Which duties should be segregated? a. matching purchase requisitions, receiving reports, and invoices and authorizing payment b. authorizing payment and maintaining the check register c. writing checks and maintaining the check register d. authorizing payment and maintaining the accounts payable subsidiary ledger

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: Which of the following are unique identifiers associated with checking accounts? account number O…

A: Account number: An account number is a unique identifier for your personal bank account. It tells…

Q: All accounts in the subsidiary ledger of accounts receivable should be summed up

A: This question explains the subsidiary ledger of accounts receivable should be summed up.

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: A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that…

A: Subsidiary ledger Subsidiary ledger refers to the ledger that provides the detailed information of…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

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: 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: 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: The controlling account in the general ledger that summarizes the individual accounts with creditors…

A: A chart of accounts is a in every accounting system which shows all available accounts that can be…

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

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: Why should the employee who handles cash receipts not have the responsibility for maintaining the…

A: Accounts receivable: Accounts receivable are money owed to business from debtors. These are payments…

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: 1. An effective system of internal control requires segregation of basic functions. Which three of…

A: An Effective System of Internal Control requires segregation of basic functions. The Following three…

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: Match the transactions below with the journal or ledger in which it would be entered.   Clear All…

A: Cash receipt journal: All cash receipts should be recorded in this journal Cash payment journal: All…

Q: explain whether they are considered improper segregation of functions? a. The billig department…

A: Segregation of Duties (SOD) is a basic building block of sustainable risk management and internal…

Q: Briefly explain the methods used for valuing accounts receivables.

A: In the given question, we need to briefly explain the methods used for valuing accounts receivables.…

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: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…

A: It is the process followed by the organization in order to ensure the reliability of the financial…

Q: Discuss the relationship between the balance in the accounts payable general ledger control account…

A: Definition:   General ledger: General ledger is a record of all accounts of assets, liabilities, and…

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: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…

Q: Accounting information systems have five generic parts. Outputs of the purchases and cash…

A: Accounting is the process of recording, classifying and summarising all financial information in…

Q: Which of the following is true of a voucher system? A. All major expenditures, including cash…

A: A voucher is prepared for protecting the cash of business by eliminating any false payment. It is a…

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

A:

Q: The controlling account in the general ledger that summarizes the debits and credits to the…

A: The control account is the summary balance of the subsidiary ledger's account. A subsidiary ledger…

Q: Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending…

A:

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: 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: Which internal control activity is being violated when the cashier in a retail store also records…

A: Segregation of duties is being violated when the cashier in a retail store also records the daily…

Q: An internal control system where obligations by the company should be liquidated only by checks. A.…

A: Internal controls are the methods used by a company for the integrity of financial statements and…

Q: Explain the relationship between the balance in the account payable general ledger control account…

A: Accounts Payable general ledger account is generally used to record all liabilities related to when…

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: 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: As part of a strong internal control system, which of the following accounting duties needsto be…

A: Internal control system: It can be defined as a structure consisting of the procedures, rules, and…

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 type of evidence is considered more reliable a accounts receivable confirmation O minutes from…

A: Auditors are to verify the accounts of the company and validity of all financial statements.

Q: Which of the following is most likely to be a general ledger control account? Select one: O a.…

A: General Ledger control account:-Controlling accounts are the accounts that only reflect the…

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…