n example of an item that would be used often, and treated as a consumable would be: Select one: a. An overdraft facility at the bank b. Cleaning materials  c. Cash kept on the business premises d. A vehicle for transporting staff

Q: When cash is drawn from bank for business use the entry type will be? Select one: a. Contra entry b.…

A: a. Contra Entry - These are the transactions that involves  cash and bank account. b. Compound Entry…

Q: What are your key takeaways from the receivables audit? How critical is receivables to the business?…

A: This question deals with the receivables audit.

Q: If you are going to audit the cash receipts cycle, what are the things you need to prepare?

A: Cash receipts cycle in the business means process or procedure which is being followed for receiving…

Q: Explain two methods that an organization could use to monitor its balances of : Cash Accounts…

A: Current assets - These are those assets that the company owns and expects to convert into cash…

Q: Determine whether the following statements are True or False and provide an essay worthy…

A: Answer:-  Computer based accounting system:- Computer based accounting systems are advances in…

Q: up of answer choices a.The personnel in the receiving department should be separated from the…

A: the purchase you also known as account payable system and the cash disbursement cycle execute the…

Q: How to enter that transaction into a cash receipts journal and also into a cash payments journal

A: Cash Receipt Journal: Cash receipt journal is an accounting journal, in which all cash receipts are…

Q: Select the correct items that match the description. Segregation of duties. P 2. One to whom a…

A: SOD (Segregation of Duties) is a critical component of a company's long-term risk management and…

Q: hich of the following assets require the strongest of internal controls…

A: Internal control is an internal mechanism to control internal working and make them efficient.

Q: The main purpose of factoring accounts receivable is a. To invest accounts receivable in another…

A: Factoring is a financial transaction in which a company sells its receivable to a financial company…

Q: Review each event below and determine what would likely be the type of items exchanged in the…

A: Every transaction has dual effect on the books of account. Assets = Liabilities + Stockholders'…

Q: Which of following functions should be segregated?a. opening the mail and recording cash receipts in…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: the following is an alternative method of recording and keeping receipt of goods? Electronic…

A: Alternative Methods of Recording the Receipt of Goods  are many types.

Q: Review the following transactions Requirements Prepare headings for a cash receipts journal.…

A: Cash receipt journal is the recording of the monetary transactions using a cash receipt journal…

Q: Where does managing office finances begin in the providers office? Explain your answer. Discuss…

A: Health care finance:It includes the allocation of funds for various healthcare services, such as…

Q: How would I do this?      You have been hired as the new controller for Acme Business Products. You…

A: Given  You have been hired as the new controller for Acme Business Products. You discover that there…

Q: Which task must still require human intervention in an automated purchases/cash disbursements…

A: Cash disbursement: Cash disbursement refers to the outflow of cash paid in exchange for provision of…

Q: Construct a list of steps for making a cash withdrawal from an automated teller machine (ATM).…

A: Following are steps for making a withdrawal of cash from ATM: Inserting the ATM card into an ATM…

Q: The term deposits in transit refer to: a. Deposits that were made after the bank statement was…

A: In accounting we make bank reconciliation statements. We come across the term “deposit in transit”…

Q: Even when a computer software system is used for management of the practice’s finances, discuss why…

A: Bookkeeping guidelines for a business for a manual system has the following merits. Establishing a…

Q: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

Q: An invoice is generated in the cash receipts process. sales order creation process. shipping…

A: Invoice is a copy issued by the Seller to the Buyer. It consists of all the details such as, Date…

Q: The business is using special journals aside from the general journal. The general journal is used…

A: Special journals are used to record entry for cash disbursement journal, purchase journal, sales…

Q: A prenumbered document that tells the bank to pay the designated party a specific amount is a A.…

A: In financial transactions, various documents play crucial roles in facilitating payments, transfers,…

Q: Match each document in a voucher system with its description. Document 1. Purchase requisition 2.…

A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…

Q: For each of the following, give an example of a physical controlthe client can use to protect the…

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: What are the step(s) when using the Sales with Payment customer workflow?   A. Create sales…

A: Please find the answer to the above question below:

Q: For each of the following, give two examples of physical control that the client can use to protect…

A: Physical control includes how the organization prevents unauthorized use of the asset and also…