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Question : 91. An income statement account that used to record cash overages : 1225911

Accounting

 

91. An income statement account that is used to record cash overages and cash shortages arising from petty cash transactions or from errors in making change is titled: 

A. Cash Lost.

B. Bank Reconciliation.

C. Petty Cash.

D. Cash Over and Short.

E. Cash Receivable.

92. A set of procedures and approvals designed to control cash disbursements and the acceptance of obligations is referred to as a(n): 

A. Internal cash system.

B. Petty cash system.

C. Cash disbursement system.

D. Voucher system.

E. Cash control system.

93. Internal control procedures for cash receipts require that: 

A. Custody over cash is kept separate from its recordkeeping.

B. Cash sales should be recorded on a cash register at the time of each sale.

C. Clerks having access to cash in a cash register should not have access to the register tape or file.

D. An employee (with no access to cash receipts) should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.

E. All of these.

94. The Cash Over and Short account: 

A. Is used to record a credit balance in the cash account.

B. Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and/or from errors in processing petty cash transactions.

C. Is not necessary in a computerized accounting system.

D. Can never have a debit balance.

E. Can never have a credit balance.

95. The voucher system of control: 

A. Is a set of procedures and approvals designed to control cash receipts and the acceptance of obligations.

B. Establishes procedures for verifying, approving, and recording obligations for eventual cash disbursement.

C. Establishes procedures for receiving checks for the sale of verified, approved, and recorded activities.

D. Applies only when multiple purchases are made from the same supplier.

E. All of these.

96. A voucher is an internal file: 

A. Prepared after an invoice is received.

B. Used as a substitute for an invoice.

C. Used to accumulate information needed to control cash disbursements and to ensure that transactions are properly recorded.

D. Takes the place of a bank check.

E. Prepared before the company orders goods.

97. Which of the following procedures would weaken control over cash receipts that arrive through the mail? 

A. After the mail is opened, a list (in triplicate) of the money received is prepared with a record of the sender’s name, the amount, and an explanation of why the money is sent.

B. The bank reconciliation is prepared by a person who does not handle cash or record cash receipts.

C. For safety, only one person should open the mail, and that person should immediately deposit the cash received in the bank.

D. The cashier should not also be the record keeper who records the amounts received in the accounting records.

E. All of these are good internal control procedures over cash receipts that arrive through the mail.

98. At the end of the day, the cash register’s record shows $1,250, but the count of cash in the cash register is $1,245. The correct entry to record the cash sales is 

A. Debit Cash $1,245; Credit Sales $1,245.

B. Debit Cash $1,245; debit Cash Over and Short $5; credit Sales $1,250.

C. Debit Cash $1,250; credit Sales $1,250.

D. Debit Cash $1,250; credit Sales $1,245, credit Cash Over and Short $5.

E. Debit Cash Over and Short $5, credit Sales $5.

99. At the end of the day, the cash register tape shows $1,000 in cash sales but the count of cash in the register is $1,035. The proper entry to account for this excess includes a: 

A. Credit to Cash for $35.

B. Debit to Cash for $35.

C. Credit to Cash Over and Short for $35.

D. Debit to Cash Over and Short for $35.

E. Debit to Petty Cash for $35.

100. A key factor in a voucher system is: 

A. Only approved departments and individuals are authorized to incur an obligation that will result in the payment of cash.

B. Procedures for purchasing, receiving and paying for merchandise are divided among several departments.

C. The system limits the individuals that can incur cash payment obligations for a company.

D. It should be extended to all expenses.

E. All of these.

 

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July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

default image
July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

default image
July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

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