1. Explain why the system of internal control is important for a company

Q: Which of the following considered cash receipt control principles: Select one: O a. Cash receipt can…

A: Cash receipt control principles means those principle which help business to control the receipts of…

Q: A voucher system is an example of an internal control procedure over cash payments. True False

A: Voucher: It is a document that states the evidence of a business transaction.

Q: How will a company’s bank reconciliation reflect an electronicdeposit of cash received by the bank…

A: Bank reconciliation statement:   Bank reconciliation statement is a summary of the banking and…

Q: Define what is meant by internal control and describe some key elements of an internal control…

A: Internal Control: Internal control can be defined as a process to ensure achievement of the…

Q: Which of the following generally would be considered good internal control of cash disbursements? a.…

A: Cash controls:   Management must have a safety measure to protect all assets against possible…

Q: The bank reconciliation Select one: A. is sent to the bank for verification B. is for information…

A: Introduction:- Bank reconciliation play vital role in every organization. It identify the balance of…

Q: Consider how an organization must manage cash and receivables. Which of the two is the most…

A: How an organization must manage cash and receivables? Cash and receivables management is important…

Q: Which of the following is issued by a company to the responsible staff in order to establish a petty…

A: The petty cash fund is established for daily basis small cash expenses of the business.

Q: Which of the following is not used by a company to manage cash receipts efficiently? A-…

A: The company requires cash for the long-term and short-term requirements. Efficient cash management…

Q: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

Q: Record structures for receipt of cash on account Refer to figure 2-30 and the discussion about…

A:

Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an…

Q: What is a critical element of internal control in the handling of receivables by a business? Explain…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Why is it important to have internal controls in managing and handling cash? What internal controls…

A: Answer: Internal controls are the controls that are set to maintain the integrity and make…

Q: Applying internal control over cash receipts by mail Review the internal controls over cash receipts…

A: Internal control is organisational plan and all the related measures adopted by an entity to…

Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following would not be considered good internal control for cash receipts? A) Requiring…

A: Internal Control:Internal control means the procedure established, implemented and maintained by…

Q: Is there a way to verify that cash equivalents are properly classified? If so, how would it fit into…

A: Cash Equivalents means any short-term investment securities with maturity periods of 90 days or…

Q: internal controls over cash receipts and cash payments. Identify and discuss the similarities and…

A: lnternal control are  methods that are ensure  the proper safeguarding of assets are necessary to…

Q: Read the following statements about internal controls. Write down the number of each statement and…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 6) Identify and receipts and

A: Answer; Cash receipts are the receipts that are received by company on account of any sales or…

Q: Which of following functions should be segregated?a. opening the mail and recording cash receipts in…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: 1. An effective system of internal control requires segregation of basic functions. Which three of…

A: An Effective System of Internal Control requires segregation of basic functions. The Following three…

Q: Which of the following is an internal control guideline for better management of cash receipts?…

A: generally, there must be segregation of duties as part of the internal control system. work done by…

Q: Answer the following questions to ponder: 1. What is the purpose of internal controls? 2. What…

A: An internal control is a plan of organisation for your business. It co-ordinates all systems used in…

Q: What controls can be used: a) to make sure cash accounts are accurate b) to make sure cash…

A: Control is a very important function of all types of organization. It helps in safeguarding the…

Q: What purpose do multilevel security controls serve in an organisation with combined purchases and…

A: Cash Disbursement System: The cash disbursement system carries out the responsibility of processing…

Q: What is the importance of cash discounts to the client and howcan the auditor verify whether they…

A: The company needs to take measures that increase the profit of the product. Cash discount is one of…

Q: What are the benefits of a company having a centralized cash management system

A: A centralized cash management system efficiently handles cash and provides a higher return for the…

Q: The bank reconciliation ? Please explain with full explanation.  a. should be prepared by an…

A: Following is the answer to given problem

Q: Cash control systems are the methods and procedures used to ensure --   a. That current obligations…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: A voucher is an internal document or file: Multiple Choice O O Used as a substitute for an invoice…

A: A voucher is a document or file used within a company to gather important information about cash…

Q: Which of the following are important elements of a cash disbursement control system? Note: Select…

A: Answer:- Cash disbursement control system meaning:- To put it succinctly, a cash disbursement…

Q: Which of the following managers has a direct influence over a firm's cash? Multiple Choice   Credit…

A: The cash is influenced by the person holding it.

Q: Which of the following is a best practice when handling cash? (A) Always perform background checks…

A: Which of the following is a best practice when handling cash? (A) Always perform background checks…

Q: The voucher system of control: Multiple Choice Establishes procedures for receiving checks for the…

A: A voucher system is a technique of approving the distribution of money. A voucher is completed,…

Q: Identify each of the following statements as either true or false. A voucher system of control is a…

A:

Q: Describe the nature of a bank account and its use in controlling cash. A major reason that companies…

A: Bank account of a business means account maintained by the business with a particular bank. Business…