What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? c. Direct deposit of paychecks.

Q: 13 ________ is related to the impact of adverse information about bank*         A. Operational risk…

A: Risks of banks:  Credit risk, market risk, and operational risk are the three main risks that banks…

Q: Explain

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

Q: In what manner can cash receipts and cash disbursements be controlled?

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: Which of the following assertions is least likely tested by bank balance confirmation? * Existence…

A: Assertions: Management's claims that the financial statements provided are correct are referred to…

Q: What are the steps in approach to internal control over cash receipts that utilizes separation of…

A: Cash receipts are the payment that customer receives from the sales made. The Lock-box system is…

Q: Which of the following is true? a. The cash disbursement function is part of accounts payable. b.…

A: Cash Disbursement System: The cash disbursement system carries out the responsibility of processing…

Q: Activities related to procurement and disbursements are part of the financial control process.    a.…

A: Procurements involve the process of acquiring goods for sale or manufacture. Disbursements involve…

Q: Both are estimated liabilities, but customer loyalty programs are different from warranties because…

A: As per IFRS 115 "Revenue from contracts wih customer" Customer loyalty programs includes the…

Q: What does it mean for CHS to securitize its receivables?

A: Compensating balance: A compensating balance is a minimum amount of cash that must be maintained by…

Q: What is issue of payments deficits

A: Introduction:- payment of deficit means:- Country imports more goods, services, and capital than…

Q: What are the risk-adjusted on-balance-sheet assets of the bank as defined under the Basle Accord?

A: The answer is stated below:

Q: What are the different risks associated in the accounting of cash

A: The element of risk arises in each and every area and how well we can minimise or reduce the risk is…

Q: How do you think the misstatement of funds will impact the income statement and balance sheet?

A: Income statement is a statement which shows all income and expenses of the business with calculation…

Q: How does cash control deficiencies affect the development of audit procedures for cash?

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: how do deposit intistitutions differ from non-deposit institutions?

A: A financial institution is an intermediary business entity that helps to supply money from surplus…

Q: what types are frauds are possible in revenue cycle?

A: Introduction: The revenue cycle is a method of defining and maintaining the processes used for the…

Q: What is serious regulatory lapses in the system as difficulties in the financial system?

A: Financial system is the system where all the players are involved and exchange funds & money…

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: The financial system serves as the main venue to invest excess funds by savers. This is made through…

A: Answer: True

Q: How is internal control applied to liabilities?

A: It is often seen that frauds, employees thefts, and manipulation of records incur in the…

Q: What are the Important elements of a cash disbursement control system?

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

Q: ansactions between supp

A: Introduction : Financial markets can be defined as the marketplaces where fund providers as well as…

Q: dering

A: The process of laundering money in most cases involves three steps: placement, layering, and…

Q: What is a major objective of financial reporting? Group of answer choices To provide information…

A: A financial report presents all those necessary information to not only its shareholders but also it…

Q: what is MORATORIUM” IN BANKING? explain.  no plagiarism

A: A moratorium helps the borrower by providing time to arrange the finance to make the loan payments.…

Q: Why are payments received from customers in advance, for either services to be performed and/or for…

A: Advance payment received from the customer there are two reasons which are mentioned are as follows:…

Q: How are refundable deposits and customer advances similar? How do they differ?

A: Refundable Deposits: Refundable deposits are that money in advance offered by the customer. It is a…

Q: The portion of an entity’s cash account that is held as a compensating balance must be aggregated…

A: A compensating balance refers to the minimum portion of an entity’s cash account that a borrower…

Q: check and who are the parties involved in the issuance of a check

A: Check is a negotiable instrument usually used in transactions involving bank.

Q: Due to the increased need for security for the performance of obligations arising from these…

A: The main function of financial institutions is to transfer capital from savers (having idle funds)…

Q: What is the possible result of carelessness in credit and collection policies?

A: IMPORTANCE CREDIT AND COLLECTION POLICIES -   ** every company makes credit sales. ** it is…

Q: What are the key factors that can lead to an under/overstatement of  the cash balance

A: Cash balance is the balance appearing in the Cash edger or Cash Books after all income and…

Q: What are some errors and frauds that can occur in the revenue cycle

A: Introduction:- The revenue cycle is used to completion of an accounting process for recording…

Q: function of the reserve requirement is to promote stability in depository institutions true or…

A: Reserve requirement is used by Central Bank in order to set the minimum amount that commercial bank…

Q: Where in the cash receipts process does supervision play an important role?

A:

Q: primary difference between fraud and error in financial reporting

A: