Under the imprest system, which amount the following situations when accounting entry is/are made?

Q: If an accountant mistakenly uses the General journal to record a payment of cash for a bill that is…

A: The general journal is the book in which raw business transactions are recorded.The first book in…

Q: REQUIRED: IDENTFY ONE ACCOUNT AND ONE ASSERTION FOR EACH CONDITION (IDENTIFY EITHER THE DEBIT OR…

A: Journal entries: It is the duty of the accountant to record business economic and non-economic…

Q: The following is the description of cash disbursements system of Two Symbols Limited: Upon receipt…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: The same bookkeeper should avoid contact with BOTH Accounts Receivable AND cash receipts. Explain…

A: Separation of duties or task is a technique used in internal control, under this internal control…

Q: The purpose of a petty cash fund is toa. Provide a convenient form of payment for the company’s…

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

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: Effective internal control over accounts receivable ensures all of the following except: Select one:…

A: The question is about effective internal control over accounts receivable, which refers to the…

Q: Which of the following is not an appropriate internal control for cash receipts over the​ counter?…

A: Solution: Followings are appropriate internal control for cash receipts over the​ counter: 1. The…

Q: The removal of cash from a victim organization before the cash is entered in the organization’s…

A: An accounting system is a tool used to keep track of all types of financial transactions. It is used…

Q: describe the internal control weekness in Two symbols cash disbursement system and discuss the risk…

A: Internal Control Weakness:   It refers to failure in the implementation or effectiveness of internal…

Q: f an accountant mistakenly uses the General journal to record a payment of cash for a bill that is…

A:

Q: On October 1, 2024, Splish Brothers Company establishes a petty cash fund by issuing a cheque for…

A: Petty cash fund is a small amount of cash that a business reserves for minor, everyday expenses.…

Q: The following is the description of cash disbursements system of Two symbols limites: Upon receipt…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following items on a cash reconcilliation would require a journal entry by the company?…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: Which of the following is not an example of control procedures to safeguard cash received from…

A: Cash is one of the important current asset of the business. It's management and valuation is very…

Q: Which statement is not true?

A: The Journal is the Part of the Recording of the Transactions and it is considered first step of the…

Q: Which of the following is an internal control guideline for better management of cash receipts?…

A: generally, there must be segregation of duties as part of the internal control system. work done by…

Q: A tear-off part of a check that has a simple explanation of the reasons for the payment is called:

A: The Check has Different Features which enables the User to utilize to its best use. The Tear Off…

Q: Started a petty cash fund in the amount of $250. B. Replenished petty cash fund using the following…

A: The petty cash fund is established to maintain the cash balance for smaller cash transactions of the…

Q: Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash box over to Bob…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: For each Petty Cash payment, the custodian of the account prepares a(n). O O O O O invoice receipt…

A: For each petty cash payment, the custodian of the account prepares a(n)""petty cash ticket". A Petty…

Q: 1)The credit department runs a credit check on all customers who apply for credit one in account…

A: An internal control is a system used by the management to safeguard the assets of an entity. An…

Q: Petty Cash Fund Prepare journal entries for each of the following: a. Issued a check to establish a…

A: Cash account is to be credited for establishment of petty cash fund Amount  that cash account is to…

Q: at the time of replenishment, why are the totals of individual expenses debited? explain the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.