rlons to bas od AM5-4 Matching Cash Receipt Processes to Internal Control PrinciplesMatch each of the following cash receipt activities to the internal control principle to which it bestrelates. Enter the appropriate letter in the space provided.1. A list of checks received in the mail is prepared.2. Total cash receipts are compared to the amounton the bank deposit slip.ciepingiz vinmouthsenotazionidbem aningiz-doado sdTA. Establish responsibilityB. Segregate dutiesC. Restrict access2010 BMD. Document proceduresE. Independently verify loodstaoibalevneor3. A password is required to open the cash register.4. Price changes at the checkout require a manager'sMS-15 (approval.norbiddeLaing5. Cashiers are required to count the cash in theirregister at the beginning and end of each shift.are the journalmati prilibriodeLO 5-2,5-3201

Internal controls are the procedures, policies that a company employs to ensure the accuracy of its…

M5-4 Matching Cash Receipt Processes to Internal Control Principles fons to bus or A Match each of the following cash receipt activities to the internal control principle to which it best relates. Enter the appropriate letter in the space provided. On naw be 1. A list of checks received in the mail is prepared. 2. Total cash receipts are compared to the amount on the bank deposit slip. cierp 3. A password is required to open the cash register. em 4. Price changes at the checkout require a manager's MS-15 (sapproval. rallicross DUTY 5. Cashiers are required to count the cash in their register at the beginning and end of each shift. i onidbem gningie-oda s A. Establish responsibility B. Segregate duties C. Restrict access anta D. Document procedures amall paixing010 8-2M tady stroibn 10 lood E. Independently verify SDIZ epare the jour mási prilibriode

M5-4 Matching Cash Receipt Processes to Internal Control Principles fons to bus or A Match each of the following cash receipt activities to the internal control principle to which it best relates. Enter the appropriate letter in the space provided. On naw be 1. A list of checks received in the mail is prepared. 2. Total cash receipts are compared to the amount on the bank deposit slip. cierp 3. A password is required to open the cash register. em 4. Price changes at the checkout require a manager's MS-15 (sapproval. rallicross DUTY 5. Cashiers are required to count the cash in their register at the beginning and end of each shift. i onidbem gningie-oda s A. Establish responsibility B. Segregate duties C. Restrict access anta D. Document procedures amall paixing010 8-2M tady stroibn 10 lood E. Independently verify SDIZ epare the jour mási prilibriode

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

Which cash reconciling item could potentially affect either the bank statement or the general ledger? Multiple Choice Outstanding deposit Recording error Interest earned on notes held by the bank NSF checks
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 ledger
Matching Question Match the banking term on the left with its definition on the right. Drag and drop application. Deposit ticket Deposit ticket drop zone empty. Check Check drop zone empty. Bank account Bank account drop zone empty. Remittance advice Remittance advice drop zone empty. Electronic funds transfer Electronic funds transfer drop zone empty. Lists currency, coins and checks deposited into an account Explains the reason for payment Used to deposit money for safekeeping and help control withdrawals. A document signed by the depositor instructing the bank to pay a specified amount of money Electronic transfer of cash from one party to another
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…
I need help with my homework please!!! Treasury management system generation of dual and multi-sided entries can combine transactions from which sources for automatic transfer of the entries to which destination? Sources: Bank transactions only; Destination: Sweep bank account Sources: Bank and internal transactions; Destination: Sweep bank account Sources: Bank transactions only; Destination: General Ledger Sources: Bank and internal transactions; Destination: General Ledger
27. Which of the following is/are helpful to control cash receipts of a company? a. Prepare a record of all cash receipts as soon as cash is received b. Deposit all cash receipts as soon as possible c. Encourage the cash receipts through cheque d. All the options
To minimize errors in the accounts payable function, which of the following procedures should be performed? approving the purchase requisition following up on open purchase orders double checking the math on the bank reconciliation matching the supplier’s invoice to the receiving report
A prenumbered document that tells the bank to pay the designated party a specific amount is a A. check B. deposit ticket C. routing number D. remittance advice
Which of the following are basic characteristics of a system of cash control?I. Separate responsibility for handling and recording cashII. Daily deposit of all cash receivedIII. Internal audit at regular intervalsIV. Use of a voucher system a. I, II and IV b. I, II, III and IV c. I, III and IV d. II and IV
6 When preparing a bank deposit which of the following is a best practice? Select one: a. Deposit all customer payments one at a time using the Bank Deposit form b. Group all customer payments with the same payment method together in one deposit c. Leave payments in the undeposited funds account d. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit
Match each of the following cash payment activities to the internal control principle to which itbest relates. Enter the appropriate letter in the space provided.1. The business manager has the only key to thecheck-signing equipment.2. The purchasing manager orders all goods andservices for the business.3. A bank reconciliation is prepared monthly.4. Prenumbered checks are used for all payments.5. The company asks suppliers to deliver their merchandise to the warehouse but mail their invoicesto the accounting department.A. Establish responsibilityB. Segregate dutiesC. Restrict accessD. Document proceduresE. Independently verify
26. This is used to record cash payments. A. cash disbursement journal B. cash receipts journal C. purchase journal D. sales journal 27. This contains the details supporting the balance in the general ledger account. A. general ledger B. subsidiary ledger C. ledger D. none of the above 28. This is also known as the controlling account. A. cash receipts journal B. notes payable C. accounts receivable D. general ledger 29. This type of entry involves only two accounts: one debit and one credit. * A. compound entry B. dual entry C. simple entry D. jumbled entry 30.It is an entry that requires three or more accounts. A. compound entry B. dual entry C. simple entry D. jumbled entry 31.This type of special journal makes use of official receipts issued by companies. A. cash disbursement B. cash receipts C.…