The preparation of a bank reconciliation on a regular basis is an example of which attribute...
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The preparation of a bank reconciliation on a regular basis is an example of which attribute of internal control?
Adherence to company policies and procedures
Promote operational efficiency
Minimize irregularities, thefts or fraud
Maximize the reliability and accuracy of accounting data
Separation of record keeping from control of cash
Homework Answers
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Answer :
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Minimize irregularities, thefts or fraud |
As
Making BRS on regular basis will ensure moral check on the people involved in bank transactions and it create such an control system which will help in avoiding any kind of irregularities, theft or fraud as if any such thing will happen that will be detected at the time of preparation of BRS
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The preparation of a bank reconciliation on a regular basis is
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options: Obtain the bank reconciliation and trace deposits in transit to the cutoff bank statement....
options:
Obtain the bank reconciliation and trace deposits in transit to
the cutoff bank statement.
Scan the debits to the fixed asset accounts and agree selected
amounts to vendors' invoices and management's authorization.
Compare the details of the cash disbursement journal entries
with totals posted to the general ledger.
Prepare a schedule of interbank transfers.
Physically inspect a sample of fixed assets and trace them to
the fixed asset subsidiary ledger.
Confirm cash balances with the bank.
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options:
Obtain the bank reconciliation and trace deposits in transit to
the cutoff bank statement.
Scan the debits to the fixed asset accounts and agree selected
amounts to vendors' invoices and management's authorization.
Compare the details of the cash disbursement journal entries
with totals posted to the general ledger.
Prepare a schedule of interbank transfers.
Physically inspect a sample of fixed assets and trace them to
the fixed asset subsidiary ledger.
Confirm cash balances with the bank.
Examine the...
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