Homework Answers
The following is an internal control guideline:-
c. Maintain separation of duties between cash handling and cash recording
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We of 10 Which of the following is an internal control guideline for better management of...
Check m Required: Match the following internal controls with the categories of control activities. Control Activities...
Check m Required: Match the following internal controls with the categories of control activities. Control Activities C Internal Controls Separate handling cash (receipt and deposit) functions from record-keeping functions (recording transactions in the accounts receivable subsidiary ledger). Require purchases, payroll, and cash disbursements to be authorized by a designated person Require accounting department employees to take vacations. d. Separate purchasing functions from payables functions. e. Ensure that the same person isn't authorized to write and sign a check f. When...
Instructions: Read the following narrative system’s description. The internal controls are okay b...
Instructions: Read the following narrative system’s description. The internal controls are okay but can be improved. What additions which would be necessary for a properly designed internal control system (how do we make the internal control better)? Accounts Receivable and Cash Receipts: The mail is opened an employee who list each individual payment and the amount remitted on a two-part mail receipt list. The employee initials the mail receipt list and one copy of the mail receipt list is sent...
Instructions: Read the following narrative system’s description. The internal controls are okay b...
Instructions: Read the following narrative system’s description. The internal controls are okay but can be improved. What additions which would be necessary for a properly designed internal control system (how do we make the internal control better)? Accounts Receivable and Cash Receipts: The mail is opened an employee who list each individual payment and the amount remitted on a two-part mail receipt list. The employee initials the mail receipt list and one copy of the mail receipt list is sent...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company con...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
Which of the following is an internal control for checks received through the mail? Multiple Choice...
Which of the following is an internal control for checks received through the mail? Multiple Choice ) The accounting department counts the cash, prepares the deposit slip and deposits the cash in the bank. O The mai es gives che The mail clerk gives checks to the person who makes the bank deposit. The accounting department register with the cash count sheet. The Cashier prepares a journal quantity sold, and cash received. Comparing the cash in the register with the...
Wong has the following internal controls over cash receipts and cash payments. Identify the control activity...
Wong has the following internal controls over cash receipts and cash payments. Identify the control activity that is applicable to each item in the table shown below: All cash is deposited intact, in the bank account, daily. Segregation of Duties/Independent checks of performance/Documentation procedures/Physical and it control/ Establishment of responsibility/Human Resource Controls Blank cheques are stored in a safe in the controller’s office. Segregation of Duties/Independent checks of performance/Documentation procedures/Physical and it control/ Establishment of responsibility/Human Resource Controls All cashiers...
Please help me answer GUS201- Financial Accounting ter 7 - Internal Control Class Exercise Nathan Jacobs...
Please help me answer
GUS201- Financial Accounting ter 7 - Internal Control Class Exercise Nathan Jacobs has worked for Carlson Associates for several years. Nathan demonstrates a loyalty that is rare among employees. He hasn't taken a vacation in the last three years. One of Nathan's primary duties at the practice is to open the mail and list the checks received He also takes cash from customer's as they leave their appointment. At times it is so hectic that Nathan...
23-24For the following situations, state whether it represents a strength or weakness in internal control and...
23-24For the following situations, state whether it represents a strength or weakness in internal control and give the reason for your answer. 23. The bookkeeper opens the mail, makes the deposit, and makes the journal entries to record receipt of the cash and checks. 24. The movie theater has the following policy. Tickets are sold by the cashier. The ticket stubs are collected by the ticket taker. The ticket stubs are stored in a locked box, and the accounting personnel...
3. Six internal control principles related to cash transactions are discussed in the textbook. These principles,...
3. Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are: Establishment of responsibility Segregation of dutics Documentation procedures Physical, mechanical, and clectronic controls Independent internal verification Other controls Instructions Match the above principles to the following applications related to cash receipts and cash disbursements by placing the code in the space provided. Each code letter can be used once, more than once, or not at all 1. The duties of...
Internal Control Bart Simons has worked for Dr. Homer Spring for many years. Bart has been...
Internal Control Bart Simons has worked for Dr. Homer Spring for many years. Bart has been a model employee. He has not taken a vacation in over four years, always stating that work was too important. One of Bart’s primary jobs at the clinic is to open mail and list the checks received. He also collects cash from patients at the cashier’s window as patients leave. There are times that things are so hectic that Bart does not bother to...
Check m Required: Match the following internal controls with the categories of control activities. Control Activities C Internal Controls Separate handling cash (receipt and deposit) functions from record-keeping functions (recording transactions in the accounts receivable subsidiary ledger). Require purchases, payroll, and cash disbursements to be authorized by a designated person Require accounting department employees to take vacations. d. Separate purchasing functions from payables functions. e. Ensure that the same person isn't authorized to write and sign a check f. When...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
Which of the following is an internal control for checks received through the mail? Multiple Choice ) The accounting department counts the cash, prepares the deposit slip and deposits the cash in the bank. O The mai es gives che The mail clerk gives checks to the person who makes the bank deposit. The accounting department register with the cash count sheet. The Cashier prepares a journal quantity sold, and cash received. Comparing the cash in the register with the...
Please help me answer
GUS201- Financial Accounting ter 7 - Internal Control Class Exercise Nathan Jacobs has worked for Carlson Associates for several years. Nathan demonstrates a loyalty that is rare among employees. He hasn't taken a vacation in the last three years. One of Nathan's primary duties at the practice is to open the mail and list the checks received He also takes cash from customer's as they leave their appointment. At times it is so hectic that Nathan...
23-24For the following situations, state whether it represents a strength or weakness in internal control and give the reason for your answer. 23. The bookkeeper opens the mail, makes the deposit, and makes the journal entries to record receipt of the cash and checks. 24. The movie theater has the following policy. Tickets are sold by the cashier. The ticket stubs are collected by the ticket taker. The ticket stubs are stored in a locked box, and the accounting personnel...
3. Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are: Establishment of responsibility Segregation of dutics Documentation procedures Physical, mechanical, and clectronic controls Independent internal verification Other controls Instructions Match the above principles to the following applications related to cash receipts and cash disbursements by placing the code in the space provided. Each code letter can be used once, more than once, or not at all 1. The duties of...
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