6 Explain common techniques employed to control cash.

Q: Why does cash require some specific internal controls?a. Most transactions ultimately affect cash.b.…

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

Q: In what manner can cash receipts and cash disbursements be controlled?

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: Define cash equivalents, and explain methods of controlling cash, including bank reconciliations.

A: Solution- Cash equivalents are investments securities that are meant for short-term investing; they…

Q: Describe one of the methods for managing cash disbursements or cash receipts and how it impacts…

A: There are a number of methods for managing cash disbursements or cash receipts which can impact…

Q: Define cash larceny.

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: Define Restricted Cash.

A: Restricted cash refers to money that is held for a specific purpose and therefore not available to…

Q: Explain the difference between the “transaction motive” and the “precautionary motive” for holding…

A: Firms have motives for holding cash. This is because the timing of cash in fow and outflow does not…

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: What are the different risks associated in the accounting of cash

A: The element of risk arises in each and every area and how well we can minimise or reduce the risk is…

Q: separation of duties

A: Separation of duty is the internal conttro process by which the company avoids the fraud and…

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: What is a "proof of cash? What purpose does it serve?

A: A four-column bank statement prepared by auditors is called proof of cash. It has a detailed…

Q: What are the components of cash ?

A: Required  What are the components of cash.

Q: What are the common internal controls over cash receipts and cash disbursements?

A: Introduction: Internal control relates to a company's policies and plans, as well as extra efforts…

Q: What are the Important elements of a cash disbursement control system?

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

Q: Discuss three (3) internal control principles for cash payments. Provide corresponding examples of…

A: Internal control principles are the concepts that require management to establish procedures to…

Q: Keeping cash locked away is an example of which control activity?

A:

Q: Why is cash management important?

A: Cash management is a technique used to manage cash of the entity. It helps in managing the cash that…

Q: Why is it critical to have internal controls in place when it comes to managing and handling cash?…

A: Internal controls are the controls that are set to maintain the integrity and make financials as per…

Q: why control over receivables is not quite as important as control over cash

A: Accounts receivables reflect the amount owed by the credit buyers of an organization. In simple…

Q: Where in the cash receipts process does supervision play an important role?

A: