Tott Company has the following internal control procedures over cash disbursements. Identify the internal control principle that is applicable to each procedure. (a) Only the treasurer or assistant treasurer may sign checks. (b) The bank statement is reconciled monthly by an internal auditor. (c) Blank checks are stored in a safe in the treasurer's office. (d) Company checks are prenumbered. (e) Check-signers are not allowed to record cash disbursement transactions.

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

Q: You are conducting an audit of the MART CORPORATION for the year ended December 31, 2018.  The…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

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

A:

Q: Each of the following measures strengthens internal controlover cash receipts except:a. Factoring…

A: Internal Control is the process that allows a company to perform its best and adhere to the…

Q: The following control procedures are used in Mendy Lang’s Boutique Shoppe for cash disbursements.…

A: Internal control is a process carried out by a company's board of directors, management, and other…

Q: An auditor suspects that a client's cashier is misappropriating cash receipts for personal use by…

A: Lets understand the basics. Lapping is a method in which payment received from the account…

Q: The mailroom employees send all remittances and remittance advices to the cashier. The cashier…

A:

Q: Which of the following generally would be considered good internal control of cash disbursements? a.…

A: Cash controls:   Management must have a safety measure to protect all assets against possible…

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: cash balance

A: If the cash balance shown in the company’s cash records is more than the correct cash balance and…

Q: If a check correctly written ind paid by the bank for $428 , and incorrectly recorded on the…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

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

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

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 not an essential cash receipt internal control? Multiple Choice   Have…

A: Internal control means the ways of doing the business and kept a control over the activities of…

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: 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: If a check correctly written and paid by the bank for $637 is incorrectly recorded on the company's…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska…

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: 10-27. Henry Mills is responsible for preparing checks, recording cash disbursements, and preparing…

A: Introduction: Internal controls are the methods, rules, and procedures that a company establishes to…

Q: Identify which control activity is violated in each of the following situations and explain how the…

A: Employees have physical custody of assets but do not have access to accounting records –…

Q: By preparing a four-column bank reconciliation ("proof of cash") at year-end, an auditor will…

A: Bank Reconciliation is a statement which is prepared to reconcile the balance as per cash book and…

Q: True or False - Monthly bank reconciliation is one of the internal control features in every…

A: SOLUTION MONTHLY BANK RECONCILIATION  IS ONE OF THE INTERNAL CONTROL FEATURE IN EVERY COMPANY ,…

Q: The following questions related to cash disbursements are included in the internal control…

A: Audit assertions or financial statement assertions is an important thing to consider while doing the…

Q: an internal control over cash receipts and disbursements, should be prepared on a monthly basis and…

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

Q: Which of the following is NOT an example of an internal control system?  Select one: a )Prenumber…

A: Internal Control System: It is the process which ensures that organisational objective will be…

Q: Which of the following are deficiencies with this process? A junior clerk from the accounting…

A: The following deficiencies has been noted in the process: - A Junior clerk from the accounting…

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

A: Statement of financial position is the one on which the company's assets and liabilities are…

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

A: Payment check: It is a method of doing the payment for any invoice raised by the vendor, the other…

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: 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: 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: financial statement assertion

A: Financial statement assertion is the claim like statement made by management regarding the…

Q: he accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory in the internal control over the cash payments which are taken care of by the…

Q: Which of the following are characteristics of an effective control of cash disbursements? I.…

A: Cash disbursements: Cash disbursements refers to the cash outflow from the company. The payment can…

Q: The accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory  in the internal control over by the cash payments which are taken care by…

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: 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: Which of the following would the auditor consider to be an incompatible operation if the cashier…

A: An auditor seems to be an individual who checks the authenticity of commercial transactions that…

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

A:

Q: Identify the internal control procedures applicable to cash receipts for Ferguson Company in each of…

A: Internal controls are policies and procedures put in place to ensure the continued reliability of…

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.