12-Mr. Amjad is an Account Assistant of a Merchandise Company in Oman. The business paid cash to Mr. Ahmed for OMR 4,000 was posted to Mr. Mohammed for OMR 4,000. Which of the following type of error was committed by Mr. Amjad ? a. Errors of Commission b. Error of Compensation c. Errors of Principle d. Errors of Complete Omission

12-Mr. Amjad is an Account Assistant of a Merchandise Company in Oman. The business paid cash to Mr. Ahmed for OMR 4,000 was posted to Mr. Mohammed for OMR 4,000. Which of the following type of error was committed by Mr. Amjad ? a. Errors of Commission b. Error of Compensation c. Errors of Principle d. Errors of Complete Omission

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

10 - From whom is VAT charged when a receipt is made from the cash register?A) FROM THE TAX OFFICEB) FROM THE CUSTOMERC) FROM THE SELLERD) EMPLOYEEE) NO VAT TAXES
All of the following are prevention methods for overstated expense reimbursements, EXCEPT: O a. Run expense reimbursements per employee looking for individuals whose travel and entertainment expenses appear to be out of line. O b. Do not reimburse any expenses supported by a photocopied receipt without first verifying that the expense is legitimate. O c. Spot-check expense reports with vendors. O d. Only reimburse air travel expenses from itineraries supplied by travel agencies
30. Georgina is in dispute with her bank about some debits to her business account which she does not recognize. Which of the following is Georgina's duty with regards to her fiduciary relationship with her bank? To check bank statements To reimburse the bank if her personal identification number (PIN) is used fraudulently by a thief to obtain cash To keep her bank cards safe To maintain the account in credit unless specifically agreed otherwise 31. Helkats plc ensures that it offers breakthrough products in the market niche in which it operates. In terms of Porter's generic competitive strategies, Helkats plc's strategy is Cost leadership Cost-focus Differentiation Differentiation-focus
9 - Which of the following should be done if there is a shortage of cash and the reason cannot be found that day ? a) It is written to the creditor side of Account 197 Counting and Receipt Deficiencies B) It is written to the creditor side of Account 397 Counting and Receipt Deficiencies NS) 659 Debited for other ordinary expenses D) It is written to the debtor side of the 197 Counting and Receipt Deficiencies Account TO) It is written to the debtor side of Account 397 Counting and Receipt Deficiencies
10. Who, among the following, limits the size of the expenditure to be paid from petty cash fund? a. Manager b. Customer c. Petty cash custodian d. Supplier
If the mailroom clerk and the accounts receivable bookkeeper for my company are moving in together. As an auditor, is it suspicious? Is this segregation of duties? Why or why not? If not what is this?
TRUE or FALSE 3. All allowances to customers for returned or defective merchandise should be supported by serially numbered credit memo signed by an officer or responsible employee having no duties relating to handling cash or the maintenance of customers' ledgers. 4. The auditors should perform alternative auditing procedures on all negative confirmation requests that are not returned. 5. When it is "impossible" to confirm accounts receivable, the auditors can never issue an unqualified oinion, on the client's financial statements. 6. Inspection of notes receivable on hand should be performed concurrently with the count of cash and securities to prevent the concealment of a shortage by substitution of cash for misappropriated negotiable instruments, or vice versa. 7. A confirmation is considered documentary evidence secured from outside the organization and sent directly to the auditors. 8. The auditor needs the client's permission to send out "confirmations" 9. A customer's response…
While assistant treasurer of Travco Corporation, Frank Mitchell caused two checks, each payable to a fictitious company, to be drawn on Travco’s account with Brown City Savings Bank. In each case, Mitchell indorsed the check in his own name and then cashed it at Citizens Federal Savings & Loan Association of Port Huron. Both checks were cleared through normal banking channels and charged against Travco’s account with Brown City. Travco subsequently discovered the embezzlement, and after Citizens denied its demand for reimbursement, Travco brought a suit against Citizens. Is the indorsement effective? Explain.
A vegetable vendor gave eight hundred grams of tomatoes to a lady who had asked for one kilogram of it. What type of unethical act you observe here? a. Riba b. Giving short measures c. Swearing d. Hoarding
Question7 An auditor is performing verifications to determine whether all purchases of the client for which the client was billed was received. The population for this examination consists of all O Inventories received O Supplier's invoice O Paid checks O Receiving reports
A trial balance does not balance. The owner believes the following mistakes WOULD cause animbalance. Do you agree? (Answer TRUE or FALSE for each statement) A. The owner forgot to record a cash saleB. A credit sale was recorded as a debit to sales and a debit to trade receivablesC. When transferring the bank overdraft from the Cash T account it was entered on thedebit side of the trial balanceD. Rates expense of £500 was debited to rent expenses and credited to cashE. A payment to a supplier of £690 was entered to cash as £690 but to trade payables as£609