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4. The customer checks accompanied by the control tape (refer to symbol A) would be: a. forwarded daily to the billing department for deposit. b. taken by the mail clerk to the bank for deposit daily. c. forwarded to the treasurer for deposit daily. d. accumulated for a week and then forwarded to the treasurer for deposit weekly. [CMA adapted] 5. The appropriate description that should be placed in symbol B would be: a. keying and verifying. b. collate remittance advices. 6. The next action to take with the customer remittance advices (refer to symbol C) would be to: a. discard them immediately. b. file them daily by batch number. c. forward them to the internal audit department for internal review. d. forward them to the treasurer to compare with the monthly bank statement. [CMA adapted] 7. The appropriate description that should be placed in symbol D would be: a. attach batch total to report and file. b. reconcile cash balances. c. compare batch total and correct as necessary.

4. The customer checks accompanied by the control tape (refer to symbol A) would be: a. forwarded daily to the billing department for deposit. b. taken by the mail clerk to the bank for deposit daily. c. forwarded to the treasurer for deposit daily. d. accumulated for a week and then forwarded to the treasurer for deposit weekly. [CMA adapted] 5. The appropriate description that should be placed in symbol B would be: a. keying and verifying. b. collate remittance advices. 6. The next action to take with the customer remittance advices (refer to symbol C) would be to: a. discard them immediately. b. file them daily by batch number. c. forward them to the internal audit department for internal review. d. forward them to the treasurer to compare with the monthly bank statement. [CMA adapted] 7. The appropriate description that should be placed in symbol D would be: a. attach batch total to report and file. b. reconcile cash balances. c. compare batch total and correct as necessary.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the following flowchart of the cash receipts subsystem for Rockmart Manufacturing for questions 4-8. Customer checks Customer remittance advices Separate remittance advices and checks Customer remittance advices Customer checks Prepare tape Customer checks Paper tape Assemble into batches Batches of remittance advices B Customer remittance advices Paper tape Remittance advices Error listing and D summary information Daily accounts receivable run E A 4. The customer checks accompanied by the control tape (refer to symbol A) would be: a. forwarded daily to the billing department for deposit. b. taken by the mail clerk to the bank for deposit daily. c. forwarded to the treasurer for deposit daily. d. accumulated for a week and then forwarded to the treasurer for deposit weekly. [CMA adapted] 5. The appropriate description that should be placed in symbol B would be: a. keying and verifying. b. collate remittance advices. 6. The next action to take with the customer remittance advices (refer to symbol C) would be to: a. discard them immediately. b. file them daily by batch number. c. forward them to the internal audit department for internal review. d. forward them to the treasurer to compare with the monthly bank statement. [CMA adapted] 7. The appropriate description that should be placed in symbol D would be: a. attach batch total to report and file. b. reconcile cash balances. c. compare batch total and correct as necessary.
Transcribed Image Text:Use the following flowchart of the cash receipts subsystem for Rockmart Manufacturing for questions 4-8. Customer checks Customer remittance advices Separate remittance advices and checks Customer remittance advices Customer checks Prepare tape Customer checks Paper tape Assemble into batches Batches of remittance advices B Customer remittance advices Paper tape Remittance advices Error listing and D summary information Daily accounts receivable run E A 4. The customer checks accompanied by the control tape (refer to symbol A) would be: a. forwarded daily to the billing department for deposit. b. taken by the mail clerk to the bank for deposit daily. c. forwarded to the treasurer for deposit daily. d. accumulated for a week and then forwarded to the treasurer for deposit weekly. [CMA adapted] 5. The appropriate description that should be placed in symbol B would be: a. keying and verifying. b. collate remittance advices. 6. The next action to take with the customer remittance advices (refer to symbol C) would be to: a. discard them immediately. b. file them daily by batch number. c. forward them to the internal audit department for internal review. d. forward them to the treasurer to compare with the monthly bank statement. [CMA adapted] 7. The appropriate description that should be placed in symbol D would be: a. attach batch total to report and file. b. reconcile cash balances. c. compare batch total and correct as necessary.
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