Which one of these principles is considered for cash disbursement control Select one: O a. Print check amount by machine O b. Same staff approve and make payment O c. Reconcile bank statement annually O d. Rarely compare checks to invoices
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: A fee the bank charges for maintaining bank records and processing bank statement items for the…
A: The question is asking to identify the term used for the fee that a bank charges for maintaining…
Q: The explanation of the differences between the cash account balance according to the company’s book…
A: The question is multiple choice question. Required Choose the Correct Option.
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: Which of the following considered cash receipt control principles: Select one: O a. Cash receipt can…
A: Cash receipt control principles means those principle which help business to control the receipts of…
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: Which of the following is not an internal control procedure for cash receipts? A. comparing actual…
A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: In preparing a bank reconciliation, WHT IS THE PROPER TREATMENT OF A DEPOSIT IN TRANSIT? Subtract…
A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…
Q: In preparing a bank reconciliation, WHT IS THE PROPER TREATMENT OF A DEPOSIT IN TRANSIT? Subtract…
A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…
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 statements is incorrect? Select one: A. The petty cash book is written up…
A: This is a type of cash book which record the expenditure that is considered to be of little value .…
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: 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: M5-4 Matching Cash Receipt Processes to Internal Control Principles fons to bus or A Match each of…
A: Internal controls are the procedures, policies that a company employs to ensure the accuracy of its…
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: Direction: Explain the relationship of CASH, CHECKS, BANK STATEMENT, AND BANK RECONCILIATION.
A: Answer: Cash is the asset that is being hold by the company. Checks are the document that are…
Q: Explain potential misstatements - cash receipt and the description of of misstatements. The…
A: Frauds and errors with cash possible in many ways by the employees dealing with it and is a highly…
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 issued by a company to the responsible staff in order to establish a petty…
A: The petty cash fund is established for daily basis small cash expenses of the business.
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: A bank reconciliation statement is a statements that is Drawn up by the business to verify the cash…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Which of the following are characteristics of an effective control of cash disbursements? I.…
A: Solution: Following are the characteristics of an effective control of cash disbursements: I.…
Q: Which of the following would NOT be classified as cash? a. Company's post-dated checks b.…
A: Solution: "Company's post-dated checks" would NOT be classified as cash.
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 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: Cheque deposited for collection was honoured and recorded properly by the bank will a. Increase in…
A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…
Q: BANK TRANSFER SCHEDULE DISBURSEMENT Recorded in RECEIPT Transfer Paid by bank Recorded in books 1/4…
A: How cash balance reacts to disbursements and receipt of cash? Disbursements of cash: Decrease in a…
Q: The process of determining any differences between a bank statement balance and a checkbook balance…
A: The objective of the question is to identify the correct term for the process of determining any…
Q: Which of the following adjusts the company's balance of cash in a bank reconciliation? Multiple…
A: Bank reconciliation is the statement prepared by the entity for the purpose of adjusting the errors…
Q: How the use of Bank contributes to the internal control: Select one: O a. Omit bank reconciliation O…
A: All the transactions that are made through the bank are recorded in the company's books as well as…
Q: Which of the following would NOT be classified as cash? a. Company's post-dated checks b.…
A: Cash is the current asset which is in the form of money or it is something equivalent to money. It…
Q: Help
A: Internal control refers to the policies and plans of the business organization along with other…
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: Which of the following generally would not be considered good internal control of cash receipts? a.…
A: Internal control: Internal control is a process which ensures continuous reliability of…
Q: 34.A good internal control system provides for a. allowing one person to receive cash and to record…
A: Internal control means the ways of doing the business and kept a control over the activities of…
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: Which of the following are substantive tests?
A: For identifying whether the following are substantive tests or not we need to first identify what is…
Q: Which of the following is an appropriate reconciling item to the balance per bank in a bank…
A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…
Q: Unreleased checks a Are outstanding checks b. Are treated as certified checks c. Are part of the…
A: Checks have no impact on the payor's cash balance as shown on the bank statement because the bank…
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: The bank reconciliation ? Please explain with full explanation. a. should be prepared by an…
A: Following is the answer to given problem
Q: Question: What is the source documents for cash collection by business X. option: a) invoice…
A: The source document is a document in which evidence of financial transactions has been done between…
Q: A voucher is an internal document or file: Multiple Choice O O Used as a substitute for an invoice…
A: A voucher is a document or file used within a company to gather important information about cash…
Step by step
Solved in 3 steps
- Please help me with this practice question?H1. AccountBank Reconciliation For a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) is an addition or subtraction in a bank reconciliation, and (3) requires a journal entry. a. Interest on cash balance b. Bank service charges c. Minimum balance bank fee d. Outstanding checks e. Collection of note by bank f. NSF checks g. Deposits in transit Bank or Book Side Add or Subtract Entry or Not
- Which of the following are important elements of a cash disbursement control system? Note: Select all that apply. Check All That Apply All expenditures are authorized before a check is prepared. Checks are signed only by authorized Individuals. The bank-generated deposit slip should be compared with the check listing. The person opening the mall is not the person who maintains the accounting records. Unauthorized payments are prevented.List of Auditing Procedures A. Trace to cash receipts journal. B. Trace to cash disbursements journal. C. Compare to 9/30/X5 general ledger. D. Confirm directly with bank. E. Inspect bank credit memo. F. Inspect bank debit memo. G. Ascertain reason for unusual delay. H. Inspect supporting documents for reconciling item not appearing on cutoff statement. I. Trace items on the bank reconciliation to cutoff statement. J. Trace items on the cutoff statement to bank reconciliation. GENERAL COMPANY Bank Reconciliation 1st National Bank of US Bank Account a. Select 2 procedures b. Select 5 procedures September 30, 20X5 Balance per bank Deposits in transit 9/29/X5 9/30/X5 S 30,300 $ 925 1,175 2,100 32,400 c. Select 5 procedures Outstanding checks #988 8/31/X5 900 #1281 9/26/X5 600 #1285 9/27/X5 350 #1289 9/29/X5 900 #1292 9/30/X5 325 (3,075) 29,325 d. Select 1 procedure e. Select 2 procedures f. Select 1 procedure Customer note collected by bank Error: Check #1282; written on 9/26/X5 for $350…bank statement is prepared Question 1 options: to know the payment made through cheques to know the errors in the passbook to compare cash book with bank statement to ascertain the differences none of the above
- A payment system that uses computerized electronic impulses to affect a cash transaction is called electronic funds transfer (EFT). True False A remittance advice is the notification accompanying the check issued to a creditor that states the specific invoice being paid. True False The party signing a check is called the drawee. True False the bank often informs the depositor f bank service charges by including a credit memorandum with the monthly bank statement. True False A signature card shows the signature of only the person who authorizes others in the company to sign checks. True False The payor is the party to whom payment us made. True False Bank customers are considered creditors of the bank, so the bank shows their accounts with credit balances on the bank’s records. True False Depositing all cash, checks, etc, in a bank and paying with checks is an internal control procedure over cash True Falsecash? هذا خلاص A cash payment under a good control system will have. a. Too much amount Bank book balance b. Appointing different persons to authorize the payment and sign the cheques С. Too much amount book balance d. Maintaining minimum bank book balanceSelect the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…
- Please help which option is the correct oneMatch definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerk. Petty cash can be accounted for using a/an .____________________-A cash receipts under a good control system will have. a. Encourage receipt of money through cheque b. Keep minimum bank book balance c. Too much amount in Cash balance d. Too much amount in Bank balance