Question

Apply internal control principles to cash receipts and
payments.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Auditing

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Discuss the major principle that describes recording expenses.

A: Click to see the answer

Q: How do the accounting methods used for passive investments and investments involving a significant i...

A: Given: The difference between the accounting methods which is used for the passive investment and si...

Q: SafeData Corporation has the following account balances and respective fair values on June 30:  ...

A: When the company is acquired to another company on the basis of the fully acquired then the company ...

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Equipmen...

A: Equipment: It is the fixed asset of the organization.

Q: A consumer products company reported a 25 percent increase in sales from last year to this year.Sale...

A: Given information is: A consumer products company reported a 25 percent increase in sales from last ...

Q: Attached below is my homework question and the Bartleby Answer. I don't understand why the answer is...

A: Cash flow from operating activities =$  50,000   Net Income = $ 115,000

Q: ACME, Inc., uses straight-line depreciation for all of itsdepreciable assets. ACME sold a used piece...

A: Given information is: Cost of Equipment = $10,000 Useful life = 5 years Accumulated Depreciation = $...

Q: Assume that Cane expects to produce and sell 80,000 Alphas during the current year. One of Cane’ssal...

A: Since the costing information is not given, my answer would be based on revenue. 

Q: What types of matters would result in the auditors’ report being modified for consistency?

A: Click to see the answer

Q: how to correct a credit invoice (issued by the business) has not been recorded at all?

A: When customers return goods due to various reasons like damaged goods within the warranty period, pu...

Q: When auditing merchandise inventory at year-end, the auditor performs audit proceduresto obtain evid...

A: Given information is: When auditing merchandise inventory at year-end, the auditor performs audit pr...

Q: NewBank started its first day of operations with$155 million in capital. A total of $92 million inch...

A: Balance sheet: This sheet is shown the financial position of the business, it's given the complete i...

Q: Explain how XBRL differs from HTML and how XBRL is being used in financial reporting. Do you believe...

A: Definition: XBRL means xtensible business reporting language is a software standard developed to com...

Q: Boilermaker House Painting Company incurs the following transactions for September.1. Paint houses i...

A: Given transactions are: Boilermaker House Painting Company incurs the following transactions for Sep...

Q: Kosher Pickle Company acquires all the outstanding stock of Midwest Produce for $19 million. The fai...

A: Click to see the answer

Q: On January 1, 2019, when its $30 par value common stock was selling for $80 per share, Ivanhoe Corp....

A: Convertible Debentures: A debenture holder is a creditor of the company.Any debenture is a long term...

Q: Identify the two methods of evaluating the performance materiality of uncorrected misstatements

A:  

Q: The auditors determined that the entity is suffering financial difficulty and its going-concernstatu...

A: Given situation is: The auditors determined that the entity is suffering financial difficulty and it...

Q: Question 3. Choose the best piping systems as shown in the table below using Annual Worth method (MA...

A: AW Analysis: The annual value of all expected receipts (incomes) and disbursements (cost) during the...

Q: “The principal purpose of the cash budget is to see how much cash the company will have in thebank a...

A: Given statement is: The principal purpose of the cash budget is to see how much cash the company wil...

Q: On January 1 of the current year, the assets and liabilities of Chol James, aa Public Health consult...

A: Final accounts are prepared to assess the financial position of a company for a specified period.

Q: izzo Goal Inc. produces and sells hockey equipment, often custom made for online orders. The company...

A: a.  New customer retention rate is calculated as follows:      New customer retention rate = Current...

Q: (Analysis of Given Ratios) Picasso Company is a wholesale distributor of packaging equipment and sup...

A:  

Q: Double-Declining-Balance Depreciation A building acquired at the beginning of the year at a cost of ...

A: Depreciation is decrease in the value of assets over time due to normal wear and tear. There are man...

Q: Total cash inflow in the operating section of the statementof cash flows should include which of the...

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and cas...

Q: how does the accounting process help address issues caused by information asymmetry? What is informa...

A: Since there are multiple question asked, answer will be given for first question only, to get all qu...

Q: Alexander Company purchased a piece of equipment for $12,000 and depreciated it for three years over...

A: Annual Depreciation  = (Cost of the assets - Residual value) / Expected life of the assets

Q: Do you think it would be ethical for a CPA to have someone else do for her that which she is prohibi...

A: Click to see the answer

Q: You are explaining time value of money factors to your friend. Which factor would you explain as bei...

A: Time value of money concept dictates that if there is opportunity to earn a rate of return on the mo...

Q: On January 2, 2020, Ayayai Company purchases a call option for $310 on Merchant common stock. The ca...

A: Journal entries are recording of the transaction in the accounting journal in a chronological order....

Q: Depreciation of equipment was estimated to be $7,200 for the year

A: Depreciation refers to an estimated amount of reduction in the value of asset during an accounting y...

Q: What is the primary internal control goal for cash payments?

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives o...

Q: During 2020, Carla Company started a construction job with a contract price of $1,580,000. The job w...

A: The G.P is calculated to be disclosed in the accounts of Carla Company.

Q: What risks are associated with letting employees use their favorite app to perform various tasks?

A: Risk: is a situation where the positive results are not same if we compare the actual desired outcom...

Q: Buffalo BBQ Restaurant is trying to become more efficient in training its chefs. It is experimenting...

A: (1) Average hours of employee training per chef: Program A: Employee Hours of basic training Hour...

Q: What is meant by residual income?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the busi...

Q: The balance sheets for Plasma Screens Corporation, along with additional information, are provided b...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Parramore Corp has $12 million of sales, $3 million of inventories,$3.25 million of receivables, and...

A: Cash conversion cycle: It can be defined as the financial measure that is used by the business in de...

Q: Use present value tables to compute the present value of $500,000 to be paid in 10 years, with anint...

A: Given is: Amount = $500,000 Period = 10 years Interest rate = 8%

Q: Define net profit

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

Q: On December 21, 2020, Vaughn Company provided you with the following information regarding its equit...

A: Journal: Recording of a business transactions in a chronological order.  

Q: Monty Inc. has 5,400,000 shares of common stock issued and outstanding. On April 1, the board of dir...

A: Click to see the answer

Q: Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2015. The bonds wereissued for...

A: Payment of interest = Face value of bonds x rate of interest x time = $600,000 x 5% = $30,000 Total ...

Q: A new machine with a purchase price of $99,636, with transportation costs of $7,636, installation co...

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to ...

Q: What is inventory? Where in the financial statements is inventory reported?

A: Assets:   These are the resources owned and controlled by business and used to produce benefits for ...

Q: Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $800 (cost of goodssol...

A: Journal entries for part 1, 2 and 3 were as follows:

Q: On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five...

A:   Straight Line method of depreciation:  

Q: On January 17, Papa’s Pizza signs a contract with Bug Zappers for exterminating services related to ...

A: Matching principle: According to this principle, the expense should be recognized when it is actuall...

Q: items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper c...

A: Current liability: Current liability is a debt that the companies need to pay the debts from existi...

Q: What is the major concern for auditors related to evidence obtained from related parties?

A: Click to see the answer