Homework Answers
| Option A is the answer | |
| Remittance advice is the acknowledgement document sent by the customer to the seller about the invoice and payment amount which is being sent along with that |
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The document a customer returns with their payment and that identifies the source and the amount...
The Internal Audit Director has asked you to document the cash receipts system (which includes updating...
The Internal Audit Director has asked you to document the cash receipts system (which includes updating of A/R) at FreeFall, Inc A narrative of the system follows: FreeFall, Ine sells parachutes. An individual may come into the office and buy directly. When the customer comes to the office, they pay at time of purchase by cash or check. Other orders are made by mail and receipts come into the mailroom. Only checks are received by mail. In most cases, a...
The Internal Audit Director has asked you to document the cash receipts system (which includes updating...
The Internal Audit Director has asked you to document the cash receipts system (which includes updating of A/R) at FreeFall, Inc A narrative of the system follows: FreeFall, Ine sells parachutes. An individual may come into the office and buy directly. When the customer comes to the office, they pay at time of purchase by cash or check. Other orders are made by mail and receipts come into the mailroom. Only checks are received by mail. In most cases, a...
Which of the following is not a source document? Which of the following is not a...
Which of the following is not a source document?
Which of the following is not a source document? Select one: A. Bank check B. Invoice sent to customer C. Account in general ledger D. Lease contract Save Answers < Previous
Mail is delivered every day by noon to the mail room of Alex Corp, a privately-owned manufacturer. Customer payments are...
Mail is delivered every day by noon to the mail room of Alex Corp, a privately-owned manufacturer. Customer payments are by check are enclosed in distinctive blue envelopes. The mail clerk separates those envelopes from all other mail. The clerk sends the unopened envelopes to the treasurer’s office. The treasurer opens the envelopes and compares the check amounts with the enclosed remittance advice. The treasurer endorses all checks, “For deposit”, prepares a 2-part list of all payments from customers, The...
Mail is delivered every day by noon to the mail room of Alex Corp, a privately-owned manufacturer. Customer payments are...
Mail is delivered every day by noon to the mail room of Alex Corp, a privately-owned manufacturer. Customer payments are by check are enclosed in distinctive blue envelopes. The mail clerk separates those envelopes from all other mail. The clerk sends the unopened envelopes to the treasurer’s office. The treasurer opens the envelopes and compares the check amounts with the enclosed remittance advice. The treasurer endorses all checks, “For deposit”, prepares a 2-part list of all payments from customers, The...
The following figure applies to Questions 29-33 Mailroom Cash receipts Accounting Bank Open Remittance advice Customer...
The following figure applies to Questions 29-33 Mailroom Cash receipts Accounting Bank Open Remittance advice Customer check Deposit/ checks Journalize Prepare deposit/ _29. Based on the systems flowchart above: a. The company uses general ledger software for journal entries. b. The company's cash payments process has strong separation of duties c. Duties are appropriately separated between the mailroom, cash receipts and accounting d. The company makes daily cash deposits. ___30. Which of the following problems is evident in the systems...
Ashton Fleming has asked you to document the cash receipts system at S&S. Ashton's narrative of...
Ashton Fleming has asked you to document the cash receipts system at S&S. Ashton's narrative of the system follows: Customer payments include cash received at the time of purchase and payments received in the mail. At day's end, the treasurer endorses all checks and prepares a deposit slip for the checks and the cash. A clerk deposits the checks, cash, and deposit slip at the local bank each day. When checks are received as payment for accounts due, a remittance...
34 What is remittance advice for? A To indicate lemow pald B. Ta identity good received...
34 What is remittance advice for? A To indicate lemow pald B. Ta identity good received c. To vice remittances received D. for notification of goods dise d What is the purpose of purchase inwolce? A. To claim back the VAT To identify the pods bought c. To record how much is cwed to the creditor D. To record how much is owed to the debtor (A) ab and conly C band only D) a and only wly follow In...
Reference the narrative for Figure 3-12(picture 1) to complete picture 2 the missing labels and data flows. ...
Reference the narrative for
Figure 3-12(picture 1) to complete picture 2 the missing labels and
data flows.
3.12 Charting, Inc., a new audit client of yours, processes its sales and cash receipts documents in the following manner: 1 Payment on account. Each morning a mail clerk in the sales department opens the mail. The mail clerk prepares a remittance advice (showing customer and amount paid) if one is not received. The checks and remittance advices are then for warded to...
5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject...
5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject to the following terms: FOB shipping point, 2/10, n/30. The seller prepays the $50 shipping charges and bills the customer, (seller pays Cash). Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer for merchandise costing $500 that is returned. The correct amount is received within the discount period. Record the foregoing transactions of the seller in...
The Internal Audit Director has asked you to document the cash receipts system (which includes updating of A/R) at FreeFall, Inc A narrative of the system follows: FreeFall, Ine sells parachutes. An individual may come into the office and buy directly. When the customer comes to the office, they pay at time of purchase by cash or check. Other orders are made by mail and receipts come into the mailroom. Only checks are received by mail. In most cases, a...
Which of the following is not a source document?
Which of the following is not a source document? Select one: A. Bank check B. Invoice sent to customer C. Account in general ledger D. Lease contract Save Answers < Previous
The following figure applies to Questions 29-33 Mailroom Cash receipts Accounting Bank Open Remittance advice Customer check Deposit/ checks Journalize Prepare deposit/ _29. Based on the systems flowchart above: a. The company uses general ledger software for journal entries. b. The company's cash payments process has strong separation of duties c. Duties are appropriately separated between the mailroom, cash receipts and accounting d. The company makes daily cash deposits. ___30. Which of the following problems is evident in the systems...
Ashton Fleming has asked you to document the cash receipts system at S&S. Ashton's narrative of the system follows: Customer payments include cash received at the time of purchase and payments received in the mail. At day's end, the treasurer endorses all checks and prepares a deposit slip for the checks and the cash. A clerk deposits the checks, cash, and deposit slip at the local bank each day. When checks are received as payment for accounts due, a remittance...
34 What is remittance advice for? A To indicate lemow pald B. Ta identity good received c. To vice remittances received D. for notification of goods dise d What is the purpose of purchase inwolce? A. To claim back the VAT To identify the pods bought c. To record how much is cwed to the creditor D. To record how much is owed to the debtor (A) ab and conly C band only D) a and only wly follow In...
Reference the narrative for
Figure 3-12(picture 1) to complete picture 2 the missing labels and
data flows.
3.12 Charting, Inc., a new audit client of yours, processes its sales and cash receipts documents in the following manner: 1 Payment on account. Each morning a mail clerk in the sales department opens the mail. The mail clerk prepares a remittance advice (showing customer and amount paid) if one is not received. The checks and remittance advices are then for warded to...
5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject to the following terms: FOB shipping point, 2/10, n/30. The seller prepays the $50 shipping charges and bills the customer, (seller pays Cash). Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer for merchandise costing $500 that is returned. The correct amount is received within the discount period. Record the foregoing transactions of the seller in...
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