Which of the following is NOT an example of an internal control system?  Select one: a )Prenumber checks b)Maintain separate duties between cash handling and cash recording c)Keep petty cash locked up and under one person’s control D)Make weekly deposits

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: Which of the following is not a basic characteristic of a system of cash control? Group of answer…

A: Every business organizations are required to implement the proper controls so as to avoid the theft…

Q: An auditor suspects that a client's cashier is misappropriating cash receipts for personal use by…

A: Lets understand the basics. Lapping is a method in which payment received from the account…

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: Which of the following does not show good cash management regarding the controls over cash…

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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 would be the best protection for a company that wishes to prevent the…

A: Lapping:   Fraud done by an employee of the organization to hide the payments to be received is…

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

A: Internal controls are the controls that are implemented for the purpose of maintaining operational…

Q: Which of the following is an internal control that will prevent paid cash disbursementdocuments from…

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

Q: Erin Company recently changed its system of internal controls over cash disbursements.  The system…

A: Internal control activities are used so that accounting system is prevented from errors and frauds.…

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: Identify each of the following statements as elther true or false. a. It is good internal control…

A: the correct answer with proper explanation of above statement are as follows.

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 control activities would best protect against the preparation ofimproper or…

A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of a business for…

Q: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

Q: Rosenquist Company has the following internal control procedures over cash receipts. Identify the…

A: The principles of internal control are the concepts that require management to set procedures in…

Q: Each morning the controller gets the prior day’s list of remittances, a copy of the payment report,…

A: The controller of the cash can determine whether the cash received and remittance received were…

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

A: Normally an individual designated as the petty cash custodian, is responsible for the controlling…

Q: Douglas and Son, Inc., uses the following process for its cash receipts: The company typically…

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Q: Petty Cash is easily misappropriated if business processes and internal controls are not established…

A: Petty cash means the cash allocated to meet small day to day expenses of the business. If proper…

Q: Which of the following statements is not a good internal control for petty cash.    a. The officer…

A: The internal control for petty cash funds is applied to prevent petty cash frauds in the company.

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: What controls can be used: a) to make sure cash accounts are accurate b) to make sure cash…

A: Control is a very important function of all types of organization. It helps in safeguarding the…

Q: What internal control or procedure(s) would provide protection against the following threats?

A: For the given cases,  Internal control measure and prevention measures should be determine.

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: What types of controls should be in place to make sure people in the office don't just take from…

A: Petty cash seems to be essentially a small sum of cash maintained on hand by a firm to satisfy…

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

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

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

A: Internal control in an organisation means compliance of rules and regulations for the achivement of…

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

A: Payment check: It is a method of doing the payment for any invoice raised by the vendor, the other…

Q: The preparation of monthly bank account reconciliations is an internal control in place to detect…

A: The given statement is True.... Bank account reconciliation is prepared to detect the difference in…

Q: Listed below are four potential errors or problems that could occur in the processing of cash…

A: Internal Control: Internal control is a procedure carried out by a company's board of directors,…

Q: Indicate whether the following statements are true or false. A guideline for safeguarding cash is to…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which of the following does not show good cash management regarding the controls over cash…

A: Segregate duties The foundation of a good internal control system is segregation of duties. The…

Q: The following procedures were recently implemented at Pampered Pets, Inc. For each procedure,…

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

Q: What internal control procedure ( s ) would provide protection against the following threats ? An…

A: Internal control: this is a procedure in auditing which helps the entity in maintaining the…

Q: The following control procedures are used in Danner Company for over-the-counter cash receipts.…

A: Answer - Internal controls ensures that all the objectives of the organizations are being achieved…

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

A: It was must obligatory in the internal control over the cash payments which are taken care of by the…

Q: Which one of the following would the auditor consider to be an incompatible operation if the cashier…

A: Incompatible Operation in Cash Receipts: The mailroom is using for receiving the checks and after…

Q: Which of the following procedures would weaken control over cash receipts that arrive through the…

A: Solution Introduction Internal control Internal control is the policies and systems that are put in…

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: Some strategies in management can use to implement controls to ensure the integrity and existence of…

A: Lapping fraud involves an employee who adjusts accounts receivable accounts and thereby hides the…

Q: Which of these arrangements of duties could most likely lead to an embezzlement or theft?a. The…

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