Author Question: Events that could have a positive impact on organizational objectives: a. controls b. fraud c. ... (Read 57 times)

Arii_bell · **on:** Jul 5, 2018

Events that could have a positive impact on organizational objectives:
a. controls
b. fraud
c. opportunities
d. risks

Question 2

Goldilocks is the bookkeeper for Three Bears Company. She prepared the company's bank reconciliation at the end of the year and found only two reconciling items: deposits in transit of 2,850 and outstanding checks of 3,500.

She then made an adjusting entry to decrease the company's cash balance for the deposits in transit and increase the company's cash balance for the outstanding checks. Now the company's cash balance is exactly the same as the bank statement balance. As a result of the adjusting entry, the cash shown on Three Bears Company's year-end balance sheet will be ________.
A) too high
B) too low
C) just right
D) The answer cannot be determined from the information given.