FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 6, Problem 11QS
To determine
Introduction: Voucher system of control is a procedure designed to control cash payouts and the acceptance of obligations. A voucher system follows a predefined standard procedure for every transaction, like verification, approvals and recording of the payment obligations for ultimate cash payouts.
To determine: The documents prepared as part of voucher system of control out of the given options.
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Management uses a voucher system to help control and monitor cash payments. Which one or more of the four documents listed below are prepared as part of a voucher system of control? a. Purchase order b. Outstanding check c. Invoice d. Voucher
What are the step(s) when using the Sales with Payment customer workflow?
A. Create sales receipts deposited to the Undeposited Funds account > Create Bank Deposit
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Consider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true?
A. "Pre-numbered documents" can be an example of three of the five elements.
B. "Schedule of accounts receivable" can be an example of all five elements.
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D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.
Chapter 6 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 6 - Prob. 1MCQCh. 6 - Prob. 2MCQCh. 6 - Prob. 3MCQCh. 6 - Prob. 4MCQCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQ
Ch. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQCh. 6 - Prob. 11DQCh. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 1QSCh. 6 - Prob. 2QSCh. 6 - Prob. 3QSCh. 6 - Prob. 4QSCh. 6 - Cash Over and Short P1 Record the journal entry...Ch. 6 - Prob. 6QSCh. 6 - Prob. 7QSCh. 6 - Prob. 8QSCh. 6 - Prob. 9QSCh. 6 - Prob. 10QSCh. 6 - Prob. 11QSCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Prob. 13ECh. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 16ECh. 6 - Prob. 1PSACh. 6 - Prob. 2PSACh. 6 - Prob. 3PSACh. 6 - Prob. 4PSACh. 6 - Prob. 5PSACh. 6 - Prob. 1PSBCh. 6 - Prob. 2PSBCh. 6 - Prob. 3PSBCh. 6 - Prob. 4PSBCh. 6 - Prob. 5PSBCh. 6 - Prob. 6SPCh. 6 - Prob. 1GLPCh. 6 - Prob. 1AACh. 6 - Prob. 2AACh. 6 - Prob. 3AACh. 6 - Prob. 1BTNCh. 6 - Prob. 2BTNCh. 6 - Prob. 3BTNCh. 6 - Prob. 4BTNCh. 6 - Prob. 5BTNCh. 6 - Prob. 6BTN
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Similar questions
- Voucher is prepared for:(i) Cash received and paid(ii) Cash/Credit sales(iii) Cash/Credit purchase(iv) All of the abovearrow_forwardWhich of the following documents will only be used for internal purposes? O Deposit Slip Bill of Lading Purchase Order Purchase Requisition A voucher is prepared before what transaction? Paying O Ordering Receiving O Requestingarrow_forwardWhich of the following types of transactions can be uploaded into QBO using the Receipt action. Select all that apply. Select one or more: a. Credit card receipts b. Bills c. Checks d. Invoices e. Depositsarrow_forward
- JOURNALIZING CASH RECEIPTS Enter the following transactions in a general journal:arrow_forwardYou just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_forwardWhat is the billing/accounts receivable/cash receipts (B/AR/CR) process?arrow_forward
- In sap, Which of the following outgoing payments will not require manual entry of bank account?a. Cashb. Credit Cardc. Checkd. Bank Transferarrow_forward6. Record structures for receipt of cash on account Refer to figure 2-30 and the discussion about updating master files from transaction files. The discussion presents the record structures for a sales transaction. Prepare a diagram (similar to 2-30) that presents the record structures for the receipt of cash from customers who are paying their outstanding accounts receivable. Assume a cash receipts file exists, which contains the transaction records to be processed. Show the subsidiary and general ledger files. Explain each step in the update process.arrow_forwardPrepare a flowchart of a cash receipts procedures described in the problem.arrow_forward
- Which one of the following documents is used in the control of cash receipts?a. Purchase requisitionsb. Receiving reportsc. Canceled checks from customersd. Bank deposit slipsarrow_forwardMULTIPLE CHOICEarrow_forwardrlons to bas od A M5-4 Matching Cash Receipt Processes to Internal Control Principles Match each of the following cash receipt activities to the internal control principle to which it best relates. Enter the appropriate letter in the space provided. 1. A list of checks received in the mail is prepared. 2. Total cash receipts are compared to the amount on the bank deposit slip.ciep ingiz vinmouths enotazionidbem aningiz-doado sdT A. Establish responsibility B. Segregate duties C. Restrict access 2010 BM D. Document procedures E. Independently verify lood staoibal evneor 3. A password is required to open the cash register. 4. Price changes at the checkout require a manager's MS-15 (approval. nor bidde Laing 5. Cashiers are required to count the cash in their register at the beginning and end of each shift. are the journal mati prilibriode LO 5-2,5-3 201arrow_forward
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