cash control?
Q: This account is used to record in the Regular Agency (RA) books the receipt of Notice of Cash…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: The explanation of the differences between the cash account balance according to the company’s book…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: The type of account and normal balance of Petty Cash is a(n) Select one: A. asset, debit B.…
A: Current option is A i.e. asset, debit
Q: In the final step of the control process the controller compares the records of the day's cash…
A: Internal Control: It is the rules, and procedures that is implemented by a company. Internal…
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: Which of the following is not a basic characteristic of a system of cash control? Group of answer…
A: Every business organizations are required to implement the proper controls so as to avoid the theft…
Q: Each of the following measures strengthens internal controlover cash receipts except:a. Factoring…
A: Internal Control is the process that allows a company to perform its best and adhere to the…
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: 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: ect the control objective being tested by placing the correct letter in the blank. A. Existence B.…
A: Solution:- Given, Auditors are auditing the cash receipts for Great Wall Corporation. For each audit…
Q: Which of the following items on a cash reconciliation would require a journal entry by the company?…
A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…
Q: wing categories, define the purpose of each of thecommon controls over cash listed below. You may…
A: Auditing - To ensure that all departments are using a documented system of documenting transactions,…
Q: M5-4 Matching Cash Receipt Processes to Internal Control Principles fons to bus or A Match each of…
A: Internal controls are the procedures, policies that a company employs to ensure the accuracy of its…
Q: Explain any five internal control activities and describe measures of internal control you would…
A: Control activities are the policies and procedures that help ensure management directives are…
Q: Which of the following is normally recorded in the cash disbursement journal? a. Payment made to…
A: Cash Disbursement Journal: It is a record kept by the accountants of all the expenditures made by…
Q: In the bank reconciliation the collection of Note Receivable is Select one: a. Deducted from Cash…
A: Accounting is the process of recording financial transactions that are material to the business. It…
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 of the following is not an example of control procedures to safeguard cash received from…
A: Cash is one of the important current asset of the business. It's management and valuation is very…
Q: dentify the three activities that pertain to a petty cash fund, and indicate an internal control…
A:
Q: When auditing the cash account, the auditor traces the cash receipts, which are recorded on the cash…
A: Auditing refers to the process of physically evaluating and inspecting all the financial information…
Q: 7. Which of the following should not be considered cash for financial reporting purposes? a.…
A: Cash balance for financial reporting purpose means those instruments or assets, which are either in…
Q: 8. The proper arrangement of working papers in the current file are: (1) Working trial balance (II)…
A: Current Audit File is the file which contains data related to current year. Current audit files are…
Q: A basic procedure of internal control over cash receipts is that the deposit of the cash and the…
A: Internal controls is the procedure applicable to ensure the operational efficiency and correct…
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: 35 clerks who receive and sort the general mail. Included in the mail are envelopes containing cus-…
A: Accounts receivable can be referred to as the amount which are due from the customers of the entity…
Q: Identify the internal control principles applicable to cash receipts. BE7.5 (LO 2), C Jolson Company…
A: Internal control refers to the set of principles, procedures, and practices companies define to…
Q: Preparing a bank reconciliation on a monthly basis is an example of: A. establishing responsibility…
A: A bank reconciliation is the process by which the balances are matched as between the bank statement…
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: 1. Based on the above information, prepare a bank reconciliation for the Wisconsin Company. 2.…
A: A bank reconciliation statement is prepared to identify the reason for differences between the…
Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…
A: To control cash receipts and cash payments, Over-the-counter cash sales should be recorded on a cash…
Q: At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the…
A: Segregation of Duties is a one of the methods of sustainable risk management and internal controls…
Q: From the following given options identify any two steps essential in establishing a petty cash fund.…
A: Petty cash fund: It is a small amount of cash kept on hand, in a locked drawer or box, to pay for…
Q: Which of the following is an appropriate reconciling item to the balance per bank in a bank…
A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…
Q: The entry to establish the Change Fund includes which of the following?
A: The entry to establish the Change Fund includes a debit to change fund and credit to cash.
Q: The bank reconciliation ? Please explain with full explanation. a. should be prepared by an…
A: Following is the answer to given problem
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: Which of the following items must be deducted to the balance per ledger in preparing a bank…
A: Service charges: Banks debited the charges for maintain of account with bank and for the transaction…
Q: Effective cash management and control includes all of the following excepta. the use of a petty cash…
A: The correct answer is c. purchase of stocks and bonds. Explanation for correct answers:…
Q: Which of the following can be considered as an effective control of cash? A. One person handles the…
A: Option A is incorrect because Segregation of duties is an effective control of cash. Option B is…
Q: The preparation of monthly bank account reconciliations is an internal control in place to detect…
A: The given statement is True.... Bank account reconciliation is prepared to detect the difference in…
Q: 57. Entity A maintains a petty cash fund. At any given point of time, the cash on hand and the petty…
A: The system which is used to manage petty cash fund is called imprest system . Under this system ,at…
Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…
A: Cash receipts – When a payment is received in the form of cash, a company records cash receipts.…
Q: Keeping cash locked away is an example of which control activity?
A:
Q: When the petty cash imprest system is established: the bank account is debited. the petty cash…
A: Petty cash: Small payments like stationery expense , Postage , Taxi etc all these are recorded in…
Q: Indicate whether the following statements are true or false. A guideline for safeguarding cash is to…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Which cash reconciling item could potentially affect either the bank statement or the general…
A: The bank reconciliation statement is prepared to match the balance of cash book and pass book.
I. Separate responsibility for handling and recording cash
II. Daily deposit of all cash received
III. Internal audit at regular intervals
IV. Use of a voucher system
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- In a bank reconciliation, an EFT cash payment is A. added to the bank balance in the general ledger B. deducted from the bank balance on the bank statement C. added to the bank balance on the bank statement D. deducted from the bank balance in the general ledgerRequired a. Prepare a bank reconciliation at June 30. b. Prepare the necessary journal entries to bring the general ledger Cash account into agreement with the adjusted balance on the bank reconciliation.Which one of these principles is considered for cash disbursement control Select one: O a. Print check amount by machine O b. Same staff approve and make payment Oc. Reconcile bank statement annually O d. Rarely compare checks to invoices
- 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. Supplier4. Which of the following audit procedures is most appropriate to address the occurrence assertion for sales? a. Confirm receivables balances. b. Perform analytical procedures. c. Review collectability. d. Confirm cash deposits in banks.Evaluate the following statements Statement 1: Under the punctuating system of petty cash accounting, there will be necessary adjustments at the end of the reporting period at all times. Statements 2: Under the imprest system of accounting for petty cash fund entries for expenses and others are made upon fund replenishment, therefore, entries are not necessary at any point within the reporting period. Statement 3: in the conduct of petty cash count, when you find a check with the petty cash custodian's name on it, it shall be included as a cash item together with the bills and other loose coins. A. TRUE, TRUE, FALSE B. FALSE, FALSE. TRUE C. TRUE, FALSE. FALSE D. FALSE. TRUE, FALSE E. TRUE. FALSE. TRUE
- Which of the following internal control activities most likely would deter lapping of collections from customers?a. Independent internal verification of dates of entry in the cash receipts journal with dates of daily cash summaries.b. Authorization of write-offs of uncollectable accounts by a supervisor independent of credit approval.c. Separation of duties between receiving cash and posting the accounts receivable ledger.d. Supervisory comparison of the daily cash summary with the sum of the cash receipts journal entries.Evaluating Internal Control of Cash The following procedures were recently installed by Raspberry Creek Company: a. After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. b.The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. c. Along with petty cash expense receipts for postage, office supplies, etc., several postdated employee checks are in the petty cash fund. d. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers. e. At the end of each day, all cash receipts are placed in the bank's night depository. f. At the end of each day, an accounting clerk compares the…List at least 5 control measures per principle of control activities which an organization may implement to establish internal control procedures. What internal control features exist in a petty cash fund?
- When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are made, the additions are: a.credited to the Capital account. b.debited to the Capital account. c.debited to the Cash account. d.credited to the Cash account.As part of a strong internal control system, which of the following accounting duties needsto be separated from cash handling?a. Record keepingb. Filingc. Transaction approvald. Both a and c need to be separated from cash handling.Internal controls associated with the purchases and cash disbursements cycle include: A Separation of duties. B Adequate documentation. C Both separation of duties and adequate documentation. D Neither separation of duties nor adequate documentation.