QuickBooks Online uses smart learning in its reconciliation tool to help find any rogue transactions. How does it do this? O It can identify transactions that were posted to the wrong account O It can identify transactions where the posting date was manually entered and has a clearing date that differs from the bank data O It will recognize if transactions have been excluded erroneously from bank feeds O It will automatically record bank fees and interest earned
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- “Organizations are encouraged to take every precaution possible to protect their information systems so that potential for fraud and any resulting losses can be significantly minimized.” Required: Critically explain any three motives behind the cheque fraud scheme. What to do if someone has deposited a fake cheque into your bank account?A payment system that uses computerized electronic impulses to affect a cash transaction is called electronic funds transfer (EFT). True False A remittance advice is the notification accompanying the check issued to a creditor that states the specific invoice being paid. True False The party signing a check is called the drawee. True False the bank often informs the depositor f bank service charges by including a credit memorandum with the monthly bank statement. True False A signature card shows the signature of only the person who authorizes others in the company to sign checks. True False The payor is the party to whom payment us made. True False Bank customers are considered creditors of the bank, so the bank shows their accounts with credit balances on the bank’s records. True False Depositing all cash, checks, etc, in a bank and paying with checks is an internal control procedure over cash True FalseEvaluate the effectiveness and state the shortcomings of thepreparation of a bank reconciliation by the controller in the manner described in thefollowing statement: “When I reconcile the bank account, the first thing I do is reviewthe sorted list of returned checks and find which numbers are missing. Next I determinethe amount of the uncleared checks by referring to the cash disbursements journal. If thebank account reconciles at that point, I am all finished with the reconciliation. If it doesnot, I search for deposits in transit, checks from the beginning outstanding check listthat still have not cleared, other reconciling items, and bank errors until it reconciles. Inmost instances, I can do the reconciliation in 20 minutes.”
- Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurern. The fraudulent practice of creating bogus websites or sending fake e-mails to get individuals to share personal information such as birthdays, passwords, and credit cardnumbers is called ._____________________________--What is a key prerequisite for using electronic bank account management (eBAM) to reduce paperwork? Bank-provided treasury management system Upgrade from BAI2 to BTRS TWIST standards Initial relationship developmentThe Perfect Crime. Embezzlers often try to cover up by removing canceled checks theymade payable to themselves or endorsed on the back with their own names. Missing canceled checks are a signal (red flag). However, people who reconcile bank accounts may notnotice missing checks if the bank reconciliation is performed using only the numerical listing printed in the bank statement. Now consider the case of truncated bank statements forwhich the bank does not even return the canceled checks to the payer. All of the checks are“missing,” and the person performing the bank reconciliation has no opportunity to noticeanything about canceled checks. Consider the following story of a real embezzlement.The embezzler hired a print shop to print a private stock of Ajax Company checks in thecompany’s numerical sequence. In his job as an accounts payable clerk, he intercepted legitimate checks written by the accounts payable department and signed by the Ajax treasurerand then destroyed them. He…
- Which of the following controls would be most effective in detecting a failure torecord cash received from customers paying on their accounts?(1) A person in accounting reconciles the bank deposit to the cash receipts journal.(2) Transactions recorded in the cash receipts journal are posted on a real-timebasis to the accounts receivable master file.(3) Monthly statements are sent to customers and any discrepancies are resolved bysomeone independent of cash handling and accounting.(4) Deposits of cash received are made daily.What internal control or procedure(s) would provide protection against the following threats? Customers are billed for the quantity ordered, but the quantity shipped is actually less because some items have been back ordered. The mailroom clerk steals checks and then endorses them for deposit into the clerk’s personal bank account Goods are shipped to a customer, but that customer is not billed.(QuickBooks Online) A client messaged you saying that there might be something wrong with the bank feed of their checking account. What would be the first thing to do to see if the bank feed will refresh? A. Select the update button in the banking center. B. Select the troubleshoot button from the advanced tab in accounts and settings. C. Select the pencil icon on the checking account tile and select contact bank. D. Select the pencil icon on the checking account tile and select trouble shoot.
- Which of the following statements about reconciling items is true? A Debit memoranda should be subtracted from the book side of the bank reconciliation. B An NSF check returned to the bank should be added back to book cash. C If a company discovers errors in its general ledger Cash account, it should call the bank to have the errors corrected. D Adjustments to the bank side of the bank reconciliation should be booked as adjustments to the general ledger Cash account. Please advise, the answer D is correct?Jake, your staff auditor, will be performing the test of interbank transfers. He plans to compare dates receipts were posted to the Bank of America account (on the bank statement) to dates the corresponding disbursements were posted to the Wells Fargo account (on the bank statement). Jake's planned approach of focusing on transaction dates on the bank statements is the correct approach for testing interbank transfers. Question options: True FalseSome strategies in management can use to implement controls to ensure the integrity and existence of the client's cash balances. Reconciling cash can be a great control in most cases since receipts tie to deposits so it's accurate and cash exists since it hits the bank account. Now reconciling on a daily basis is important as well but would you be able to negotiate the cash box if the employee was using a lapping fraud to steal money? If they took $100 of cash and issued a manual receipt to the customer then used the next $100 to come in to clear the AR from the first customer on the cash receipt system, wouldn't I still reconcile? What could I do as a manager to prevent this type of fraud from occurring?