of programs and projects in the country? Choices: Private Companies Government Officials Government Employees General Public
hapters 7-8 i A list of individual accounts with a common characteristic is known as a(n): Multiple Choice Subsidiary ledger. General ledger. Special ledger. All-purpose ledger. Saved Column balance ledger. Help