Which is not a key element of internal control over cash receipts? a. daily recording of all cash receipts in the accounting records b. daily entry in a voucher register c. immediate counting by the person opening the mail or using the cash register. d. daily deposit intact

Q: A petty cash system is designed to a. cash checks for employees b. handle cash sales c. pay small…

A: Petty Cash: This is the money that any business keeps aside for small expenses incurred in the…

Q: In the final step of the control process the controller compares the records of the day's cash…

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Q: Which of the following is not an internal control procedure for cash receipts? A. comparing actual…

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Q: Each of the following measures strengthens internal controlover cash receipts except:a. Factoring…

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Q: The mailroom employees send all remittances and remittance advices to the cashier. The cashier…

A:

Q: Which of the following generally would be considered good internal control of cash disbursements? a.…

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Q: When a petty cash fund is first established and reimbursed, the journal entries to record the…

A: when Petty cash Fund is First Establish the journal entry is   Petty cash A/c Dr.          To Cash…

Q: Tott Company has the following internal control procedures over cash disbursements. Identify the…

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Q: Which one of these principles is considered for cash disbursement control: Select one: a. Rarely…

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Q: Majaan Company has the following internal control procedures over cash receipts. Instruction:…

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Q: Internal Control of Cash Receipts The procedures used for over-the-counter receipts are as follows:…

A: Part (a) The weakness in the internal control is that there is no separation of duties. The same…

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: State the reasons of the following statement:  The balance in the cash column of the cash book is…

A: a.   Cash column of cash book will always show debit balance because cash payment can never exceed…

Q: A petty cash fund is established by transferring a specified amount of cash from the company’s…

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Q: Applying internal control over cash receipts by mail Review the internal controls over cash receipts…

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Q: Which type of source document is best for providing evidence of disbursements of funds from petty…

A: Source documents are those documents which have the physical basis and upon which the transactions…

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 is not an essential cash receipt internal control? Multiple Choice   Have…

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Q: internal controls over cash receipts and cash payments. Identify and discuss the similarities and…

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Q: Why should the employee who handles cash receipts not have the responsibility for maintaining the…

A: Accounts receivable: Accounts receivable are money owed to business from debtors. These are payments…

Q: Preparing a bank reconciliation on a monthly basis is an example of: A. establishing responsibility…

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Q: Which of the following generally would not be considered good internal control of cash receipts? a.…

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Q: In reconciling a business' cash book with the bank statement, which of the following items could…

A: Bank reconciliation is performed to obtain the correct balance in the bank account.

Q: To establish a petty cash fund, which account is debited

A: The petty cash fund is the fund maintained by the company in order to pay for the small expenses of…

Q: internal control principle

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Q: All of the following are controls for cash received over the counter excepta. a printed receipt must…

A: Correct option to the above question is d. The sales clerk must have access to the cash register…

Q: Which of the following is NOT an example of an internal control system?  Select one: a )Prenumber…

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Q: Cash control systems are the methods and procedures used to ensure --   a. That current obligations…

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Q: Internal Control of Cash Receipts The procedures used for over-the-counter receipts are as follows.…

A: Internal controls are those policies and procedures that are implemented by an business organization…

Q: Which is not a key element of internal control over cash receipts? a. Daily recording of all cash…

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Q: Payment by check is an important internal control over cash payments because the check must be…

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Q: Under the imprest system, which amount the following situations when accounting entry is/are made?

A: Petty cash fund under the Imprest system does not record any entries unless the account is being…

Q: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…

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Q: The following are deficiencies in internal controls over cash. a. When the cashier isn't available,…

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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: financial statement assertion

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Q: he accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

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Q: Which of the following are characteristics of an effective control of cash disbursements? I.…

A: Cash disbursements: Cash disbursements refers to the cash outflow from the company. The payment can…

Q: Which one of these principles is considered for cash disbursement control Select one: O a. Print…

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Q: Evaluate the following statements Statement 1: Under the punctuating system of petty cash…

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Q: Which one of the following statements is true? a.Good cash management practices dictate that a…

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Q: The purpose of bank reconciliation a) None of the answers are correct b) These will include checking…

A: By summarizing banking and business activity, a bank reconciliation statement reconciles an entity's…

Q: The procedures used for over-the-counter receipts are as follows: At the close of each day’s…

A: