he accounting clerk pays all obligations by pre numbered checks. What are the strengths and weaknesses in the internal control over cash payments in this situation

Q: A petty cash system is designed to a. cash checks for employees b. handle cash sales c. pay small…

A: Petty Cash: This is the money that any business keeps aside for small expenses incurred in the…

Q: The following procedures were recently installed by Raspberry Creek Company: After necessary…

A:

Q: In the final step of the control process the controller compares the records of the day's cash…

A: Internal Control: It is the rules, and procedures  that  is implemented by a company. Internal…

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

A:

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

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which of the following would be the best protection for a company that wishes to prevent the…

A: Lapping:   Fraud done by an employee of the organization to hide the payments to be received is…

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: 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: Erin Company recently changed its system of internal controls over cash disbursements.  The system…

A: Internal control activities are used so that accounting system is prevented from errors and frauds.…

Q: Which of the following is not an appropriate internal control for cash receipts over the​ counter?…

A: Solution: Followings are appropriate internal control for cash receipts over the​ counter: 1. The…

Q: Which of the following controls would best prevent the lapping of accounts receivable?a. Segregate…

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: Which of the following is a good internal control for cash payments? A.Payments to suppliers should…

A: the objective of the internal control for the gas this was meant is to ensure that gas is given only…

Q: A petty cash system is designed to a. encash checks of selected employees. b. handle cash sales. c.…

A: Solution: Petty cash is a small amount of money for paying petty expenses that are too small to…

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: Rosenquist Company has the following internal control procedures over cash receipts. Identify the…

A: The principles of internal control are the concepts that require management to set procedures in…

Q: Each morning the controller gets the prior day’s list of remittances, a copy of the payment report,…

A: The controller of the cash can determine whether the cash received and remittance received were…

Q: Which of the following internal control activities will most likely prevent the concealment of a…

A: Given: The prevention of concealment of cash shortage by internal control activities.

Q: A petty cash fund is established by transferring a specified amount of cash from the company’s…

A: Normally an individual designated as the petty cash custodian, is responsible for the controlling…

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: Douglas and Son, Inc., uses the following process for its cash receipts: The company typically…

A:

Q: Which of the following internal controls is the most effective in preventing employees from using…

A: Internal controls are those procedures which are implemented for achievement of objectives of…

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: Evaluate the effectiveness and state the shortcomings of thepreparation of a bank reconciliation by…

A: Given statement is: “When I reconcile the bank account, the first thing I do is review the sorted…

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 internal control or procedure(s) would provide protection against the following threats?

A: For the given cases,  Internal control measure and prevention measures should be determine.

Q: Which bank control protects against forgery? Which bank control reports what the bank did with the…

A: The answer is as fallows

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

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: The following are a list of possible errors or fraud (1 through 5) involving cash receipts and…

A: Internal Control: Internal controls are a set of procedures, mechanisms, and rules that ensure that…

Q: Nolan Company has the following internal control procedures over cash receipts. Identify the…

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

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

A: Cash receipts – When a payment is received in the form of cash, a company records cash receipts.…

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: The following procedures were recently implemented at Pampered Pets, Inc. For each procedure,…

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

Q: What internal control procedure ( s ) would provide protection against the following threats ? An…

A: Internal control: this is a procedure in auditing which helps the entity in maintaining the…

Q: The following are deficiencies in internal controls over cash. a. When the cashier isn't available,…

A: Inadequacies in the deployment or execution of internal controls are known as internal control…

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: Good internal controls include upon receiving checks from customers by mail, a responsible employee…

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

Q: Evaluating Internal Control of Cash The following procedures were recently installed by Raspberry…

A: Internal control of cash: Internal control is used by the bank to protect its money so that there is…

Q: Why is the monthly reconciliation of bank accounts by an independent person an important internal…

A: Bank reconciliation statement is an important tool for internal control and it is prepared at the…

Q: The procedures used for over-the-counter receipts are as follows: At the close of each day’s…

A: