Which of the following controls would be most effective in detecting a failure torecord cash received from customers paying on their accounts?(1) A person in accounting reconciles the bank deposit to the cash receipts journal.(2) Transactions recorded in the cash receipts journal are posted on a real-timebasis to the accounts receivable master file.(3) Monthly statements are sent to customers and any discrepancies are resolved bysomeone independent of cash handling and accounting.(4) Deposits of cash received are made daily.

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: Which of the following is not an objective of the cash audit? determine that a. A long-term…

A: Objectives of Cash Audit One of the objectives for a cash audit is to verify that the recorded cash…

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 has incorrect treatment for the bank and book reconciling items assuming…

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

Q: When a petty cash fund is used, which of the following is true? *       A. The petty cashier’s…

A: Solution: "The reimbursement of the petty cash fund should be credited to the cash account" this is…

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

A:

Q: ich of the following procedures would an auditor most likely perform to test trols relating to…

A: The given scenario relates with cash receipts. To check the authenticity of the transaction the…

Q: Which procedure is an auditor most likely to use to detect a check outstanding at year-end that was…

A: answer are as follows

Q: The bank reconciliation Select one: A. is sent to the bank for verification B. is for information…

A: Introduction:- Bank reconciliation play vital role in every organization. It identify the balance of…

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: Preparing the bank recociliation is consifered to be an important step in interna; control process…

A: Bank reconciliation refers to the process of reconciling the balances of the accounting records of…

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: a. Analyzing details of large cash deposits around year end. b. Comparing customer remittance…

A: In a kiting scheme, cash is created using the lag between the time a check is deposited and the time…

Q: A bank reconciliation statement is a statements that is Drawn up by the business to verify the cash…

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

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 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: In order to verify the accuracy of the accounting records concerning its cash accounts a person…

A: Reconciliation statement is the statement which is used by the company in order to know and check…

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

A: Cash is one of the important current asset of the business. It's management and valuation is very…

Q: When auditing the cash account, the auditor traces the cash receipts, which are recorded on the cash…

A: Auditing refers to the process of physically evaluating and inspecting all the financial information…

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: Preparing a bank reconciliation on a monthly basis is an example of: A. establishing responsibility…

A: A bank reconciliation is the process by which the balances are matched as between the bank statement…

Q: Which of the following reports can improve internal control by tracking unauthorized changes to…

A: Solution: An audit log is a IT record that record sequence of activities in the system at any time…

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: Which of the following is an internal control guideline for better management of cash receipts?…

A: generally, there must be segregation of duties as part of the internal control system. work done by…

Q: When auditors perform the bank reconciliation test, what would be the appropriate audit procedure…

A: Auditing procedures of Bank Reconciliation Bank reconciliation is one of the important part in the…

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

A: To control cash receipts and cash payments, Over-the-counter cash sales should be recorded on a cash…

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: Cash receipts should be deposited on the day of receipt or the following business day. Select the…

A: Comparing the daily cash receipts with the bank deposits will reveal the promptness of deposit of…

Q: Explain why each of the following combinations of tasks should or should no be separated to achieve…

A: Solution:- a)Approval of bad debt write-offs and the reconciliation of the AR subsidiary ledger and…

Q: Which of the following items must be deducted to the balance per ledger in preparing a bank…

A: Service charges: Banks debited the charges for maintain of account with bank and for the transaction…

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 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: Explain why each of the following combinations of task should or should not be separated to achieve…

A: The approval and write-offs of bad debt and reconciliation of account receivable and general control…

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: 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: In a two-step bank reconciliation, identify the items that might be necessary to adjust the bank…

A: Bank reconciliation: Bank reconciliation is prepared by an accountant. In order to check the…

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: 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: amount of cash is accurately recorded on the financial statements. All of the following are…

A: an audit, independent examination of the financial statement of an entity. there are mainly three…

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: 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: 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…