Which of the following modes of disbursement is most similar to a check disbursement?

Q: in managing accounts receivables, objectives must be achieved?

A: Working capital is calculated as the difference between the value of current assets and current…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: To protect the assets and to enhance the accuracy and reliability of its accounting records,…

Q: Identify the wrong statement relating to receivables ledger:

A: Solution: Following statements are true with respect to receivables ledger: 1. All entries made in…

Q: What are the steps taken to ensure control over purchases and payments by check?

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

Q: Which of the following assets require the strongest of internal controls?A. inventoryB. credit…

A: Internal control procedures are those techniques and procedures which are established for the…

Q: The following are the parties involved in a transaction that uses check as medium of exchange except…

A: >Checks are the financial instruments used to pay off entities though bank payments. >In a…

Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.

A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…

Q: Why are the confirmation of payables is not a required audit procedure as it is with receivables?

A: The main objective of auditors is to conduct a thorough verification of the financial statements and…

Q: What are outstanding checks?

A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…

Q: hich of the following assets require the strongest of internal controls…

A: Internal control is an internal mechanism to control internal working and make them efficient.

Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

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

Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

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

Q: How is Accounts Receivable audited?

A: Accounts receivable is one of the largest assets that a company has; therefore auditors tend to…

Q: Which of the following checks can not be encashed but instead merely deposited? . Stale check…

A: Banks: Banks are the financial institutions that regulate the money supply in an economy. It accepts…

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: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: 0 Confirmation of a credit may be given by______ A, the beneficiary at the request of the importer…

A: Banks provide credit to customers for doing business and this help to grow business.

Q: Differentiate a “deposit" and a “deposit substitute"?

A: Deposit is the amount of customer money which is held by bank or other institution. Deposit…

Q: What is an invoice?

A:

Q: which of the following account will be least likely involved in the purhasing sub-process of the…

A: Purchasing of transaction involves checking at various stages such as receiving the goods and…

Q: I. When the check has been encashed II. When through the fault of the creditor the check has been…

A: A cheque is an instrument or document that orders the bank to pay the specific amount mentioned in…

Q: TRUE OR FALSE. If assignment of receivables is made under a notification basis, the company, the…

A: Assignment of accounts receivable is a loan agreement in which the borrower assigns the lender to…

Q: Given the above results, which of the following statements regarding the accounts receivable…

A: Auditor has to check the accounts as well as the balances shown on there so that the room and space…

Q: Sending accounts receivable confirmation letters to the client's customers is consistent with the…

A: Accounts Receivable are those accounts of customers to whom business has made credit sales on…

Q: Choose the one correct answer. Sending accounts receivable confirmation letters to the client's…

A: Audit is the detailed process of examining and verifying books of accounts and financial information…

Q: Which of the following cannot be encashed but instead merely deposited? stale checks post dated…

A: The checks that can only be deposited not encashed are crossed checks. It is also called an account…

Q: What is a promissory note, and what terms are normally included in promissorynotes?

A: A document or agreement that promises the payment of a specific sum of money at a later date to the…

Q: Suggest Four reasons why there might be difference between the balance on the receivable ledger…

A: A control account is a general ledger that contains a single debit or credit balance which is the…

Q: What is meant by a promissory note?

A: The amount due to be paid for loan can be promissed by customer by issuing promissory note.

Q: What additional issues are involved with miscellaneous, other, and clearing accounts?

A: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing,…

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: The typical procedures performed to verify that the client has not omitted any amounts from the…

A: The answer is option (d.) [subsequent payments testing]

Q: How is certificate of deposit beneficial?

A: A certificates of deposit basically are a sort of the financial savings account that holds a sure…

Q: 2) A proper manual payment certification includes whose signature? [List the types of…

A: The certifying officer

Q: Direction: Compute Deposits in Transit and Outstanding Checks.

A: Deposits in Transit and Outstanding Checks can be calculated by comparing Cash Payments and Cash…

Q: What are the criteria for determining whether a sale of receivables has occurred?

A: Receivables: Receivables refer to an amount to be received in future. General classifications of…

Q: Which of the following procedures is least likely to be performed before the balance-sheet date?a.…

A: Balance-sheet represents the financial position of the organization related to a specific period in…

Q: Which of the following assets require the strongest of internal controls? Group of answer choices…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: When dealing with receivables, give an example of a subsidiary account.

A: Accounts receivable:   Accounts receivable refers to the amounts to be received within a short…

Q: discuss the process of auditing the following: • Revenue • Receivables • Expected Credit Loss (

A: As an example, an audit is a type of on-site verification, like an inspection or examination, of a…

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…