Team Shirts made a deposit of 150 on March 31 to its account at First Bank. The deposit did not appear on the March bank statement. On its bank reconciliation, Team Shirts should ________.
A) add 150 to the Team Shirts' balance per books
B) subtract 150 from the Team Shirts' balance per books
C) add 150 to the balance per bank statement
D) subtract 150 from the balance per bank statement
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Q. 2) A check involves three parties. The person directed to receive the money is called the
a. drawer.
b. drawee.
c. payee.
d. endorser.
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Q. 3) Mac, Inc. purchased a truck on October 1, 2011 in exchange for a 12-month, 9, 100,000 note. What effect does the October 31, 2011 adjusting entry for interest have on the company's total assets?
A) increase
B) decrease
C) no effect
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Q. 4) Jacob Co sells merchandise on credit to Isaiah Co in the amount of 9,700 . The invoice is dated on May 1 with terms of 1/15, net 45 . What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?
a. 194, May 15
b. 194, May 16
c. 97, May 15
d. 97, May 16
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Q. 5) In June, Team Shirts collected 2,250 from customers, paid 600 for T-shirts, and paid 500 for rent. Net cash from operations was ________.
A) 1,950
B) 1,650
C) 1,150
D) 2,250
(
Q. 6) The ERM framework addresses four categories of management objectives. Which category of concerns laws and regulations?
a. compliance
b. operations
c. reporting
d. strategic
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