Chapter 8, Problem 14Q

Which of the following is an internal control guideline for better management of cash receipts? a.Endorse checks immediately upon receipt with the stamp "For Receipt Only". b.Maintain separation of duties between cash handling and cash recording. c.A bookkeeper should be designated to open all the mail in a company. d.Post cash receipts to the Accounts Payable account as soon as possible.

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Which of the following is not an appropriate internal control for cash receipts over the​ counter?         A. The cash drawer opens after the store clerk enters a transaction.   B. The store clerk deposits the cash in the bank.   C. At the end of the​ day, the manager proves the cash by comparing the cash in the drawer against the​ machine's record of cash sales.   D. A receipt is issued for each transaction to ensure that each sale is recorded.

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.

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Comment on how to prevent cashier fraud in retail chain stores in the future.

Which of the following statements are true regarding the control of cash receipts and cash payments? Over-the-counter cash sales should be recorded on a cash register after each sale.

One objective of managing a firm's cash is to process its cash receipts as quickly as possible. Banks provide many services to process incoming payments quickly and efficiently. Consider the case of Sandberg Industries: Sandberg Industries owns an office building that it fents to Graham Company. Sandberg Industries and Graham have an agreement in which Graham's bank transfers the monthly rent automatically to Sandberg Industries' account. Which cash management technique is Sandberg using? Concentration banking A preauthorized check A lockbox arrangement

What feature(s) could SEI have installed in its cash receipts internal controls that would have been expected to prevent the cash receipts journal and recorded cash sales from reflecting more than the amount shown on the daily deposit slips?