Author Question: Who is legally responsible for establishing and maintaining an adequate system of internal control? ... (Read 85 times)

jparksx · **on:** Jul 5, 2018

Who is legally responsible for establishing and maintaining an adequate system of internal control?
a. the board of directors
b. stakeholders
c. investors
d. management

Question 2

X Company used the following items to complete its bank reconciliation for the month of October:

Deposits in transit were 2,500.
Outstanding checks totaled 1,100.
Bank service charges were 10.
The company correctly wrote a check for 192, but mistakenly recorded the check as 129 on its books. The bank cashed the check correctly for 192.
A customer's check for 50 was returned by the bank, NSF.

The 2,500 deposit in transit should be ________.
A) added to the balance per bank statement
B) deducted from the balance per bank statement
C) added to the balance per books
D) deducted from the balance per books