Does the sale of accounts receivable to generate immediate cash harm or mislead anyone?  Would you consider it an ethical business activity?

Q: When does the business maintain Petty cash? a. Shortage of cash in business b. Business purchased on…

A: The petty cash book is prepared for the daily expenses of the business.

Q: n auditor identify whether a consumer is abusing business regulations when it comes to cash…

A: Auditing is a thorough examination of books of accounts to ensure that they are free from material…

Q: Explain

A: The "Anti-Money Laundering Council" (AMLC) is the government entity entrusted with implementing the…

Q: What is the amount of petty cash shortage?

A: Since you have asked two questions under a single question but as per our protocol we provide…

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

A:

Q: What feature of the acquisition and expenditure control would be expected to prevent an employee’s…

A:

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

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Describe how an employee might be able to steal cash from sale.

A: The theft by the employee takes place mostly in a small business where the management does not focus…

Q: Why is it important to prepare a bank reconciliation?

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Q: Explain why a comparison of sales and inventory records would reveal a situation in which cash sales…

A: Internal controls are policies and procedures implemented by an organization to attain operational…

Q: The bank reconciliation can be used to control cash in a bank account. A) True B) False

A: Lets understand the basics. Bank reconciliation statement is a statement prepared to match cash…

Q: Why is it important to have internal controls in managing and handling cash? What internal controls…

A: Answer: Internal controls are the controls that are set to maintain the integrity and make…

Q: Q 2: Describe how companies value accounts receivable record their disposition and what is the…

A: ‘’Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What is petty cash and what purpose(s) does it serve?

A: The cash and cash equivalents consist of all the cash balances and short-term investment securities…

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: If you want to ensure that your money will be secured if Cheques sent are wasted in the post, you…

A: Cheques are negotiable instruments against which cash can be received. By crossing a cheque, the…

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: What does it mean to say that internal control has limitations and what are these limitations?

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

Q: If you were a restaurant owner, what internal controls would you implement to help maintain control…

A: Internal controls:   It is a set of rules, policies and procedures adopted by an organisation to…

Q: What are some effective procedures for handling petty cash

A: The expression 'petty cash' alludes to a reserve of money set aside to pay little, day-to-day office…

Q: Why would a financial institution’s PEP customers be required to provide documentation to evidence…

A: Given, Political Exposed Persons (PEPs) are characterized as high-risk clients who have better…

Q: How do businesses control cash receipts by mail?

A: Cash Receipts by Mail: Cash receipts are those payments that customer receives from the sales made.…

Q: How do businesses control cash receipts over the counter?

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

Q: What is the importance of cash discounts to the client and howcan the auditor verify whether they…

A: The company needs to take measures that increase the profit of the product. Cash discount is one of…

Q: To establish a petty cash fund, which account is debited

A: The petty cash fund is the fund maintained by the company in order to pay for the small expenses of…

Q: the Anti Money Laundering Council existence is to protect the integrity of the Financial and Non…

A: There will be systematic, broad based and far reaching implications in case there is no Money…

Q: What bank regulations are designed to reduce moral hazard problems created by deposit insurance?…

A: Bank regulation is defined as the government regulation form that is subjected to requirements,…

Q: Petty cash is used to?

A: The petty cash fund should be replenished every month. So that accounts can be maintained easily and…

Q: What feature of the acquisition and expenditure control would be expected to prevent an employeefrom…

A:

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

A: Received and deposited properly Controlling over receipts which may includes cheques converted into…

Q: What is a appropriate control procedures that would have prevented or detected the theft of cash in…

A: Internal controls are the proactive measures that management takes to protect financial information…

Q: Distinguish between illiquidity and insolvency as it affects a bank and discuss the reasons why…

A: Here are the two terms meanings, Illiquidity is considered as the short term problem of banks where…

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: 1. How may an employee embezzle funds by issuing an unauthorized sales credit memo if the…

A: Embezzlement refers to a form of crime in which an individual or entity misappropriates the assets…

Q: Cash amounts held Cash is an important asset for a business which should be protected against fraud…

A: The internal controls that can be put in place by a company to protect its cash are: Segregation of…

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

A: The concept of segregation of duties refers to the need for more than one person to execute a task.

Q: Why is it critical to have internal controls in place when it comes to managing and handling cash?…

A: Internal controls are the controls that are set to maintain the integrity and make financials as per…

Q: Who benefits from cash discounts, and how can an auditor verify that they are being given in line…

A: This question explains about the cash discounts, and an auditor verifying that they are being given…

Q: Fraud is not an accounting problem - it is a social phenomenon. Explain.

A: Fraud is defined as any unethical behavior or trickery committed by one person against another.…

Q: If a consumer is taking advantage of business rules when it comes to cash discounts, how can an…

A: This question explains about the advantage of business rules when it comes to cash discounts