Homework Answers
The correct answer is: C) Managing director keeps the accounting records
Answer is C) because if a managing director keeps the accounting records he could steal cash and cover it up in the accounting system.
a) brings any discrepancies between bank records and accounting records to light in a timely manner.
b) protects unbanked cash from unauthorised access.
d) prevents fraud because different people act as monitors over each other.
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Which of the following does NOT qualify a cash control procedure? Select one: O a. Regular...
Which of the following is an important internal control procedure for cash? Select one: a. Bank...
Which of the following is an important internal control procedure for cash? Select one: a. Bank reconciliation b. Accountant has responsibility for operating the bank account c. Cheques are negotiable d. Cash of $1 million is locked away in a filing cabinet
Identify the procedure below that is NOT essential for proper control over cash receipts. Multiple Choice...
Identify the procedure below that is NOT essential for proper control over cash receipts. Multiple Choice 0 Hold all cash received during a month and make one bank deposit at the end of the month 0 Keep cash receipts in a cash register or locked cash drawer or safe. 0 Have only designated employees receive and handle cash received by the business 0 Enter cash receipts transactions in the accounting records promptly.
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
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...
1. Which of the following is not a means of strengthening cash controls? Preparing regular bank reconciliations Maint...
1. Which of the following is not a means of strengthening cash controls? Preparing regular bank reconciliations Maintaining a cash over/short account Controlling petty cash Month end close process 2. If starting with the cash balance of a company's general ledger, which of the following adjustments would not be included when completing a bank reconcilation? Add or subtract errors made in the accounting records Subtract bank service charges Add deposits in transit Add interest revenue An operating cycle may be...
12) Which of the following items used to reconcile cash does not require an adjusting entry?...
12) Which of the following items used to reconcile cash does not require an adjusting entry? A) bank service charge B) interest earned C) note collected by the bank D) outstanding cheques 13) All of the following are items that cause a difference between the bank balance and the book balance except: A) cancelled cheques. B) deposits in transit. C) outstanding cheques. D) NSF cheques. 14) If the bank mistakenly recorded a $71 deposit as $17, the error would be...
Which drawing below depicts bacillus? a wееееем Select one: o Фоа до o o o Clear...
Which drawing below depicts bacillus? a wееееем Select one: o Фоа до o o o Clear my choice My courses BIOL 2014-63378-Spring 2020 Assignments Prep 2 Where are phospholipids most likely found in a eukaryotic cell? Select one: Flagella Around organelles O Plasma membrane Ribosomes Plasma membrane and Organelles Clear my choice
E7.2 (LO 1, 2) C The following control procedures are used in Sheridan Company for cash receipts. Identify weaknesses i...
E7.2 (LO 1, 2) C The following control procedures are used in Sheridan Company for cash receipts. Identify weaknesses in internal control over cash receipts and suggest improvements. 1. To minimize the risk of robbery, cash in excess of $200 is stored in a locked metal box in the office manager's office until it is deposited in the bank. All employees know where the office manager keeps the key to the box. 2. The company has one cash register with...
Lori's Company has the following items: cash in a checking account, $4,000; cash in a savings acc...
Lori's Company has the following items: cash in a checking account, $4,000; cash in a savings account, $6,000; high- grade govemment securities due in one month (purchased last month), S3,526; accounts receivable, $3,000. How much should appear as Cash and Cash Equivalents on the balance sheet? OA, $13,526 OB. S6.000 oc· $16,726 OD, $16,526 Payment by check is an important internal control because: O A. O B. O C. the check provides a record of the payment. the check must...
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
Which of the following is an important internal control procedure for cash? Select one: a. Bank reconciliation b. Accountant has responsibility for operating the bank account c. Cheques are negotiable d. Cash of $1 million is locked away in a filing cabinet
Identify the procedure below that is NOT essential for proper control over cash receipts. Multiple Choice 0 Hold all cash received during a month and make one bank deposit at the end of the month 0 Keep cash receipts in a cash register or locked cash drawer or safe. 0 Have only designated employees receive and handle cash received by the business 0 Enter cash receipts transactions in the accounting records promptly.
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
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...
Which drawing below depicts bacillus? a wееееем Select one: o Фоа до o o o Clear my choice My courses BIOL 2014-63378-Spring 2020 Assignments Prep 2 Where are phospholipids most likely found in a eukaryotic cell? Select one: Flagella Around organelles O Plasma membrane Ribosomes Plasma membrane and Organelles Clear my choice
E7.2 (LO 1, 2) C The following control procedures are used in Sheridan Company for cash receipts. Identify weaknesses in internal control over cash receipts and suggest improvements. 1. To minimize the risk of robbery, cash in excess of $200 is stored in a locked metal box in the office manager's office until it is deposited in the bank. All employees know where the office manager keeps the key to the box. 2. The company has one cash register with...
Lori's Company has the following items: cash in a checking account, $4,000; cash in a savings account, $6,000; high- grade govemment securities due in one month (purchased last month), S3,526; accounts receivable, $3,000. How much should appear as Cash and Cash Equivalents on the balance sheet? OA, $13,526 OB. S6.000 oc· $16,726 OD, $16,526 Payment by check is an important internal control because: O A. O B. O C. the check provides a record of the payment. the check must...
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
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