Which of the following is an effective internal control for cash payments? A.Payments should be authorised before they are made B.Payments to suppliers should be made as quickly as possible C.An experienced accountant should have total responsibility for all cash payment functions D.Supporting documentation should be destroyed immediately afterpayment to avoid incorrectly paying twice

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: 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: How can a manual purchases cash disbursements system be reengineered to reduce discrepancies, be…

A: Manual purchase and cash disbursement system is a system in which manually on paper purchase orders…

Q: Define what is meant by internal control and describe some key elements of an internal control…

A: Internal Control: Internal control can be defined as a process to ensure achievement of the…

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: Preparing the bank recociliation is consifered to be an important step in interna; control process…

A: Bank reconciliation refers to the process of reconciling the balances of the accounting records of…

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: 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: Which of the following is a good internal control for cash payments? A.Payments to suppliers should…

A: the objective of the internal control for the gas this was meant is to ensure that gas is given only…

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: List the transaction-related audit objectives for the verificationof cash receipts. For each…

A: Audit objectives for verification of cash receipts are- Recorded sales Database management…

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: A basic procedure of internal control over cash receipts is that the deposit of the cash and the…

A: Internal controls is the procedure applicable to ensure the operational efficiency and correct…

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: Which of the following internal controls is the most effective in preventing employees from using…

A: Internal controls are those procedures which are implemented for achievement of objectives of…

Q: What does it mean to say that internal control has limitations and what are these limitations?

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

Q: internal controls over cash receipts and cash payments. Identify and discuss the similarities and…

A: lnternal control are  methods that are ensure  the proper safeguarding of assets are necessary to…

Q: A key internal control in the sales and collection cycle is the separation of duties between cash…

A: Internal control: Internal control refers to the process of checking by the management that 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: Question: What would be the correct system flowchart for this given process:  Accounts Payable and…

A: The question is based on the concept of preparation of flow chart. A flowchart is a  graphical…

Q: What controls can be used: a) to make sure cash accounts are accurate b) to make sure cash…

A: Control is a very important function of all types of organization. It helps in safeguarding the…

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: 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: The bank reconciliation ? Please explain with full explanation.  a. should be prepared by an…

A: Following is the answer to given problem

Q: Determine whether each cash receipts procedure is an internal control strength or weakness. Cash…

A: It is a process implemented by organizations to provide reasonable assurance of achieving their…

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…