Which of the following is an internal control activity that could prevent a paid disbursement voucher from being presented for payment a second time?a. Vouchers should be prepared by individuals who are responsible for signing disbursement checks.b. Disbursement vouchers should be approved by at least two responsible management officials.c. The date on a disbursement voucher should be within a few days of the date the voucher is presented for payment.d. The official who signs the check should compare the check with the voucher and should stamp “PAID” on the voucher documents.

Q: Which of the following is NOT an issue with the Bradmark internal controls as it pertains to the…

A:

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: Payroll Checking Account:-It is a separate bank account of a business that is only used for payroll…

Q: Can you explain how the internal control of Documentation Procedure is violated in this question?…

A: The controls that are implemented to ensure the accountability and the integrity of the financial…

Q: How could an employee embezzle funds by issuing an unauthorized sales credit memo if the appropriate…

A: Credit memo is generally issued by a seller to the customer which reduces the amount of account…

Q: Explain why each of the following combinations of tasks should or should not be separated to achieve…

A: Part (a) This combination of tasks should be separated to achieve adequate internal control. If a…

Q: Which of the following controls would best prevent the lapping of accounts receivable?a. Segregate…

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

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: Which of the following internal control activities will most likely prevent the concealment of a…

A: Given: The prevention of concealment of cash shortage by internal control activities.

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: Which of the following best describes a voucher? A supporting document prepared for each cash…

A: A voucher checks are commonly used by a company's payroll department and are referred to as payroll…

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: During the confirmation of accounts receivable, an auditor receives a confirmation via the client’s…

A:

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: Internal controls: Internal controls are designed and implemented by management for effective and…

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: The key Internal control activities are as follows:- Segregation of duties Authorization and…

Q: Which of the following control activities could prevent a paid disbursement voucher from being…

A:

Q: What task can the AR department engage in to verify that all customers’ checks have been…

A: Definition: Accounts receivable department: Accounts receivable department sends the business orders…

Q: 1. How may an employee embezzle funds by issuing an unauthorized sales credit memo if the…

A: Embezzlement refers to a form of crime in which an individual or entity misappropriates the assets…

Q: Consider the following internal controls associated with an evaluated receipts process. For each…

A: Internal controls refer to the policies, procedures, and practices established within an…

Q: Which of the following is an effective internal control for cash payments? A.Payments should be…

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

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

A: An auditor examining cash disbursement controls would probably search for proof that the individual…

Q: Which one of the following would the auditor consider to be an incompatible operation if the cashier…

A: Incompatible Operation in Cash Receipts: The mailroom is using for receiving the checks and after…

Q: Provide an appropriate response based on the following scenarios. Assume that the accounting…

A:

Q: Good internal controls include upon receiving checks from customers by mail, a responsible employee…

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

Q: Which of the following internal control activities most likely would deter lapping of collections…

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: Which of the following would the auditor consider to be an incompatible operation if the cashier…

A: An auditor seems to be an individual who checks the authenticity of commercial transactions that…

Q: Which, if any,of the followingsituations represent improper segregationof functions? Explain your…

A: Segregation of functions is the method in which more than one individual is responsible to complete…

Q: Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting…

A: Cash disbursement: It can be defined as an outflow of cash that is made in exchange for the goods…