Homework Answers
Option 'C' is correct
Approving Customer credit prior to approving a sales order.
Examples of Preventive controls
Separation of duties
Proper authorization
Adequate Documentation
Physical control over assets
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Identify the preventive control below. a. reconciling the bank statement to the cash control account b....
eBook Calculator Bank Reconciliation Identify each of the following reconciling items as: a. an addition to...
Bank ReconciliationIdentify each of the following reconciling items as:a. an addition to the cash balance according to the bank statementb. a deduction from the cash balance according to the bank statementc. an addition to the cash balance according to the company's recordsd. a deduction from the cash balance according to the company's records(None of the transactions reported by bank debit and credit memos have been recorded by the company.)Item1. Bank service charges, $ 30.2. Check of a customer returned by...
EX 8-16 Bank reconciliation OBJ. 5 Identify each of the following reconciling items as: (a) an...
EX 8-16 Bank reconciliation OBJ. 5 Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company's records, or (d) a deduction from the cash balance according to the company's records. (None of the transactions reported by bank debit and credit memos have been recorded by the company.)...
Exercises OBJ.2 8-1 p. 403 PE 8-1A Internal control elements Identify each of the following as...
Exercises OBJ.2 8-1 p. 403 PE 8-1A Internal control elements Identify each of the following as relating to (a) the control environment, (b) control pro cedures, or (c) monitoring: 1. Hiring of external auditors to review the adequacy of controls 2. Personnel policies 3. Safeguarding inventory in a locked warehouse 1) Bank Reconciliation The cash account for Murphy Co. on May 31, 2014 indicated a balance of $25,915. The May bank statement indicated an ending balance of $30,645. Comparing the...
Identify if the item should be included as a reconciling item in Shamrock's bank reconciliation. Indicate if a journal...
Identify if the item should be included as a reconciling item in Shamrock's bank reconciliation. Indicate if a journal entry will be needed to correct any of the account for Shamrock. cu º Journal Entry? Journa Type of reconciling item treconciling item Deduct from the cash balance per books " Yes Does not affect the bank reconciliation Yes Y Add to the cash balance per books Deduct from the cash balance per bank 1. A deposit of collections on account...
Jamison Company developed the following reconciling information in preparing its June bank reconciliation: Cash balance per...
Jamison Company developed the following reconciling information in preparing its June bank reconciliation: Cash balance per bank, 6/30 $10,325 Note receivable collected by bank 5,430 Outstanding checks 5,789 Deposits-in-transit 3,482 Bank service charge 67 NSF check 1,042 Using the above information, determine the cash balance per books (before adjustments) for Jamison Company. $12,339 $8,018 $3,697 $14,646 Previous The Boxwood Company sells blankets for $37.00 each. The following was taken from the inventory records during May. The company had no beginning...
Miller Corporation’s December 31, 2019, bank statement showed a $2,049.25 balance. On this date, Miller’s Cash...
Miller Corporation’s December 31, 2019, bank statement showed a $2,049.25 balance. On this date, Miller’s Cash account reflected a $146.90 overdraft. In reconciling these amounts, the following information is discovered: 1. Cash on hand for undeposited sales receipts, December 31, $130.25. 2. Customer NSF check returned with bank statement, $419.20. 3. Cash sales of $634.25 for the week ended December 18 were recorded on the books. The cashier reports this amount missing, and it was not deposited in the bank....
Required information CC5-1 Accounting for Cash Receipts, Purchases, and Cash Payments and Reconciling Items (LO 5-3,...
Required information CC5-1 Accounting for Cash Receipts, Purchases, and Cash Payments and Reconciling Items (LO 5-3, LO 5-4, LO 5-5) [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform accounting processes. She also needs some help reconciling NGS's bank account CC5-1 Part 1 Required: 1. For each source information shown below, prepare the...
Idul 10S The following information is the cash account and the bank statement of Pretty Pet...
Idul 10S The following information is the cash account and the bank statement of Pretty Pet Shop at 30 June 2019. Pretty Pet Shop Cash account 2019 2019 May 31 Balance 1,410 Jun 5 Check written 180 (no.882) Jun 1-30 Deposits 3,800 Jun 13 Check written 591 (no.883) Jun 16 Check written (no.884) Jun 30 Check written (no.885) Jun 30 Check written 979 Jun (no.886) 30 Balance 2,266 784 HKCC Bank Bank Statement 1,410 662 (180) 894 2019 May 31...
The December bank statement and cash T-account for Stewart Company follow: Withdrawals Deposits $ 550 7,500...
The December bank statement and cash T-account for Stewart Company follow: Withdrawals Deposits $ 550 7,500 125 Balance $50,500 49,950 42,450 42,325 72,225 70,075 57,575 600 $30,500 2,150 12,500 Date Dec. 1 2-Cheque 4-Cheque 6-Cheque 11-Cheque 13-Cheque 17-Cheque 23-Cheque 26-Cheque 28-Cheque 30-Cheque 30–NSF* 31-Cheque 31-Interest earned 31-Service charge 36,500 . 925 93,085 2,450 17,500 350 1,700 90,6 92,6 о л л op www л л 19,500 92,285 90,585 90,640 90,465 175 *NSF cheque from J. Left, a customer. + Cash...
1.To conclude that a management review control is effective, the auditor is required to identify a...
1.To conclude that a management review control is effective, the auditor is required to identify a selection of instances in which the control operated, evaluate whether management followed the procedures specified by the control, and properly evaluated and resolved exceptions. A) True B) False 2. Which of the following statements about substantive analytical procedures is correct? A) The results of the procedure provide evidence about the existence or absence of misstatement in an account. B) The results of the procedure...
EX 8-16 Bank reconciliation OBJ. 5 Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company's records, or (d) a deduction from the cash balance according to the company's records. (None of the transactions reported by bank debit and credit memos have been recorded by the company.)...
Exercises OBJ.2 8-1 p. 403 PE 8-1A Internal control elements Identify each of the following as relating to (a) the control environment, (b) control pro cedures, or (c) monitoring: 1. Hiring of external auditors to review the adequacy of controls 2. Personnel policies 3. Safeguarding inventory in a locked warehouse 1) Bank Reconciliation The cash account for Murphy Co. on May 31, 2014 indicated a balance of $25,915. The May bank statement indicated an ending balance of $30,645. Comparing the...
Identify if the item should be included as a reconciling item in Shamrock's bank reconciliation. Indicate if a journal entry will be needed to correct any of the account for Shamrock. cu º Journal Entry? Journa Type of reconciling item treconciling item Deduct from the cash balance per books " Yes Does not affect the bank reconciliation Yes Y Add to the cash balance per books Deduct from the cash balance per bank 1. A deposit of collections on account...
Jamison Company developed the following reconciling information in preparing its June bank reconciliation: Cash balance per bank, 6/30 $10,325 Note receivable collected by bank 5,430 Outstanding checks 5,789 Deposits-in-transit 3,482 Bank service charge 67 NSF check 1,042 Using the above information, determine the cash balance per books (before adjustments) for Jamison Company. $12,339 $8,018 $3,697 $14,646 Previous The Boxwood Company sells blankets for $37.00 each. The following was taken from the inventory records during May. The company had no beginning...
Required information CC5-1 Accounting for Cash Receipts, Purchases, and Cash Payments and Reconciling Items (LO 5-3, LO 5-4, LO 5-5) [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform accounting processes. She also needs some help reconciling NGS's bank account CC5-1 Part 1 Required: 1. For each source information shown below, prepare the...
Idul 10S The following information is the cash account and the bank statement of Pretty Pet Shop at 30 June 2019. Pretty Pet Shop Cash account 2019 2019 May 31 Balance 1,410 Jun 5 Check written 180 (no.882) Jun 1-30 Deposits 3,800 Jun 13 Check written 591 (no.883) Jun 16 Check written (no.884) Jun 30 Check written (no.885) Jun 30 Check written 979 Jun (no.886) 30 Balance 2,266 784 HKCC Bank Bank Statement 1,410 662 (180) 894 2019 May 31...
The December bank statement and cash T-account for Stewart Company follow: Withdrawals Deposits $ 550 7,500 125 Balance $50,500 49,950 42,450 42,325 72,225 70,075 57,575 600 $30,500 2,150 12,500 Date Dec. 1 2-Cheque 4-Cheque 6-Cheque 11-Cheque 13-Cheque 17-Cheque 23-Cheque 26-Cheque 28-Cheque 30-Cheque 30–NSF* 31-Cheque 31-Interest earned 31-Service charge 36,500 . 925 93,085 2,450 17,500 350 1,700 90,6 92,6 о л л op www л л 19,500 92,285 90,585 90,640 90,465 175 *NSF cheque from J. Left, a customer. + Cash...
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