Which of the following are characteristics of an effective control of cash disbursements? I. Requiring all checks to be pre-numbered II. Requiring all checks to be signed by one person and countersigned by another III. Requiring approved supporting documents for each check issued IV. Requiring disbursements to be done in cash from daily receipts prior to making bank deposits to minimize handling of cash

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

Q: he amount of the outstanding checks is included on the bank reconciliation as a(n) Select one: A.…

A: >Outstanding checks are the checks that have been written and given to a party, but that party…

Q: Which of the following adjusts the bank's balance of cash in a bank reconciliation?  (More than one…

A: >Bank reconciliation statement, is a statement prepared on a particular date, to reconcile the…

Q: Which of the following has incorrect treatment for the bank and book reconciling items assuming…

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

Q: Match each of the following cash receipt activities to the internal control principle to which it…

A: 1. A list of checks received in the mail is prepared - D. Document Procedure. 2. Total cash receipts…

Q: Which of the following generally would be considered good internal control of cash disbursements? a.…

A: Cash controls:   Management must have a safety measure to protect all assets against possible…

Q: The bank reconciliation Select one: A. is sent to the bank for verification B. is for information…

A: Introduction:- Bank reconciliation play vital role in every organization. It identify the balance of…

Q: Which of the following items on a cash reconciliation 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 one of the following statements is true? a.The person handling the cash should also prepare…

A: Bank Reconciliation shows cash balance in the books should always reconcile with bank balance in the…

Q: Tott Company has the following internal control procedures over cash disbursements. Identify the…

A: Internal control refers to the policies and plans of the business organization along with other…

Q: use the cash balance per ledger to be greater tl ual by charging an amount to the depositor's acce…

A: Bank reconciliation is a statement made in order to ascertain the reasons for the difference between…

Q: Which of the following is a reason that businesses use bank accounts as part of their internal…

A: Internal control system is a preventive measure used by the company to stop the frauds and errors…

Q: Which of the following controls will help prevent skimming? a. The accounts receivable bookkeeper’s…

A: Skimming is a Fraud on cash receipt, where cash is stolen before recording it into books of accounts…

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: Which of the following is supported with a debit memorandum? a.proceeds of bank loan b.collections…

A: The debit memorandum is issued by the bank to notify the depositor about the deductions made from…

Q: Which of the following control activities would best protect against the preparation ofimproper or…

A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of a business for…

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: 7. Which of the following should not be considered cash for financial reporting purposes?    a.…

A: Cash balance for financial reporting purpose means those instruments or assets, which are either in…

Q: Which of the following would not be considered good internal control for cash receipts? A) Requiring…

A: Internal Control:Internal control means the procedure established, implemented and maintained by…

Q: Identify the internal control principles applicable to cash receipts. BE7.5 (LO 2), C Jolson Company…

A: Internal control refers to the set of principles, procedures, and practices companies define to…

Q: Read the following statements about internal controls. Write down the number of each statement and…

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

Q: Cash and cash equivalents include: Multiple Choice Postage stamps. Customer checks, cashier's…

A: In case of multiple questions, we are allowed to solve only the first question. If you want other…

Q: Which of the following statements about reconciling items is true? A Debit memoranda should be…

A: Bank reconciliation statement, which summarizes the differences between the adjusted bank balance…

Q: internal control principle that is applicable to each procedure.

A: Internal control principles are the set of standards to be adhered to while implementing controls in…

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: What feature(s) could SEI have installed in its cash receipts internal controls that would have been…

A: Embezzlement: Embezzlement is a type of fraud, which is classified under employee fraud. It…

Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: To control cash receipts and cash payments, Over-the-counter cash sales should be recorded on a cash…

Q: True or False - Monthly bank reconciliation is one of the internal control features in every…

A: SOLUTION MONTHLY BANK RECONCILIATION  IS ONE OF THE INTERNAL CONTROL FEATURE IN EVERY COMPANY ,…

Q: At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the…

A: Segregation of Duties is a one of the methods of sustainable risk management and internal controls…

Q: an internal control over cash receipts and disbursements, should be prepared on a monthly basis and…

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

Q: in testing controls over cash disbursements, an auditor most likely would determine that the person…

A: In testing controls over cash disbursements, an auditor would most likely look for evidence that the…

Q: Which of the following are important elements of a cash disbursement control system? Note: Select…

A: Answer:- Cash disbursement control system meaning:- To put it succinctly, a cash disbursement…

Q: List of Auditing Procedures A. Trace to cash receipts journal. B. Trace to cash disbursements…

A: Bank Reconciliation Statement is a statement document that reconciles the difference in the cash…

Q: The primary form of prevention for most types of cash theft is: a. Creating checks and balances for…

A: Companies receive and make cash payments on a daily basis. In the events of these daily cash…

Q: Part II Preparing the bank reconciliation is considered to be an important step in the internal…

A: Bank Reconciliation Statement is the statement which shows the differences between the bank balance…

Q: Which of the following items must be deducted to the balance per ledger in preparing a bank…

A: Service charges: Banks debited the charges for maintain of account with bank and for the transaction…

Q: Nolan Company has the following internal control procedures over cash receipts. Identify the…

A: Internal control refers to the policies and plans of the business organization along with other…

Q: A cash receipts under a good control system will have. a. Encourage receipt of money through cheque…

A: Received and deposited properly Controlling over receipts which may includes cheques converted into…

Q: For proper segregation of duties in cash disbursements, the person who signs checks also a. reviews…

A:

Q: The following items may appear on a bank statement: 1. Bank correction of an error from posting…

A:

Q: Which of the following can be considered as an effective control of cash? A. One person handles the…

A: Option A is incorrect because Segregation of duties is an effective control of cash. Option B is…

Q: Which of the following should be included as part of outstanding checks in preparing bank…

A: An outstanding check is something that has been issued but has not been cashed-deposited by the bank…

Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: Cash receipts – When a payment is received in the form of cash, a company records cash receipts.…