Question

heck Your 5& 6 With respect to the write-off of an uncollectible account receivable against the allowance for bad debts, a sound system of internal control would requre O the write-off be approved by two employees O a lawsuit to be initiated to recover the uncollectible amount. o the write-off to be made within six months after the date of sale. O an investigation of why credit was extended to this customer in the first place Search

Answer 1

1

With respect to the write-off of an uncollectible account receivable against the allowance for bad debts, a sound system of internal control would require:

Answer: the write-off be approved by two employees.

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2

An organization's system of internal control is designed primarily to:

Answer: provide an operating framework for all employees as they work to achieve the organization's goals

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3

The principal reason for reconciling the cash balance per books with the balance shown on the bank statement is to:

Answer: B) determine the amount of cash in the account actually available to the entity.

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4

Which of the following is true regarding notes receivables?

Answer: A note is a more formal document than an account receivable.

Note:

AS this question has multiple question so as per guide line I have answered first Four question