A good internal control over cash is to retain all cash-related supporting materials for at least five years.

Transaction authorization ensures that employees who record cash-related transactions do not physically handle cash.

The Petty Cash account increases when petty cash is replenished.

The petty cash fund can be increased (or decreased) to suit a company’s changing needs for incidental cash.

A bank reconciliation begins with equal bank and company balances.

An outstanding check is one that the payee has not yet deposited.

NSF stands for non-sufficient funds.

Journal entries must be recorded for all reconciling items on the bank side of the bank reconciliation.

The amount of an employee’s paycheck is their gross pay.

State unemployment tax is withheld from an employee’s pay.

What is NOT an internal control procedure?

What would NOT be an appropriate use of petty cash?

Which of these would be a reconciling item on the bank side of a bank reconciliation?

What tax is both withheld from an employee’s pay and matched by the employer?

Which source document is used in a bank reconciliation?

Which statement regarding a reconciliation is inaccurate?

Which form is referred to as the Employee’s Withholding Certificate?

Which form reports annual earnings to an independent contractor?

Which form is prepared by an independent contractor and then provided to the employer?

Which form reports annual earnings to an employee?