PROBLEM II Accounts Receivable Department Mail Room Clerk 1 Mail Room Clerk 2 Remittance Advice Remittance Advice Check Remittance Check Check List Remittance Advice AR Sub Open Mail and Reconcile Remit advice Prepare Remittance List, Ledger Distribute RA and Checks Reconcile, Record in and Check Cash Receipts Journal Journal, and Accounts, Deposit Cash Remittance Advice AR Control GL Cash Remittance List Check Check Remittance List Remittance Deposit Slip Remittance Advice Advice Remittance Check List BANK

PROBLEM II Accounts Receivable Department Mail Room Clerk 1 Mail Room Clerk 2 Remittance Advice Remittance Advice Check Remittance Check Check List Remittance Advice AR Sub Open Mail and Reconcile Remit advice Prepare Remittance List, Ledger Distribute RA and Checks Reconcile, Record in and Check Cash Receipts Journal Journal, and Accounts, Deposit Cash Remittance Advice AR Control GL Cash Remittance List Check Check Remittance List Remittance Deposit Slip Remittance Advice Advice Remittance Check List BANK

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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The major objectives of control are guard against frauds in data entry/processing check clerical handling of data before it enters a computer to provide a method to trace the steps and find where error has occurred automatically correct errors in data entry/processing Question 17Answer a. i and iii b. i,ii, iii, iv c. i, ii and iv d. i, ii, and iii e. i only
4. Subject :- Accoounting
II. The following list presents various internal control strengths (S) or risks (R) that may be found
Choose the one correct answer. Internal control provides reasonable assurance means that ? internal control has its inherent limitations internal control is integrated in the various transaction cycles internal control involves every people in the organization evaluation of internal control is only a secondary objective of FS audit
Question 7 Z scores are: A. Used to evaluate the quality of imaged files B. Used to identify outliers in data C. A fraud score based on ISO standards D. Issued by the SEC to identify public companies that are experiencing risk assurance problem ReplyForward
{Auditing} 34. Internal Control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives identify which one is not a part of administrative control? a. Quality control b. Time studies c. Motion Studies d. Self-balancing ledger
4. Many organizations implement assurance layering strategies to mitigate the risks they face to acceptable levels. One such strategy is the Three Lines of Defense model. a. Describe the first and second lines of defense included in this model. b. Explain what distinguishes the third line of defense from the first two. c. Discuss how the three lines of defense are coordinated. d. Identify the external sources of assurance that organizations use to augment their internal lines of defense.
Safeguarding resources against loss is an example of operations objectives Select one : a . True . b . False
1.Explain the importance of internal controls to auditors and management.
Which one of the following is not included in the control environment? Question 17Answer a. Organizational Structure b. Integrity & Ethical values c. Competence of Personnel d. External Auditor