Which task must still require human intervention in an automated purchases/cash disbursements system? a. determination of inventory requirements b. preparation of a purchase order c. preparation of a receiving report d. preparation of a check register

Q: What is the purpose of the cash receipts journal?

A: MEANING : PURPOSE: It is used to track the sales of items while cash is being received, by…

Q: he following are commonly performed tests of controls and substantive tests of transactions audit…

A:

Q: Which of the following transaction will be correct in regards to Source document of a Business? O a.…

A: Source documents are sort of documents that are part of accounting and are created when any monetary…

Q: Explain two methods that an organization could use to monitor its balances of : Cash Accounts…

A: Current assets - These are those assets that the company owns and expects to convert into cash…

Q: How can a manual purchases cash disbursements system be reengineered to reduce discrepancies, be…

A: Manual purchase and cash disbursement system is a system in which manually on paper purchase orders…

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

A: Purchasing and Disbursement Cycle is the whole process which starts with purchase of inventory and…

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: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

Q: Describe the features of voucher system in handling cash disbursements. What is voucher register?…

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Q: A characteristic that all entries recorded in a cash receipts journal have in common is Select one:…

A: Correct option is C i.e.  a debit to the cash account

Q: What steps are followed in posting from the cash payments journal to the general ledger?

A: Cash payments journal:   Cash payments journal refers to the journal that is used to record the all…

Q: Applying internal control over cash receipts by mail Review the internal controls over cash receipts…

A: Internal control is organisational plan and all the related measures adopted by an entity to…

Q: Which document authorizes the purchase of the inventory from an approved vendor? the petty cash…

A: A company purchases inventory works on it and sells them as finished product. So purchase plays an…

Q: List the transaction-related audit objectives for the verificationof cash receipts. For each…

A: Audit objectives for verification of cash receipts are- Recorded sales Database management…

Q: Explain the relationships among the initial assessed controlrisk, tests of controls and substantive…

A: An evaluation of the efficacy of the controls implemented within an organization is known as the…

Q: Which of following functions should be segregated?a. opening the mail and recording cash receipts in…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: al work and

A: The cash receipts journal is the primary book maintained to keep the record of the cash received by…

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: 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: At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the…

A: Segregation of Duties is a one of the methods of sustainable risk management and internal controls…

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: Identify each of the following statements as either true or false. A voucher system of control is a…

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

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The…

Q: A cash sale is recorded in the: A sales journal B purchase journal c) cash receipts journal D cash…

A: Cash book is maintained by the firms to record all the cash transactions. These may be cash sales,…

Q: present your insights into the Business Cash, Inventory and Receivables Audit Process

A: Audit is conducted by an independent auditor to examine whether the financial statements present a…

Q: It is the basis for the preparation of Journal Entry Voucher for the final recording in the cash…

A: The question is related to identifying the basis for the preparation of Journal Entry Voucher for…

Q: The receipt of cash arising from sales transaction would be recorded in the cash payments journal…

A: The special journal include cash receipts Journal, cash payments journal, sales Journal and…

Q: The following are key controls over the purchasing and disbursement cycle except: A. Proper…

A: The purchasing  cycle involve various controls such as receiving the goods and invoice on timely…

Q: Required a. Create a system flowchart of the system. b. Describe the uncontrolled risks in the…

A: System Flowchart: System flowchart is representation of procedures concerned with the transactions…

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

A: The purchasing sub-process of the purchasing and disbursement cycle starts with authorization of…

Q: What internal control functions are performed by a cashregister and point-of-sale system? How are…

A:

Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?

A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…

Q: Why is access control over revenue cycle documents just as important as the physical control devices…

A: Access Control: Access control is the electronic framework of an organization. They are intended to…

Q: Which one of the following documents is used in the control of cash receipts? a. Purchase…

A: Cash Receipts - Cash Receipts are the receipts which are the supporting document or evidence used by…

Q: Which of the following is the best reason for prenumbering in numerical sequence documents such as…

A: Prenumbering of documents like shipping documents, sales invoices, and sales order means providing a…

Q: All of the following are documents used for inventory control except Oa. a receiving report. Ob. a…

A: There are various documents that works as evidence of a transaction.

Q: Required Prepare the CASH RECEIPTS JOURNAL  Prepare the CASH DISBURSEMENTS JOURNAL

A: Accounting cycle. It can be defined as the process which involves identification, analysis,…

Q: Which of the following is not an example of safeguarding inventory? a. physical devices such as…

A: From the given options, option (b) is the correct answer:   Explanation:   Returning inventory…

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

A:

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: 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…