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MYLAB (24 MONTHS) (FIN)
7th Edition
ISBN: 9780136505204
Author: MILLER-NOBLES
Publisher: PEARSON
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Question
Chapter 7, Problem 8RQ
To determine
Over-the-counter receipts: The basic method of receiving cash at the counter is known as over-the-counter receipts. Cash receipts are counted on a daily basis.
To identify: The internal control principles involved in over-the-counter cash receipts
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Students have asked these similar questions
How do businesses control cash receipts over the counter?
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Where do I find a businesses internal controls over cash receipts and cash payments?
Chapter 7 Solutions
MYLAB (24 MONTHS) (FIN)
Ch. 7 - Prob. 1QCCh. 7 - Prob. 2QCCh. 7 - Prob. 3QCCh. 7 - Prob. 4QCCh. 7 - Prob. 5QCCh. 7 - Prob. 6QCCh. 7 - Prob. 7QCCh. 7 - Prob. 8QCCh. 7 - Prob. 9QCCh. 7 - Prob. 10QC
Ch. 7 - Prob. 11QCCh. 7 - Prob. 1RQCh. 7 - Prob. 2RQCh. 7 - What are the five components of internal control?...Ch. 7 - Prob. 4RQCh. 7 - What is separation of duties?Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Prob. 8RQCh. 7 - How do businesses control cash receipts by mail?Ch. 7 - Prob. 10RQCh. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 13RQCh. 7 - Prob. 14RQCh. 7 - Prob. 15RQCh. 7 - Prob. 16RQCh. 7 - Prob. 17RQCh. 7 - Prob. 18RQCh. 7 - Defining internal control Internal controls are...Ch. 7 - Prob. 7.2SECh. 7 - Prob. 7.3SECh. 7 - Prob. 7.4SECh. 7 - Prob. 7.5SECh. 7 - Prob. 7.6SECh. 7 - Prob. 7.7SECh. 7 - Prob. 7.8SECh. 7 - Prob. 7.9SECh. 7 - Prob. 7.10SECh. 7 - Prob. 7.11SECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Evaluating internal control over cash payments...Ch. 7 - Understanding internal control, components,...Ch. 7 - Prob. 7.17ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.20ECh. 7 - Prob. 7.21ECh. 7 - Prob. 7.22ECh. 7 - Prob. 7.23ECh. 7 - Prob. 7.24APCh. 7 - Prob. 7.25APCh. 7 - Prob. 7.26APCh. 7 - Prob. 7.27APCh. 7 - Prob. 7.28APCh. 7 - Prob. 7.29APCh. 7 - Prob. 7.30BPCh. 7 - Prob. 7.31BPCh. 7 - Prob. 7.32BPCh. 7 - Prob. 7.33BPCh. 7 - Prob. 7.34BPCh. 7 - Prob. 7.35BPCh. 7 - Prob. 7.36CPCh. 7 - Prob. 7.37PSCh. 7 - Prob. 7.2CTDCCh. 7 - Prob. 7.1CTFCCh. 7 - Prob. 7.1CTCA
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Similar questions
- Can a sales journal be used to record sales on account and a cash sale? Why or why not?arrow_forwardSuppose we collected cash from a charge customer and the debit was to Cash and the credit to Sales. How and when would this error be discovered?arrow_forwardWhat does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?arrow_forward
- Why should cash receipts and sales to credit clients be documented and reported immediately?arrow_forwardWhy should the person in charge of cash receipts not also be in charge of keeping accounts receivable records? Explain.arrow_forwardWhy should cash receipts from credit clients and sales to them be instantly documented and posted?arrow_forward
- What kinds of businesses collect cash before recording the corresponding sales? How wouldthat different sequence affect internal control requirements?arrow_forwardWhich of the following generally would not be considered good internal control of cash receipts? a. Allowing customers to pay with a debit card. b. Requiring the employee receiving the cash from the customer to also deposit the cash into the company’s bank account. c. Recording cash receipts as soon as they are received. d. Allowing customers to pay with a credit card.arrow_forwardAccounting 1. Explain why the system of internal control is important for a company. 2. Describe some internal control practices usually implemented by companies. 3. Explain why cash control is important. 4. What is a voucher? What information are contained in a voucher? 5. Describe the features of the voucher system in handling cash disbursements? 6. What is a voucher register? What purpose does it serve?arrow_forward
- 1. Explain why the system of internal control is important for a company. 2. Describe some internal control practices usually implemented by companies. 3. Explain why cash control is important. 4. What is a voucher? What information are contained in a voucher? 5. Describe the features of the voucher system in handling cash disbursements? 6. What is a voucher register? What purpose does it serve?arrow_forwardHow does the sales and cash receipts journal work and what types of information does it contain?arrow_forwardWhy does the bank treat an account balance as a Credit when there is money in the account, while in the general ledger cash records of the business, the balance would show as a Debit?arrow_forward
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