Which of following functions should be segregated?a. opening the mail and recording cash receipts in the journalb. authorizing credit and determining reorder quantitiesc. shipping goods and preparing the bill of ladingd. providing information on inventory levels and reconciling the bank statement

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: Which one of the following statements related to the control of cash disbursement is true? Payment…

A: Internal control procedures are those controls framed and implemented by a business to safeguard its…

Q: An NSF check returned by the bank should be entered in the depositor's accounting  records by a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Which of the following considered cash receipt control principles: Select one: O a. Cash receipt can…

A: Cash receipt control principles means those principle which help business to control the receipts of…

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: Which of the following is not an internal control procedure for cash receipts? A. comparing actual…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Which one of the following columns in a cash receipts journal is not posted in total to an account…

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

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: The same bookkeeper should avoid contact with BOTH Accounts Receivable AND cash receipts. Explain…

A: Separation of duties or task is a technique used in internal control, under this internal control…

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: Identify each of the following reconciling items as part of the cash reconciling process as: (A)…

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

Q: Describe and use the cash receipts journal. List theree items of information about each cash receipt…

A: Cash Receipts Journal:   It is a special book where only cash receipts transactions that are…

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: The entry to record collection of trade receivables under cash basis of accounting is*   debit to…

A: Following is the answer to the given question

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: 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?…

A:

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: Record structures for receipt of cash on account Refer to figure 2-30 and the discussion about…

A:

Q: list entry worksheet entry to recognize expenditures from the petty cash fund. bits before credits.…

A: Ans. Journal entry to record expenses made from petty cash funds can be passed either by making a…

Q: Identify the type of activity by choosing the best answer for each question. Select each item listed…

A: Introduction:- first we need to understand the following basic terms as follows under:-…

Q: The entry to record collection of trade receivables under cash basis of accounting is A. debit to…

A: Under cash basis of accounting only cash transections are recorded such as cash collection, Cash…

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: Accompanying the bank statement was a debit memo for bank service charges. What entry is required in…

A: Bank service charges: Bank service charges are generally directly debited by bank in the bank…

Q: Explain the statement: “Receipt and Payment Account is a summarisedversion of Cash Book”.

A: Receipts and payment account is a real account. It records all the cash and bank transactions made…

Q: Which of the following balance sheet items are commonly associated with the purchases and cash…

A: The balance sheet is one of the financial statements of a company, that is, prepared at the end of…

Q: Accompanying the bank statement was a debit memo for bank service charges. What entry is required in…

A: Step 1 Expense is the amount incurred by the organization to generate revenue. It is shown in the…

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: The characteristic that all entries recorded in a cash receipts journal have in common is Group of…

A: The cash receipts journal is a special journal  used in accounting to  record all the cash…

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: Why should the person in charge of cash receipts not also be in charge of keeping accounts…

A: Here is the answer :

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

A:

Q: Management uses a voucher system to help control and monitor cash payments. Which one or more of the…

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

A: (1) Cash receipts journal can also be called as the accounting journal that is considered as the…

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: Provide some examples of transactions that would be recorded in the Other Accounts CR column of the…

A: Cash receipts journal: A cash receipts journal is a special kind of journal book that only records…

Q: Cash Beginning Balance Cash Sales Disbursements Collections -Other Receipts Ending Balance

A: Cash is the asset for the company. The normal balance is the debit balance of cash account. It shows…

Q: a) An entity has to maintain its records property so that the business can run efficiently and that…

A: Hi student Since there are multiple questions, we will answer only first question.

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: 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: What's the entry for the cash receipt journal?

A: Journal entry is the entry which the business records normally on the journal but as there are…

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

A: Solution: Purchasing and disbursement cycle is the cycle in which purchasing needs of a business are…

Q: State and explain the reasons for the difference between cash book and bank statement

A: Definition:   Bank reconciliation: Bank statement is prepared by bank. The company maintains its own…

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…