stifyingM5-2 Identifying Internal Controls over Financial Reportingen/gp/Fox Erasing has a system of internal control with the following procedures. Match the procedure tothe corresponding internal control principle.Indoo raso Procedure1--ME 2 IdentifinaSAUNTOSON an1. The treasurer signs checks.Internal Control PrincipleA. Establish responsibility2B. Segregate dutiesvolume C. Restrict access2. The treasurer is not allowed to make bankdeposits.dagsorly savion3. The company's checks are prenumbered.D. Document procedures4. Unused checks are stored in the vault.ancien en proides B. Independently verifyolar997 daga5. A bank reconciliation is prepared each month.gelandFraud, InterCHAPTER 5antal Drinciples Anlied by a MorchandicarL

Internal control procedures are those procedures which are established for the purpose of…

lentifying Outstanding Chicks M5-2 Identifying Internal Controls over Financial Reporting Fox Erasing has a system of internal control with the following procedures. Match the procedure to the corresponding internal control principle. 1211 bus Indoo raso Procedure odtis hingab sinuosos. 1. The treasurer signs checks. 2. The treasurer is not allowed to make bank dags deposits. savolame 3. The company's checks are prenumbered. 4. Unused checks are stored in the vault. 5. A bank reconciliation is prepared each month. ME 2 Landing Int CHAPTER 5 Fraud, Inter BOJDY Internal Control Principle A. Establish responsibility 20 B. Segregate duties C. Restrict access D. Document procedures en con noides B. Independently verify antal Drinciples Anlied by a Horchandicar L

lentifying Outstanding Chicks M5-2 Identifying Internal Controls over Financial Reporting Fox Erasing has a system of internal control with the following procedures. Match the procedure to the corresponding internal control principle. 1211 bus Indoo raso Procedure odtis hingab sinuosos. 1. The treasurer signs checks. 2. The treasurer is not allowed to make bank dags deposits. savolame 3. The company's checks are prenumbered. 4. Unused checks are stored in the vault. 5. A bank reconciliation is prepared each month. ME 2 Landing Int CHAPTER 5 Fraud, Inter BOJDY Internal Control Principle A. Establish responsibility 20 B. Segregate duties C. Restrict access D. Document procedures en con noides B. Independently verify antal Drinciples Anlied by a Horchandicar L

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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CRA DENIS- Ward (Pruduit Atation Faileit) REFERENCES MAILNGS REVIEW VEW EE 91 E 1Normal 1No Spac Heading t Heading 2 Tele Paragraph Styles a) An entity has to maintain its records property so that the business can run efficiently and that management can look at the accounts to see how the business is performing. Hank reconciliation statements ate prepared to determine the differences between the cash book and the bank statement. REQUIRED: Explain four main purposes of preparing a bank reconcilation statement. b) You are working as accounting trainee employed by Masumbuko Ltd. One of your duties is to prepare bank reconcilaticin, the bank statement sent to you on monthly basas by the local branch of the CBD bank pic. On 30th lunie 2015 the cash book balance showed an overdraft of TZ5.60,000,000 whilst the bank statement showed that on the same date Masumbuko Lta has TZ5.620,000,000 in credit with the bank Checking through both the cash book and the bank statement you discover the…
ts. 7,8,9 Seved Which of the following statements is correc? Multtple Cholce An endorsement is a written authortzation that transfers ownership ofa check. If a check is negotiable, It means that ownership cannot be transferred. A check is a written order signed by an authortzed person, the drawee. Most businesses make one monthly deposit of cash recelpts in order to maintaln better control over their cash
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Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $25,520. Cash balance according to the bank statement at August 31, $26,850. Checks outstanding, $5,180. Deposit in transit, not recorded by bank, $4,160. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Cash balance according to bank statement $fill in the blank - Select - - Select - Adjusted balance $fill in the blank Cash balance according to company's records $fill in the blank - Select - - Select - Adjusted balance $fill in the blank b. If the balance sheet were…
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Pls answer the last 3 items (8, 9 and 10)
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Identifying internal control weakness in cash receipts Seawind Productions makes all sales on credit. Cash receipts arrive by mail. Justin Broadway, the mailroom clerk, opens envelopes and separates the checks from the accompanying remittance advice. Broadway forwards the checks to another employee, who makes the daily bank deposit but has no access to the accounting records. Broadway sends the remittance advice, which show cash received, to the accounting department for entry in the accounts. Broadway’s only other duty is to grant sales allowances to customers. (A sales allowance decreases the customer’s account receivable.) When Broadway receives a customer check for $600 less than a $30 allowance, he records the sales allowance and forwards the document to the accounting department. Requirements Identify the internal control weakness in this situation. Who should record sales allowances? What is the amount that should be shown in the ledger for cash receipts?<
3:12 ull 4G O Not Secure - moodle.asu.edu.om 50 11 P Flag question Which one of these principles is considered for cash disbursement control: Select one: a. Rarely compare checks to invoices b. Print check amount by machine c. Same staff approve and make payment d. Reconcile bank statement annually Previous page Next page ( Recievable Practice Problems Answers Jump to...
The following data pertains to Cyber Enterprises: a. Balance per bank statement dated May 31 is P61,140. b. Balance of Cash in Bank account on the company's book as of May 31 is P57,430 c. Outstanding checks as of May 31, totals P29,931. d. Bank deposits of May 31 for P4,710 was not included in the deposits per bank statement. e. The bank collected a P5,225 note that it credited to Cancer Enterprise account. The bank charged the company a collection fee of P30 on the above note. f. The bank erTonco that has a similar account number. erroneously charged the Cancer Enterprise account for P21,000 check for another company g. Bank service charges of May, exclusive of the collection fee, amounted to PI50. h. Among t recorded the check at P1,450 in the company records. i. the cancelled checks was one for P1,045 given in payment of an account. The bookkeeper had check of Roland Sotto, a customer, for P6,231, deposited on May 20, was returned check on the company's records. j. A check for…