dentify the three activities that pertain to a petty cash fund, and indicate an internal control principle that is applicable to each activity.

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

Q: Describe the operations of petty cash systems

A:

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: When a petty cash fund is used, which of the following is true? *       A. The petty cashier’s…

A: Solution: "The reimbursement of the petty cash fund should be credited to the cash account" this is…

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…

A:

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: Each situation below describes an internal control weakness in the cash receipts process.…

A: Given: Each situation below describes an internal control weakness in the cash receipts process. To…

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: Preparing the bank recociliation is consifered to be an important step in interna; control process…

A: Bank reconciliation refers to the process of reconciling the balances of the accounting records of…

Q: Which of the following is the best audit procedure for the detection of lapping?   a. Comparison of…

A: Lapping means deliberately misappropriation of the funds by the employee of the organization.  When…

Q: Which of the following is issued by a company to the responsible staff in order to establish a petty…

A: The petty cash fund is established for daily basis small cash expenses of the business.

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: test of control the cash and cash equivalent and state the purpose for each

A: Test of controls are part of audit procedures to ensure that the internal control system is working…

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: 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: (Based on Appendix 7A) How is a petty cash fund established? How is the fund replenished?

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

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

A: lnternal control are  methods that are ensure  the proper safeguarding of assets are necessary to…

Q: Six internal control principles related to cash transactions are discussed in the textbook. These…

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: A key internal control in the sales and collection cycle is the separation of duties between cash…

A: Internal control: Internal control refers to the process of checking by the management that the…

Q: Identify each of the following statements as either true or false. A guideline for safeguarding cash…

A: Internal controls are set of policies and procedures that are introduced in the organization to…

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: Help

A: Internal control refers to the policies and plans of the business organization along with other…

Q: At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the…

A: Segregation of Duties is a one of the methods of sustainable risk management and internal controls…

Q: From the following given options identify any two steps essential in establishing a petty cash fund.…

A: Petty cash fund: It is a small amount of cash kept on hand, in a locked drawer or box, to pay for…

Q: Identify important internal control activities present in a properly designed system to mitigate the…

A: Internal Control: A company’s Internal Control ensures that the operational efficiency of a company…

Q: The entry to establish the Change Fund includes which of the following?

A: The entry to establish the Change Fund includes a debit to change fund and credit to cash.

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: On a bank reconciliation, the amount of an unrecorded bank service charge should be: Multiple Choice…

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

Q: Identify each of the following statements as either true or false. A voucher system of control is a…

A:

Q: Effective cash management and control includes all of the following excepta. the use of a petty cash…

A: The correct answer is  c. purchase of stocks and bonds.     Explanation for correct answers:…

Q: Entity A maintains a petty cash fund. At any given point of time, the cash on hand and the petty…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Effective cash management and control includes all of the following except: a.purchase of shares…

A: Effective cash management includes maintaining adequate levels of cash to meet the entity's capital…

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: 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: A common audit procedure to verify the existence assertion of cash account balances is: a.…

A: Existence assertion is the assertion that the assets and the liabilities which is appearing the…

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: amount of cash is accurately recorded on the financial statements. All of the following are…

A: an audit, independent examination of the financial statement of an entity. there are mainly three…

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

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

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

A: Cash and cash equivalents is one of the items recorded as a current asset in the balance sheet of an…

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

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: The internal control feature specific to petty cash is   A. separation of duties B. assignment of…

A: The Imprest system is basically an accounting system that's helps in tracking how your business is…

Q: Which of the following internal control activities most likely would deter lapping of collections…

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: List at least 5 control measures per principle of control activities which an organization may…

A: Internal control refers to the mechanism, rules and procedures of the company for preventing fraud,…

Q: When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are…

A: Bank Reconciliation statement is prepared to match the cash balances of cash book and pass book.

Q: cash control?

A: Correct Answer is B

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.