Statement no |
Correct match |
1 |
E. Bank Reconciliation |
2 |
D. Voucher System |
3 |
A. Principles of internal control |
4 |
H. Days sales uncollectable |
5 |
F. Liquidity |
6 |
J. Gross method |
7 |
C. Net method |
8 |
I. Purchase order |
9 |
B. Receiving report |
10 |
B. Cash over and Short |
L. (10 Points) Match each of the following terms with the appropriate definitions. A. Principles of...
Version A 17. A voucher is an internal document or file A) Prepared for each sales transaction. B) Used as a substitute C) That serves as proof of authority to pay cash or for an invoice if the supplier fails to send one. issue an electronic funds transfer for a purchase. D) That takes the place of a check the cash 18. An analysis of the items and amounts creating the difference between ledger is a(n): bank statement and the...
Match the following statements to the appropriate terms. Segregation of duties. Cash that is not available for general use, but instead is limited to a particular purpose. Two or more employees circumventing prescribed procedures. Prevent a transaction from being recorded more than once. Checks which have been returned by the maker's bank for lack of funds. Checks which have been paid by the depositor's bank. A projection of anticipated cash flows. Anything that a bank will accept for deposit. Physical...
Match each of the following principles of internal control with the appropriate description below. A. Establishment of responsibility B. Segregation of duties C. Documentation procedures D. Physical controls E. Independent internal verification F. Human resource controls _____ 1. Involves the review, comparison, and reconciliation of data prepared by other employees. _____ 2. Provide evidence that transactions and events have occurred. _____ 3. Includes the authorization and approval of transactions. _____ 4. Rotating employees' duties and requiring employees to take vacations....
1.(10 Points) Match each of the following terms a through j with the appropriate definition A. Specific identification method B. Days' sales in inventory C. Conservatism constraint D. Inventory turnover E. Retail inventory method F. Interim statements G. Net realizable value H. LIFO method I. Weighted average inventory methocd J. FIFO method The accounting constraint that aims to select the less optimistic estimate when two or more estimates are about equally likely. ー1 . 2. The expected sales price of...
Part 1: The following procedures were recently installed by Raspberry Creek Company: After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for...
เล. SYSTEM DOCIENTATON--EXPENDITURE CYCLE (MANUAL PROCEDURES) The folowing describes the expenditure cycle manual procedures for a hypothetical company. The inventory control clerk examines the inventory records for items that must be replenished and prepares a two- part purchase requisition Copy 1 of the requisition is sent to the purchasing department, and Copy 2 is fied. Upon receipt of the requisition, the purchasing clerk selects a supplier from the valid vendor file (reference fie) and prepares a three part purchase order...
Current Attempt in Progress The following control procedures are used in Bunny's Boutique Shoppe for cash disbursements. (a) For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. Procedure Weakness Principle Violated 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. 2. The store manager personally approves all payments before she signs and issues checks. Use of cash instead of checks; no...
The following control procedures are used in Bunny's Boutique Shoppe for cash disbursements. (a) For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. Procedure Weakness Principle Violated 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. 2. The store manager personally approves all payments before she signs and issues checks. The store purchases used goods for resale from people that bring...
Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register.The store manager personally approves all payments before she signs and issues checks.The store purchases used goods for resale from people that bring items to the store. Since that can occur anytime that the store is open, all employees are authorized to purchase goods for resale by disbursing cash from the register.The purchase is documented by having the store employee write on a...
Pick one of the following and describe a control procedure. Basically, each one has more than one control that can be implemented. What internal control procedure(s) would provide protection against the following threats? Theft of goods by the shipping dock workers, who claim that the inventory shortages reflect errors in the inventory records Posting the sales amount to the wrong customer account because a customer account number was incorrectly keyed into the system Making a credit sale to a customer...