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1. What does cash include and why should it be controlled? 2. In the COMPANY...

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Accounting

1. What does cash include and why should it be controlled? 2. In the COMPANY Cash account give examples of INCREASES. 3. In the COMPANY Cash account give examples of DECREASES 4. Give examples of bank issued CREDIT Memos. 5. Give examples of bank issued DEBIT Memos. 6. Why is a bank CREDIT memo a Debit to the COMPANY Cash account? 7. Why is a bank DEBIT memo a Credit to the COMPANY Cash account? 8. You start the Bank Statement reconciliation of COMPANY CASH with the ENDING BALANCE of the cash account at the end of the month. How do you calculate what the ENDING BALANCE of cash is when you are given the BEGINNING BALANCE of cash for the month? 9. When the Bank Reconciliation has differing amounts of the COMPANY Cash account and the BANK STATEMENT what must you do? 10. What are the three (3) objectives of internal controls? 11. What is the objective of the Sarbanes-Oxley Act? Is it successful? Why or why not? 12. What is employee FRAUD? How much does employee fraud cost in dollars? 13. What are the five (5) Elements of Internal Control and define each one? 14. What are the limits of Internal Control? 15. Give me at least two (2) examples of special purpose cash accounts and what each is used for.

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