Answered: The treasurer is solely responsible for…

Business

Accounting

The treasurer is solely responsible for the petty cash fund. A) True B) False

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 4MC

See similar textbooks

Related questions

Q: If a company record a $200 cheque by debiting salary expense and credit cash for $20, what will it…

A: Lets understand the basics. For understanding how it influence the bank reconciliation statement, we…

Q: Careful Company sells goods that cost P600,000 to a customer for P800,000 on December 20, 2021. The…

A: Revenue will be recognise as and when performance obligation satisfied. It can be recognise at the…

Q: What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round…

A: Direct Material Price Variance :— It is the difference between the actual quantity of direct…

Q: 20. All but one of the following accounts would be credited in the closing process. Which account…

A: Closing entries are made at the end of the period to close the temporary accounts of the company.…

Q: Thad, a single taxpayer, has taxable income before the QBI deduction of $176,000. Thad, a CPA,…

A: The qualified income means the total of all qualified items. The qualified income of the business…

Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…

A: The flexible budget represents the costs at standard price for actual units of production. The…

Q: Exercise 9-2 (Algo) Activity Variances [LO9-2] Flight Café prepares in-flight meals for airlines in…

A: In case of Revenue, If we got less revenue in flexible budget when compared to planning budget then…

Q: Refer to the following selected financial information from Gomez Electronics. Compute the company's…

A: Return on Total Assets - This ratio indicates how much company has earned from the invested assets.…

Q: ompute the ending balance of the Work-in-Process Inventory account for July. Job X14…

A: Ending inventory in WIP represents that the inventory remained at the end of the period in the…

Q: Identify the following as either an advantage (A) or a disadvantage (D) of bond financing for a…

A: Bond financing refers To the borrowing for the long term that is used by the state and local…

Q: ko Babagsak Company has 10,000 P50-par convertible preference shares which were originally issued at…

A: Explanation of Concept reference Shares are the shares which have been issued with preference right…

Q: Required information [The following information applies to the questions displayed below.] Ramirez…

A: Depreciation means reduction in the value of assets due to its usage, passage of time etc. There…

Q: accounting for employee Pension Trust Funds

A: Introduction Accounting Pension Trust Funds: The computation of yearly pension expenditure and the…

Q: A stock has a required return of 7%, the risk-free rate is 2.5%, and the market risk premium is 3%.…

A: Required rate of return as per CAPM :— Expected Return = Rf + (Rm - Rf) beta of the…

Q: HomeGrown Company HomeGrown Company is a chain of grocery stores that are similar to indoor…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: On January 1, Year 8, Shuswap Inc. and Kalamalka Inc. formed a new joint venture, Okanagan Inc.…

A: Date Account Titles Debit Credit 01 Jan Year 8 Shuswap Inc Equipment A/c $2,100,000 To…

Q: Terminator, Inc., manufactures a motorcycle part in lots of 300 units. The raw materials cost for…

A: The raw material cost means the cost that is occurred on the purchase of the raw materials. It is…

Q: During Ramadhan, Miss Lenny sells varieties of Malay’s traditional food for iftar. She cooks curry…

A: The cost of the product means the total of all of the expenses that are incurred in the production…

Q: Stock-X is evaluating two mutually exclusive projects. Project A has a net investment of $48,000 and…

A: Net present value is difference between present value of cash inflows and present value of cash…

Q: Required information [The following information applies to the questions displayed below] Alvarez…

A: Answer:- Overhead meaning:- Overhead expenses are those expenses which are not directly related to…

Q: The Litton Company has established standards as follows: Direct material Direct Labor Variable…

A: Labour Rate Variance :— It is the difference between standard labour cost & actual labour cost.…

Q: On February 1,2020, Neversaynever Corporation declared a bonus issue entitling its shareholders to…

A: Bonus shares are the shares which are issued to the existing shareholders free of charge. These are…

Q: On October 1, 2021, Best Company purchased as debt investments at fair value through profit or loss,…

A: Accrued interest is one of the current asset being held by the business. This means interest revenue…

Q: explain why if a performance measure in the customer perspective of the balncef scorecard was…

A: A balanced scorecard refers to the management system that uses 4 perspectives to measure a company's…

Q: On January 1, MM Co. borrows $440,000 cash from a bank and in return signs an 8% installment note…

A: When the Notes are Issued Cash is Debited and Notes Payable is Credited. Interest Expense = Face…

Q: Harrison Co. owns 20,000 of the 50,000 outstanding ordinary shares of Taylor, Inc. During 2021,…

A: The holding of share are considered as the investment and the balance of investment can be…

Q: 3: Prepare Adjusting Entries in a two-column journal: 1. On June 30, 2018, Mr. De Gurman received…

A: Journal Entry :- A journal entry is the act of recording any transaction, whether one that is…

Q: Make-or-Buy Decision Fremont Computer Company has been purchasing carrying cases for its portable…

A: The alternatives available to business can be compared on the basis of costs incurred for both…

Q: On December 1, 2021, CAF Corporation declared equipment as a property dividend payable on January…

A: Dividends are the share of profits which is being divided to shareholders in order of cash, stock or…

Q: On October 1, 2021, Best Company purchased as debt investments at fair value through profit or loss,…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Issue of stock means to sell the shares of the entity in the market. The selling of shares could be…

Q: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Puget Sound…

A: Flexible Budget are Prepared based on the Actual results, the Sales revenue and Variable cost will…

Q: 2-36. COST OF GOODS PURCHASED, COST OF GOODS SOLD, AND INCOME STATEMENT. The following data are for…

A: Cost of goods purchased is net cost of goods which are purchased from outside. Cost of goods sold is…

Q: Read the following article (abridged) from the Financial Times and estimate the valuation loss…

A: Here discuss about the details of the valuation loss which are incurred in the investment in Klarna…

Q: On September 1, 2021, Howell Company purchased 600 of the P1,000 face value, 9% bonds of Ramsey,…

A: The bonds purchased for non trading are recorded as investment in the balance sheet. The difference…

Q: Machine-hours Direct labor wages Supplies Maintenance Utilities Supervision Depreciation Total…

A: Introduction Flexible budget or variable budget is a financial plan of estimated revenue and…

Q: How much cash was collected from the highest bidder?

A: It has been given that only 45% of the subscription price has been received from Mr. Navarro for…

Q: Average order: $ 535 Frequency of orders: 1.6 /year Average margin: 60 % markup on retail Customer…

A: Retention rate is a measurement rate. It measures the number of customers and users receiving…

Q: Complete the following table using the data in the preceding income statement to compare the effects…

A: To make differential analysis we have to: Analyze relevant cost and revenue for each option Compare…

Q: The Financial Leverage is equal to:

A: Financial Leverage is a measure by which a Business Entity took the advantage of Loans &…

Q: How much dividends will be received by the preference shares holders?

A: There are various classes of preference shareholders, Non cumulative is one of the classes of…

Q: Presented below are selected transactions for Werley Company for 2021. Jan. 1. Received $9,000…

A: The gain or loss on sale of fixed assets is calculated as difference between cost of assets and book…

Q: Jazz Company buys marker equipment from wholesalers and sells them in their stores across Mumbai,…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Maples Corporation is a Canadian subsidiary of a U.S. parent company. Shown below is the company's…

A: 1. Particulars In CAD $M Translation rate Amt in USD $M Sales 480.7 0.76 365.33 Cost of Goods…

Q: Problem 9-23 (Algo) Critiquing a Cost Report; Preparing a Performance Report [LO9-1, LO9-2, LO9- 3,…

A: The difference between actual results and flexible budget is represented as spending variance. The…

Q: DEF Corporation currently have Ordinary Share Capital, P 20 par, 50,000 shares and replace it by…

A: Ordinary shares are one of the important source of finance for the business. When shares are issued…

Q: On December 31, 2021, Empoy Company has overdue notes payable of P5,000,000 with accrued interest of…

A: Debt means total liabilities to be paid by the company. Debt restructuring means modifying the terms…

Q: You have been asked to forecast the additional funds needed (AFN) for Houston, Hargrove, &…

A: AFN = Projected increase in assets – spontaneous increase in liabilities – increase in retained…

Q: Hepburn Company bought a copyright for $120,000 on January 1, 2018, at which time the copyright had…

A: In straight line depreciation we assume there is uniform annual depreciation of assets and it is…

Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…

A: The cash collection schedule helps to estimate the cash to be collected from customers during the…

Concept explainers

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.

Question

The treasurer is solely responsible for the petty cash fund.

A) True

B) False

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Why is it important to have a petty cash fund available in a company?
Which of the following does not explain the differences between the bank statement balance and the customers cash balance? a. Deposit in transit b. Canceled checks c. An NSF check d. Errors e. Interest income
Review the following statements regarding a petty cash fund used in a business. Select the one that is correct. O A petty cash fund is controlled by top management. O The cashier of a fund will write checks for small payments like postage, supplies and deliveries, O Only the petty cashier is responsible for paying cash from the fund. OA check written against the fund is cashed when the fund is replenished.
55. According to GAM for NGAs, the establishment of a petty cash fund Requires the approval of the head of the agency Requires the approval of the chief accountant Requires the approval of the office of the president Does not require any formal approval because petty cash funds are likely to be immaterial
What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and outflows B. To ease the payment of cash to vendors C. to determine the honesty of the petty cash cashier D. To effectively control cash disbursements
To establish a petty cash fund, which account is debited ?
10. Who, among the following, limits the size of the expenditure to be paid from petty cash fund? a. Manager b. Customer c. Petty cash custodian d. Supplier
Which of the following statements are true regarding the control of cash receipts and cash payments? One key to controlling cash payments is to require that no expenditures be made by check; instead, all expenditures should be made from petty cash.
Knott Inc. has a petty cash fund of $750. (a) Since the petty cash fund is only $750, should Knott Inc. implement controls over petty cash? (b) Whatcontrols, if any, could be used for the petty cash fund?
Why is the monthly reconciliation of bank accounts by an independent person an important internal control over cash balances? Which individualswill generally not be considered independent for this responsibility?
The petty cash fund eliminates the need for a bank checking account
7. Which of the following should not be considered cash for financial reporting purposes? a. Petty cash funds and change funds b. Money orders, certified checks and personal checks c. Coin, currency and available funds d. Post-dated checks and IOUs