Business And Internal Control Quiz
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In the business world, there are different types of people who are required in a company for it to run smoothly, and internal controls come in handy. Embark on a journey into the realm of Business and Internal Control with our engaging quiz. Test your knowledge of the fundamental principles that govern effective business management and internal control systems. This quiz will challenge you with thought-provoking questions related to financial processes, risk management, compliance, and the intricate mechanisms that safeguard organizational assets. Whether you're a business professional, student, or someone keen on understanding the intricacies of internal controls, this Read morequiz offers an opportunity to assess your grasp of essential concepts. Explore the dynamic intersection of business operations and internal control measures. Sharpen your skills and gain insights into the crucial components that contribute to the success and stability of any organization. Take the Business and Internal Control Quiz and elevate your understanding of key principles in the business world.
- 1.
Which of the following is not a part of front office internal control?
- A.
Tracking transaction documentation
- B.
Creating a guest history record
- C.
Verfifying account entries and balances
- D.
Identifying vulnerabilities in the accounting system
Correct Answer
B. Creating a guest history recordExplanation
Creating a guest history record is not a part of front office internal control because it is primarily a function of the reservations department. Front office internal control focuses on activities such as tracking transaction documentation, verifying account entries and balances, and identifying vulnerabilities in the accounting system to ensure accuracy, prevent fraud, and maintain the integrity of financial transactions. Creating a guest history record, on the other hand, is more related to guest services and maintaining a record of guest preferences and past interactions for future reference.Rate this question:
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- 2.
Which of the following represents a cash bank shortage?
- A.
Total of the cash checks, negotiables, and paid-outs in the cash drawer minus the initial bank is greater than the net cash receipts
- B.
Total of the cash checks, negotiables, and paid-outs in the cash drawer minus the initial bank is less than the net cash receipts
- C.
Total of the cash checks, negotiables, and paid-outs in the cash drawer minus the initial bank is equal to the net cash receipts
- D.
Total of the cash checks, negotiables, and paid-outs in the cash drawer is greater than the net cash receipts
Correct Answer
B. Total of the cash checks, negotiables, and paid-outs in the cash drawer minus the initial bank is less than the net cash receiptsExplanation
The correct answer is "total of the cash checks, negotiables, and paid-outs in the cash drawer minus the initial bank is less than the net cash receipts." This option indicates that there is a cash bank shortage because the total amount of cash checks, negotiables, and paid-outs in the cash drawer is lower than the net cash receipts. This means that the amount of cash received is greater than the amount of cash available in the drawer, resulting in a shortage.Rate this question:
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- 3.
Who must conduct annual audits for publically held lodging companies?
- A.
The front office auditor
- B.
The hotel controller
- C.
An independent certified public accountant
- D.
An IRS auditor
Correct Answer
C. An independent certified public accountantExplanation
An independent certified public accountant must conduct annual audits for publicly held lodging companies. This is because an independent CPA is an unbiased and qualified professional who can provide an objective assessment of the company's financial records and ensure compliance with accounting standards and regulations. Their expertise and independence make them the most suitable choice for conducting audits in order to maintain transparency and accountability in the financial reporting of publicly held lodging companies.Rate this question:
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- 4.
The amount of cash, checks, and negotiables in the cashier ’s drawer, minus the initial cash bank, plus the paidouts
- A.
Cash bank
- B.
Net cash receipts
- C.
Overage
- D.
Shortage
Correct Answer
B. Net cash receiptsExplanation
The correct answer is net cash receipts. Net cash receipts refer to the total amount of cash received by the cashier, including cash from sales, payments, and other sources, after deducting any returns or refunds. It represents the actual cash inflow into the cashier's drawer, excluding any initial cash bank or paidouts.Rate this question:
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- 5.
When the total of the cash, checks, negotiables, and paid-outs is less than net cash receipts
- A.
Cash bank
- B.
Net cash receipts
- C.
Overage
- D.
Shortage
Correct Answer
D. ShortageExplanation
The correct answer is "shortage". This means that the total amount of cash, checks, negotiables, and paid-outs is less than the net cash receipts. In other words, the amount of money received is greater than the amount of money available, resulting in a shortage.Rate this question:
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- 6.
When the total of the cash, checks, negotiables, and paid-outs is more than net cash receipts
- A.
Cash bank
- B.
Net cash receipts
- C.
Overage
- D.
Shortage
Correct Answer
C. OverageExplanation
An overage occurs when the total amount of cash, checks, negotiables, and paid-outs is greater than the net cash receipts. This means that there is more money in the cash bank than what was originally expected or accounted for. It could be due to an error in recording transactions, receiving additional payments, or miscalculations.Rate this question:
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- 7.
The amount of cash assigned to a cashier during a particular workshift
- A.
Cash bank
- B.
Net cash receipts
- C.
Overage
- D.
Shortage
Correct Answer
A. Cash bankExplanation
The term "cash bank" refers to the amount of cash that is assigned to a cashier at the beginning of their workshift. This cash bank serves as the starting amount for the cashier's transactions throughout their shift. It represents the total amount of money that the cashier is responsible for managing and handling during their shift.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Dec 26, 2023Quiz Edited by
ProProfs Editorial Team -
Jan 20, 2008Quiz Created by
Aoht
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