What internal controls would you implement to help maintain control of your credit sales and accounts receivable?

Q: in managing accounts receivables, objectives must be achieved?

A: Working capital is calculated as the difference between the value of current assets and current…

Q: How can banks safeguard their information security?

A: Protecting information and information systems from illegal access, usage, disclosure, interruption,…

Q: Understanding bank account controls Answer the following questions about the controls in bank…

A: Requirement 1:   Signature card is used to ensure that particular person is an authorized official…

Q: Required: Prepare a bank reconciliation for Gates Company

A: Bank Reconciliation Statement refers to a statement that reconciles the bank balance as per company…

Q: What are the steps taken to ensure control over purchases and payments by check?

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

Q: Which of the following assets require the strongest of internal controls?A. inventoryB. credit…

A: Internal control procedures are those techniques and procedures which are established for the…

Q: What are the advantages and disadvantages of using a credit card?

A: There are various advantages when using a credit card as a method for purchasing goods. Following…

Q: Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen…

A: Audit procedures: Audit procedures are the process of evaluating the quality of the financial…

Q: What is a critical element of internal control in the handling of receivables by a business? Explain…

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

Q: Explain the treatment of certified check for bank reconciliation purposes

A: Solution A certified check is a check for which issuing bank guarantees the availability of cash in…

Q: What should be in the credit file

A: Following is the contains in credit file

Q: Why is it important to prepare a bank reconciliation

A: Bank reconciliation is the statement prepared by the entities to check if there are any variations…

Q: it important to keep a record of credit card numbers separate from the cards?

A: Step 1 Information can be stolen, and usually, almost anywhere you do business. Most people are…

Q: Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?

A: The difference will be explained:

Q: How is a credit check in the advanced technology system fundamentally different from a credit…

A: Definition:   Credit check: Credit check is defined as the process of examining the financial…

Q: Why should cash receipts from credit clients and sales to them be instantly documented and posted?

A: Introduction: Accounting focuses on recognizing, documenting, measuring, and summarizing…

Q: Who is responsible for preparing the bank reconciliation and what is the purpose of it

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

Q: Summarize the procedures to follow when accepting credit cards, bill-to-accounts, cash, checks, and…

A: There are different methods through which the customers make the payment to the company like for the…

Q: Prepare its bank reconciliation using the above information.

A: Solution:-                                 WRIGHT COMPANY…

Q: how can using a mix of Accounts Receivable, Notes Receivable and accepting Credit Cards can benefit…

A: Answer: Accounts receivables, notes receivables and accepting credit cards are three different modes…

Q: Describe the Sarbanes Oxley Act and its impact on internal controls and financial reporting?…

A: Answer:-  Internal control meaning:- Internal control is a procedure implemented by a company's…

Q: What are the main definitions of credit facilitation, billing and invoicing, remittance processing,…

A: Credit facilitation-Credit facilitator refers to a person in the CFP Online System who is designated…

Q: desrcibe credit card security and why its imporant

A: Credit Card Security: A form of credit card known as a secured credit card is one that requires the…

Q: What are some common controls used with a bank account?

A: Internal controls are implemented with the objective to ensure the reliability of financial…

Q: Explain the purpose for preparing bank reconciliation statement.

A: Bank reconciliation statement: Bank statement is prepared by the bank. The company maintains its own…

Q: prepare a bank reconciliation.

A: Bank Reconciliation is process in accounting in which company compare or match their bank statements…

Q: What is the objective of having a control system and what is the key points of a credit control…

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

Q: Who needs credit and collection management and why do they need ccm?

A: when the revenue cycle management for the credit and collection management is done by the healthcare…

Q: Where do I find a businesses internal controls over cash receipts and cash payments?

A: Because cash is by far the most flexible of all assets, a business firm cannot survive or even…

Q: Ensuring internal control over the collection of receivables Consider internal control over…

A: In order to prevent the cash frauds, the following jobs must be withheld from a company’s credit…

Q: Identify and explain the duties of collecting banks.

A: Collecting bank: Collecting banks are defined as those banks which collects money in favor of its…

Q: What is a credit memo? When is it used?

A: Credit memo also known as credit memorandum or credit note  Credit memo is issued by the seller of…

Q: What are credit memos and discuss the treatment in the preparation of bank reconciliation.

A: Bank reconciliation statement is a statement in which closing balances of bank & cash book(bank…

Q: Why is it necessary to record journal entries after the bank reconciliation has been prepared? Which…

A: Bank reconciliation statement: A bank reconciliation statement (BRS) is a statement which is used to…

Q: For the merchant, bank credit card sales are treated in a manner similar to? Cash Sales?

A: Cash Sales means sales made in return for consideration in the form of cash and cash equivalents…

Q: ould be recorded using the Bank Deposit form?

A: Transaction types should be recorded using the Bank Deposit form are :  A. Cash received from loans.…

Q: Entries for Bank Reconciliation

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Which type of evidence is considered more reliable a accounts receivable confirmation O minutes from…

A: Auditors are to verify the accounts of the company and validity of all financial statements.