Homework Answers
29) c) Duties are appropriately separated between the mailroom cash receipts and accounting
A, B, D options are not sutable because in the diagram it is clearly mentioned that the works are seggrated between the three departments
30) B) the accounting department should the customer check to prepare journal entries
31) A) debit cash and credit account receivable
32) C) both i and ii
33) the mailroom
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The following figure applies to Questions 29-33 Mailroom Cash receipts Accounting Bank Open Remittance advice Customer...
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...
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...
Refer to the system flowchart and identify the internal control risks represented in it: Mail Room...
Refer to the system flowchart
and identify the internal control risks represented in it:
Mail Room Clerk 1 Mail Room Clerk 2 Accounts Receivable Department Remittance Advice Check Remittance Advice Check Check Remittance List Remittance Advice AR Sub Ledger Open Mail and Reconcile Remit advice and Check Prepare Remittance List Distribute RA and Checks Reconcile, Record in Journal, and Accounts, Deposit Cash Cash Receipts Journal Remittance Advice Check Remittance List AR Control GL Cash Check Remittance List Remittance Advice Deposit...
Sales Credit Billing Customer Cash Receipt Credit Copy Warehouse Approved Credit Copy Customer Customer Order Invoice...
Sales Credit Billing Customer Cash Receipt Credit Copy Warehouse Approved Credit Copy Customer Customer Order Invoice Packing Slip Authorize Customer's Credit Check Stock Release Update Sales Journal Remittance Advice Prepare Sales Order Prepare Invoice and Bill Customer Pick Goods and Prepare Bill of Lading Sales Journal Reconcile Check with Remittance Advice Remittance Advice Credit Copy Иил Approved Credit Copy Bill of Lading Update Cash Receipt Journal and Deposit Check Packing Slip Invoice 1 Bill of Lading Update AR Sub Ledger...
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...
Company: Sea Safari Tours Process Scenario: Sea Safari Tour’s manager describes the cash receipts process as:...
Company: Sea Safari Tours Process Scenario: Sea Safari Tour’s manager describes the cash receipts process as: Customer payments to Sea Safari Tours include cash received at the time of initial Tour’s purchase and, over time, mailed account payments are sent in by customers with a remittance slip (that are received together in the US Post Office mail delivery). At day's end, the Controller endorses all checks and prepares a deposit slip for the checks and the cash. An accounting supervisor...
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...
UA COmpany must roenny ns risRS 11. Rearranging plain-text messages by a mathematical process is known...
UA COmpany must roenny ns risRS 11. Rearranging plain-text messages by a mathematical process is known as A) password B) phishing С) encryption D) virus 12. Two or more people working together to circumvent internal controls and defraud a company is known as A) encrуption B) firewall ) collusion D) separation of duties 13. Which of the following is the last step in the daily control over cash receipts by mail? A) A mailroom employee sends all customer checks to...
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...
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...
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...
Refer to the system flowchart
and identify the internal control risks represented in it:
Mail Room Clerk 1 Mail Room Clerk 2 Accounts Receivable Department Remittance Advice Check Remittance Advice Check Check Remittance List Remittance Advice AR Sub Ledger Open Mail and Reconcile Remit advice and Check Prepare Remittance List Distribute RA and Checks Reconcile, Record in Journal, and Accounts, Deposit Cash Cash Receipts Journal Remittance Advice Check Remittance List AR Control GL Cash Check Remittance List Remittance Advice Deposit...
Sales Credit Billing Customer Cash Receipt Credit Copy Warehouse Approved Credit Copy Customer Customer Order Invoice Packing Slip Authorize Customer's Credit Check Stock Release Update Sales Journal Remittance Advice Prepare Sales Order Prepare Invoice and Bill Customer Pick Goods and Prepare Bill of Lading Sales Journal Reconcile Check with Remittance Advice Remittance Advice Credit Copy Иил Approved Credit Copy Bill of Lading Update Cash Receipt Journal and Deposit Check Packing Slip Invoice 1 Bill of Lading Update AR Sub Ledger...
UA COmpany must roenny ns risRS 11. Rearranging plain-text messages by a mathematical process is known as A) password B) phishing С) encryption D) virus 12. Two or more people working together to circumvent internal controls and defraud a company is known as A) encrуption B) firewall ) collusion D) separation of duties 13. Which of the following is the last step in the daily control over cash receipts by mail? A) A mailroom employee sends all customer checks to...
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...
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