A cash payment under a good control system will have. a. Too much amount Bank book balance b. Appointing different persons to authorize the payment and sign the cheques c. Too much amount book balance d. Maintaining minimum bank book balance

Q: The explanation of the differences between the cash account balance according to the company’s book…

A: The question is multiple choice question. Required  Choose the Correct Option.

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

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Q: Money orders are considered cash. True False

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

A:

Q: The bank reconciliation Select one: A. is sent to the bank for verification B. is for information…

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Q: The bank balance in the cash book and that of the bank statement may disgrace because of…

A: Bank balance in cash book means balance shown in books of the company as cash balance. Bank…

Q: The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a)…

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Q: Answer the following questions about internal control over cash payments:1. Payment by check…

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Q: When preparing a bank reconciliation, a not sufficient funds (NSF) check is

A: Not sufficient funds (NSF) check is the check issued by the issuer but which is not honured or…

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

A: Cash disbursement control is a technique usually used for cash management that helps organizations…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: S1: Bank reconciliation is important because it is an opportunity to check for fraudulent activity…

A: Solution: Given 4 statement are related to cash and bank reconciliations. Correctness of these…

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: Which of the following is/are true? Multiple Choice The primary goal of internal controls for cash…

A: The internal control is maintained by management.

Q: After removing the Change Fund, a cash shortage exists if: a.the Petty Cash Fund is greater than the…

A: To meet daily expenses which are insignificant in nature, organisation keeps some amount of change…

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

A: Solution: Following are the characteristics of an effective control of cash disbursements: I.…

Q: With good internal controls, the person who handles cash can also Account for cash payments.…

A: Good internal controls are the policies which help in providing true and fair representation of the…

Q: The following statements relate to cash. Which statement is false? O Legally restricted compensating…

A: 1. Restricted cash balance will always be excluded from cash . Therefore it is true statement.   3.…

Q: Applying internal control over cash payments by check A purchasing agent for Franklin Office…

A: Definition:   Internal control: An internal control is a policy used by management to prevent the…

Q: Read the following statements about internal controls. Write down the number of each statement and…

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Q: Another way to describe account reconciliation is bank reconciliation—the process of bringing the…

A: A bank reconciliation statement is prepared by almost every organization at a particular time. It is…

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

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

A: Internal Control System: It is the process which ensures that organisational objective will be…

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

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Q: A check returned by the bank marked "NSF" means Select one: a. not satisfactorily filled-out. b. not…

A: The bank reconciliation statement is prepared to adjust the balances of cash book and passbook with…

Q: bank statement is prepared   Question 1 options:   to know the payment made through cheques   to…

A: A bank reconciliation statement is prepared by the management at a particular time period. It helps…

Q: A cash payment under a good control system will have. а. Too much amount Bank book balance b.…

A: Under a good cash disbursement control system all payments are to be authorized and must be approved…

Q: High level cash management strategies include a.petty cash b.delaying payment for suppliers c.cash…

A: Cash is an important liquid asset of the company and for an individual because without cash, no…

Q: A cash receipts under a good control system will have. a. Encourage receipt of money through cheque…

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

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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: A customer’s check received in settlement of an account receivable is considered cash. True False

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Q: Describe the nature of a bank account and its use in controlling cash. A major reason that companies…

A: Bank account of a business means account maintained by the business with a particular bank. Business…

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: Which cash reconciling item could potentially affect either the bank statement or the general…

A: The bank reconciliation statement is prepared to match the balance of cash book and pass book.

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: Which of the following is not true? a. The Petty Cash account is debited when the fund is…

A: Solution:- Given, Some options related to Bank and we have to find the what is not true in those…

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…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: With good internal controls, the person who handles cash can also a. account for cash payments. b.…

A:

Q: Applying internal control over cash payments by check A purchasing agent for Franklin Office…

A: An internal control is a policy used by management to prevent the managers & employees from…

Q: What Petty Cash involves, choose the best answer: Select one: O a. Borrow the fund, making payment…

A: Petty cash, also known as the petty cash reserve, is a small sum of cash on hand that is used to pay…

Q: Which of the following is not considered cash for financial reporting purposes? a. Petty cash and…

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Q: why control over receivables is not quite as important as control over cash

A: Accounts receivables reflect the amount owed by the credit buyers of an organization. In simple…