118.Indicate whether each of the following statements is true or false._____ a) Debit memos in a bank statement describe transactions that increase the depositor's assets._____ b) Credit memos in a...

118.Indicate whether each of the following statements is true or false.


_____ a) Debit memos in a bank statement describe transactions that increase the depositor's assets.
_____ b) Credit memos in a bank statement describe transactions that act to increase the bank's liabilities.
_____ c) Service fees charged by a bank appear on bank statements as debit memos.
_____ d) Deposits in transit appear on the bank statement as credit memos.
_____ e) Outstanding checks do not appear on the bank statement.

119.Indicate whether each of the following items regarding internal control is true or false.


_____ a) Accounting controls are composed of procedures designed to safeguard assets and ensure accounting records contain reliable information.
_____ b) Administrative controls concern the reliability of the financial statements and the accuracy of the general ledger.
_____ c) Whenever possible, the functions of authorization, recording and custody should be exercised by the same dependable employee.
_____ d) Cash is most susceptible to embezzlement at the points of receipt and disbursement.
_____ e) A well-designed internal control system can prevent collusion by employees.