1. In preparing a bank reconciliation, the amount of an error indicating the recording of a check in the journal for an amount larger than the amount of the check is added to the balance per company’s records.

2. A Check for $342 was erroneously charged by the bank as $432. In order for the bank reconiliation to balance, you must add $90 to the bank statement balance.

3. in establishing a petty cash fund, a check is written for the amount of the fund and is recorded as a debit to accounts payable and a credit to petty cash.

4. when the petty cash fund is replenish, the petty cash account is credited for the total of all expenditures made since the fund was last replenished.

5. a petty cash fund is use to pay relatively large amounts

6. internal control is enhanced by separating the control of a transaction from the record-keeping function

7. sarbanes oxley purpose is to improve financial reporting