(Based on Appendix 7A) How is a petty cash fund established? How is the fund replenished?

Q: Describe about petty cash fund.

A:

Q: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

Q: Ina bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit…

A: Bank Reconcilation Statement Bank reconciliation is the process of  reconciling  of cash balance  as…

Q: The treasury is in the public administration when it receives the cash from the central bank.

A: C

Q: Define cash equivalents, and explain methods of controlling cash, including bank reconciliations.

A: Solution- Cash equivalents are investments securities that are meant for short-term investing; they…

Q: Which of the following items should not be included in the Cash? O A. Petty cash and change funds…

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

Q: Which of the following is issued by a company to the responsible staff in order to establish a petty…

A: The petty cash fund is established for daily basis small cash expenses of the business.

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

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an…

Q: What are the controls needed to secure the petty cash fund?

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

Q: The petty cash fund account under the imprest fund system is debited A. only when the fund is…

A: 1. Petty Cash - Petty Cash account is amount maintained by the organization to handle petty (small)…

Q: 11. The expenditures of a petty cash fund are not recorded in the accounting records until the fund…

A: Introduction: Petty cash: Separate cash book is maintained for recording petty cash expenses like…

Q: dentify the three activities that pertain to a petty cash fund, and indicate an internal control…

A:

Q: How does cash control deficiencies affect the development of audit procedures for cash?

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: How is Cash audited?

A:

Q: Which of the following items is subtracted from the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

Q: How can a proof of cash reveal unrecorded cash deposit and cash payment transactions?

A:

Q: which audit assertions the audit procedure of cash count and bank confirmation requests will meet?

A: The financial statements prepared by the management may contain misstatements, and any other…

Q: A petty cash fund is

A: Introduction: The petty cash book is a detailed record of tiny monetary transactions. Rather of…

Q: How is a petty cash fund established? How is the fund replenished?

A: Petty cash: A petty cash is a small amount of cash on hand maintained by the companies to pay the…

Q: What type of internal controls would ensure proper classification of cash equivalents and how would…

A: Cash equivalents represent the current assets which are highly liquid. These are usually less risky…

Q: Under IFRS, cash and cash equivalents are reported:(a) the same as GAAP.(b) as separate items.(c)…

A:

Q: What are the common internal controls over cash receipts and cash disbursements?

A: Introduction: Internal control relates to a company's policies and plans, as well as extra efforts…

Q: Which one of the following assets is not considered as cash equivalent? Guaranteed investment…

A: Cash equivalents are form of liquid and current assets which can be converted into cash into short…

Q: Which of the following should be considered cash equivalents? Post-dated checks Money market with…

A: Cash and cash equivalent means the amount of cash , bank or highly liquid marketable securities…

Q: What are the Important elements of a cash disbursement control system?

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

Q: The entry to establish the Change Fund includes which of the following?

A: The entry to establish the Change Fund includes a debit to change fund and credit to cash.

Q: On a bank reconciliation, the amount of an unrecorded bank service charge should be: Multiple Choice…

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

Q: Effective cash management and control includes all of the following excepta. the use of a petty cash…

A: The correct answer is  c. purchase of stocks and bonds.     Explanation for correct answers:…

Q: The document that explains all the differences between the company’s cash records and the bank’s…

A: Explanation for the correct answer:Bank reconciliation statement is a report that summarizes the…

Q: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…

A: The petty cash fund is established to maintain the cash balance for the minor cash transactions of…

Q: The treasurer is solely responsible for the petty cash fund. A) True B) False

A: Petty cash funds are those funds which are established for small petty expenses of the business.…

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

A:

Q: The document that explains all the differences between the company’s cash records and the bank’s…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: Which of the following procedures would weaken control over cash receipts that arrive through the…

A: Solution Introduction Internal control Internal control is the policies and systems that are put in…

Q: Knott Inc. has a petty cash fund of $750. (a) Since the petty cash fund is only $750, should Knott…

A: Petty cash fund: It is a fund established to pay insignificant amounts like postage, office supplies…

Q: List at least 5 control measures per principle of control activities which an organization may…

A: Internal control refers to the mechanism, rules and procedures of the company for preventing fraud,…

Q: Which of the following is not considered cash for financial reporting purposes? a. Petty cash and…

A: according to the rule, because you have posted multiple questions, we will answer the first question…

Q: Why is it important to have internal controls in managing and handling cash? What internal controls…

A: Cash controls can be done by managing the cash policies and procedures. By maintaining the systems…

Q: What is the use of a petty cash fund?

A: A petty cash fund is a fund created to pay small expenses. No journal entry is passed for each…

Q: cash control?

A: Correct Answer is B

Liquidity Risk Exposure

Answer: c