Payment by check is an important internal control over cash payments because the check must be signed by an authorized official. before signing the check, the official reviews the invoice supporting the payment. Both a and b None of the above

Q: Read the following statements about internal controls. Write down the number of each statement and…

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Q: Which of the following is not an internal control procedure for cash receipts? A. comparing actual…

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Q: The same bookkeeper should avoid contact with BOTH Accounts Receivable AND cash receipts. Explain…

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

A:

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…

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Q: Which one of the following statements is true? a.The person handling the cash should also prepare…

A: Bank Reconciliation shows cash balance in the books should always reconcile with bank balance in the…

Q: Read the following statements about internal controls. Write down the number of each statement and…

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Q: Tott Company has the following internal control procedures over cash disbursements. Identify the…

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Q: Which one of these principles is considered for cash disbursement control: Select one: a. Rarely…

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Q: Which of the following statements about a forged drawer's signature on a check is true? A.)   A…

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Q: Which of the following is a reason that businesses use bank accounts as part of their internal…

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Q: Which of the following is an internal control that will prevent paid cash disbursementdocuments from…

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

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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: 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: 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: Which of the following is not an example of control procedures to safeguard cash received from…

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Q: A basic procedure of internal control over cash receipts is that the deposit of the cash and the…

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Q: Why should the employee who handles cash receipts not have the responsibility for maintaining the…

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Q: What controls can be used: a) to make sure cash accounts are accurate b) to make sure cash…

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Q: Which of the following generally would not be considered good internal control of cash receipts? a.…

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

Q: What feature(s) could SEI have installed in its cash receipts internal controls that would have been…

A: Embezzlement: Embezzlement is a type of fraud, which is classified under employee fraud. It…

Q: All of the following are controls for cash received over the counter excepta. a printed receipt must…

A: Correct option to the above question is d. The sales clerk must have access to the cash register…

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

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Q: A payment system that uses computerized electronic impulses to affect a cash transaction is called…

A: A payment system that uses computerized electronic impulses to affect a cash transaction is called…

Q: Which of the following items would normally be EXCLUDED from the amount to be reported as cash on a…

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Q: Payment by check is an important internal control over cash payments because a. the check must be…

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

Q: Which is not a key element of internal control over cash receipts? a. Daily recording of all cash…

A: Internal control in an organisation means compliance of rules and regulations for the achivement of…

Q: The preparation of monthly bank account reconciliations is an internal control in place to detect…

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

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Q: A check returned by a bank because the issuer’s cash account balance could not cover the check is…

A: Introduction: Banks: Banks accepts deposits from public and give loans to its customers. Interest is…

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: 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 one of these principles is considered for cash disbursement control Select one: O a. Print…

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Q: Which of the following is true of a petty cash voucher? a.It must be issued once in a month by a…

A: petty cash is used to provide sufficient funds to meet the minor expenditure of business.

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 of the following statements is correcT? Multple Cholce An endorsement is a written…

A: Endorsement means transfer of check to another person . The person who is transfer the check will…

Q: Which is not a key element of internal control over cash receipts? a. daily recording of all cash…

A: Solution- Considering all the small and large business it is not possible to make daily Bank…

Q: Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting…

A: Cash disbursement: It can be defined as an outflow of cash that is made in exchange for the goods…