1. Effective internal control includes all the following steps except:
a. The Customer Order department prepares a sales order upon receipt of an order.
b. The Billing department compares what was shipped with what was ordered and prepares and mails a sales invoice.
c. The Accounting department receives the checks and the mailroom listing of checks received and prepares the daily bank deposit.
d. The Accounting department reconciles the bank statement with accounting records.
2. You deposited your scholarship money $1,000 in a savings account that pays 10 percent interest, compounded daily. Eighteen months later, you got tired of school and Huntsville, and decided to go to Colorado to become a bungee jumper, so you close out your account. How much money will you receive? Assume 365 days in a year.
$1,101.65 $1,122.37 $1,127.48 $1,153.69 $1,161.81