Discuss three (3) internal control principles for cash payments. Provide corresponding examples of procedures that are applicable to each principle.

Q: Provide the cash receipts and cash payments two examples which are fit into the following…

A: Cashflow Statement Consist of Three Activities:  1) Operating Activities 2) Investing Activities 3)…

Q: 1. The statement of cash flows classifies cash receipts and cash payments into two categories:…

A: Cash flow statement is a statement showing the inflow and outflow of cash in an organization. It is…

Q: The statement of cash flows (as well as the balance sheet) includes within cash the notion of cash…

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

Q: In what manner can cash receipts and cash disbursements be controlled?

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: Define cash equivalents, and explain methods of controlling cash, including bank reconciliations.

A: Solution- Cash equivalents are investments securities that are meant for short-term investing; they…

Q: Give two examples of cash receipts and two examples of cash payments that fit into each of the…

A: 1)Cash receipt under operating activities includes : Cash receipt from goods sold, Interest received…

Q: Give two examples of cash receipts and two examples of cash payments that fit into each of the…

A: Cash flow from financing activities:   Under the cash flow from financing activities of a cash flow…

Q: What is cash flow from operating activities? Explain any three activities of cash inflow and cash…

A: Cash flow from  operating activities are those activities  that shows amount  of cash inflows or…

Q: Which of the following is true? a. The cash disbursement function is part of accounts payable. b.…

A: Cash Disbursement System: The cash disbursement system carries out the responsibility of processing…

Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an…

Q: Explain the difference between the “transaction motive” and the “precautionary motive” for holding…

A: Firms have motives for holding cash. This is because the timing of cash in fow and outflow does not…

Q: the income statement distinguish between cash outflows and cash inflows. Please provide two examples…

A: Cash outflows mean any money going out from the business via expenditure incurred. Cash inflows mean…

Q: Indicate if the statement is TRUE or FALSE. Additionally, assess if the word "may" is the most…

A: IFRS 7 on statement of cash flow recommends how a statement of cash flow should be prepared and…

Q: What are the different risks associated in the accounting of cash

A: The element of risk arises in each and every area and how well we can minimise or reduce the risk is…

Q: Explain TWO (2) audit objectives of cash.

A: Audit is a regular and systematic process to investigate books of account by auditors for accuracy…

Q: Name five common major classes of operating cash receipts or operating cash payments presented on…

A: Statement of cash flows: It is one of the financial statement that shows the cash and cash…

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: Which of the following is a method to generate cash from accounts receivable? a. Assignment b.…

A: Assignment of accounts receivable refers to the process where the account receivables are assigned…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Identifying means identification of relevant transactions. Recording means recording the accounting…

Q: List two types of transactions that would receive different accounting treatment using (a) strict…

A: (a) Under strict cash-basis accounting, incomes and expenses are recognized in the period it was…

Q: Prepare the summary entries necessary to determine the amount of cash received from customers for…

A: The account receivables are also known by the name of debtors. These are the values due to a firm on…

Q: Which of the following is correct? Cash disbursement function is for the accounts payable. Cash…

A: Cash disbursement: It refers to the outflow of cash paid in exchange for the provision of goods or…

Q: (a) How are cash equivalents reported in the financial statements? (b) What are some examples of…

A:

Q: Explain the possible restrictions on cash and their implications for classification in the balance…

A: Restricted Cash Restricted cash is define as the cash is not freely available for the company to…

Q: analyze and interpret both reported and common-size cash fl ow statements;

A: Cash flow statement is used in determining company’s future cash flow forecasts. Reported cash flow…

Q: classification of the cash

A: Word cash, paid, cheque is Given in Transaction then it will Deemed / Considered Cash Transactions.

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

A:

Q: Define cash disbursements.

A: Cash disbursement, also known as money installments, in auditing refers to installments made by an…

Q: Management uses a voucher system to help control and monitor cash payments. Which one or more of the…

A:

Q: Which of the following is most likely to appear in the operating section of a cash fl ow statement…

A: Cash flows statements are financial statements which provides information about the cash inflows…

Q: The cash balance is calculated by subtracting cash disbursements from cash receipts Select one: O…

A: True  Cash balance = cash receipts- cash disbursements

Q: States TWO (2) reasons why discrepancies between Cash Book Balance and Bank Statement occurs.…

A: Cash book is maintained by the firm to see the cash and bank balance at the end of specific period…

Q: Listed below are ten items that may be found on a balance sheet. Required: Indicate with Yes or No…

A: Here in the problem the list of 10 items is tobe classified into cash…