REQUIRED: IDENTFY ONE ACCOUNT AND ONE ASSERTION FOR EACH CONDITION (IDENTIFY EITHER THE DEBIT OR CREDIT SIDE) CONDITION AFFECTED ACCOUNT OR TRANSACTION CLASS AFFECTED ASSERTION EXAMPLE The accounting department's chief bookkeeper handles and processes cashreceipts. By deferring the recording of cash received from customers, the bookkeeper can conceal a cash shortage. This is done by applying cash received from one customer to the account of another customer who has already made a payment. As long as there is a steady payment stream by customers, cash can be "pulled out" of the stream and covered by subsequent payments. CASH CASH -COMPLETENESS OR OR A/R - EXISTENCE ACCOUNTS RECEIVABLE Evader, an online retailer, fails to pay states for sales taxes it has collected from customers Inventory is materially misstated due to pricing errors

REQUIRED: IDENTFY ONE ACCOUNT AND ONE ASSERTION FOR EACH CONDITION (IDENTIFY EITHER THE DEBIT OR CREDIT SIDE) CONDITION AFFECTED ACCOUNT OR TRANSACTION CLASS AFFECTED ASSERTION EXAMPLE The accounting department's chief bookkeeper handles and processes cashreceipts. By deferring the recording of cash received from customers, the bookkeeper can conceal a cash shortage. This is done by applying cash received from one customer to the account of another customer who has already made a payment. As long as there is a steady payment stream by customers, cash can be "pulled out" of the stream and covered by subsequent payments. CASH CASH -COMPLETENESS OR OR A/R - EXISTENCE ACCOUNTS RECEIVABLE Evader, an online retailer, fails to pay states for sales taxes it has collected from customers Inventory is materially misstated due to pricing errors

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 bank reconciliation ? Please explain with full explanation. a. should be prepared by an employee who records cash transactions b. is part of the internal control system c. is for information purposes only d. is sent to the bank for verification
Question: What is the source documents for cash collection by business X. option: a) invoice received by the business X. b) invoice issued by business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. i) Cheque butt. J) credit note issued by business X. Reqiured: please answer this question by choosing the correct answer.
Determine whether each cash receipts procedure is an internal control strength or weakness. Cash receipts 1. If a sales clerk makes an error in recording a cash sale, they can access the register's electronic record to correct the transaction. 2. One of the two employees tasked with opening mail is also the recordkeeper for the business. 3. The supervisor has access to both cash and the accounting records. 4. Receipts are given to customers for only sales that are above $20. 5. Sales clerks are not required to enter the sale in the register after each transaction. Instead, the company gives employees flexibility to enter sales at the end of the day or week. 6. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. Strength or Weakness
A voucher is an internal document or file: Multiple Choice Used as a substitute for an invoice if the supplier fails to send one. Used to prepare a bank reconciliation. Used to collect information needed to control cash payments and to ensure that transactions are properly recorded. Takes the place of a bank check. Used by large companies to control cash receipts.
Please help me with this practice question?
Accounting information systems have five generic parts. Outputs of the purchases and cash disbursements can include: A Schedule of accounts payable. B Checks. C Both schedule of accounts payable and checks. D Neither schedule of accounts payable nor checks.
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Why does the bank treat an account balance as a Credit when there is money in the account, while in the general ledger cash records of the business, the balance would show as a Debit?
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Please help which option is the correct one