Homework Answers
The important internal control procedure for cash includes:-
a) Bank reconciliation
This is due to the fact that matching cash balances with bank statement will reveal any hidden discrepancies in accounts.
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Which of the following is an important internal control procedure for cash? Select one: a. Bank...
Which of the following does NOT qualify a cash control procedure? Select one: O a. Regular...
Which of the following does NOT qualify a cash control procedure? Select one: O a. Regular bank reconciliations O b. Keeping unbanked cash in a locked safe c. Managing director keeps the accounting records O d. Cheques countersigned Clear my choice
The cornerstone of the internal control of cash is: Select one: O a. A petty cash...
The cornerstone of the internal control of cash is: Select one: O a. A petty cash system O b. The bank reconciliation O c. The double entry accounting system O d. A strong safe
Brief Exercise 7-4 Rolling Hills Ltd. has the following internal controls over cash payments. Identify the...
Brief Exercise 7-4 Rolling Hills Ltd. has the following internal controls over cash payments. Identify the control activity that is applicable to each procedure. 1. Company cheques are prenumbered. 2. The bank statement is reconciled monthly by the assistant controller. 3. Blank cheques are stored in a safe in the controller's office. Both the controller and the assistant controller are required to sign cheques or authorize electronic payments. 5. Cheque signers are not allowed to record cash payments. 6. All...
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...
The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. (a) For each...
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. select the weakness in internal control Use...
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts....
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day's receipts. 4. At...
Current Attempt in Progress The following control procedures are used in Bunny's Boutique Shoppe for cash...
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...
Which of the following is an element of internal control? Select one: O A. Control environment...
Which of the following is an element of internal control? Select one: O A. Control environment O B. Control procedures O C. None of the above O D. All of the above
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness...
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts 1. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. 2. One employee with many years of experience is solely in charge of opening cash receipts received by mail. 3. All sales transactions, even those for less than $1, are recorded on a cash register. 4. Two employees are tasked with opening mail that contains...
18.You will have an unresolved reconciliation amount- Select one: a. when an account is not balanced...
18.You will have an unresolved reconciliation amount- Select one: a. when an account is not balanced b. when you have not entered bank charges for the month c. when a ledger is not balanced d. when the total debits and credits are not equal 19.You would use deposit reference no. when a single bank statement entry – Select one: a. shows that more than one signature is needed to authorize bank transactions b. shows that several cheques were deposited at...
Which of the following does NOT qualify a cash control procedure? Select one: O a. Regular bank reconciliations O b. Keeping unbanked cash in a locked safe c. Managing director keeps the accounting records O d. Cheques countersigned Clear my choice
The cornerstone of the internal control of cash is: Select one: O a. A petty cash system O b. The bank reconciliation O c. The double entry accounting system O d. A strong safe
Brief Exercise 7-4 Rolling Hills Ltd. has the following internal controls over cash payments. Identify the control activity that is applicable to each procedure. 1. Company cheques are prenumbered. 2. The bank statement is reconciled monthly by the assistant controller. 3. Blank cheques are stored in a safe in the controller's office. Both the controller and the assistant controller are required to sign cheques or authorize electronic payments. 5. Cheque signers are not allowed to record cash payments. 6. All...
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day's receipts. 4. At...
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...
Which of the following is an element of internal control? Select one: O A. Control environment O B. Control procedures O C. None of the above O D. All of the above
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts 1. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. 2. One employee with many years of experience is solely in charge of opening cash receipts received by mail. 3. All sales transactions, even those for less than $1, are recorded on a cash register. 4. Two employees are tasked with opening mail that contains...
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