1. Explain why the system of internal control is important for a company

Q: A petty cash system is designed to a. cash checks for employees b. handle cash sales c. pay small…

A: Petty Cash: This is the money that any business keeps aside for small expenses incurred in the…

Q: Which of the following considered cash receipt control principles: Select one: O a. Cash receipt can…

A: Cash receipt control principles means those principle which help business to control the receipts of…

Q: Understanding Sarbanes-Oxley and identifying internal control strengths and weaknesses The following…

A: An internal control is a procedure or policy put in place by management to safeguard assets, promote…

Q: The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a)…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Answer the following questions about internal control over cash payments:1. Payment by check…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: This refers to a bank that has agreement with the clearinghouse to exchange checks. A.…

A: Hi student since you have asked multiple questions, we are solving the 1st independent question…

Q: Which of the following is a reason that businesses use bank accounts as part of their internal…

A: Internal control system is a preventive measure used by the company to stop the frauds and errors…

Q: Which of the following is issued by a company to the responsible staff in order to establish a petty…

A: The petty cash fund is established for daily basis small cash expenses of the business.

Q: Which of the following is not used by a company to manage cash receipts efficiently? A-…

A: The company requires cash for the long-term and short-term requirements. Efficient cash management…

Q: Which of the following is/are true? Multiple Choice The primary goal of internal controls for cash…

A: The internal control is maintained by management.

Q: Applying internal control over cash receipts by mail Review the internal controls over cash receipts…

A: Internal control is organisational plan and all the related measures adopted by an entity to…

Q: With good internal controls, the person who handles cash can also Account for cash payments.…

A: Good internal controls are the policies which help in providing true and fair representation of the…

Q: Is there a way to verify that cash equivalents are properly classified? If so, how would it fit into…

A: Cash Equivalents means any short-term investment securities with maturity periods of 90 days or…

Q: internal controls over cash receipts and cash payments. Identify and discuss the similarities and…

A: lnternal control are  methods that are ensure  the proper safeguarding of assets are necessary to…

Q: The owner of Zeke's Landscaping Designs just hired an office manager to handle all the office…

A: Internal control principles state that a single person would not be allowed the work of transaction…

Q: What type of internal controls would ensure proper classification of cash equivalents and how would…

A: Cash equivalents represent the current assets which are highly liquid. These are usually less risky…

Q: How do businesses control cash receipts over the counter?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Answer the following questions to ponder: 1. What is the purpose of internal controls? 2. What…

A: An internal control is a plan of organisation for your business. It co-ordinates all systems used in…

Q: What controls can be used: a) to make sure cash accounts are accurate b) to make sure cash…

A: Control is a very important function of all types of organization. It helps in safeguarding the…

Q: Which of the following statement is prepared to identify the discrepancies between the cash balance…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: internal control principle

A: Internal control principles are standards to be adhered while performing organizational activities…

Q: Some strategies in management can use to implement controls to ensure the integrity and existence of…

A: Fraud refers to any wrongful act done by a person which may result in financial loss to the…

Q: Cash control systems are the methods and procedures used to ensure --   a. That current obligations…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: What is bank reconciliation? 2. What are credit memos and discuss the treatment in the preparation…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: The voucher system of control: Multiple Choice Establishes procedures for receiving checks for the…

A: A voucher system is a technique of approving the distribution of money. A voucher is completed,…

Q: Identify each of the following statements as either true or false. A voucher system of control is a…

A:

Q: Describe the nature of a bank account and its use in controlling cash. A major reason that companies…

A: Bank account of a business means account maintained by the business with a particular bank. Business…

Q: Which of the following is an effective internal control for cash payments? A.Payments should be…

A: Cash is one of the important current asset of the business. It's valuation and management is very…

Q: 1. As an accountant, why you need to study the revenue cycle? 2. If you are going to audit the cash…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What internal control functions are performed by a cashregister and point-of-sale system? How are…

A:

Q: Where do I find a businesses internal controls over cash receipts and cash payments?

A: Because cash is by far the most flexible of all assets, a business firm cannot survive or even…

Q: An accounting manager, who has full access to a Company’s accounting system also has access to the…

A: Internal control helps management to maintain and control the business operations so that business…

Q: With good internal controls, the person who handles cash can also a. account for cash payments. b.…

A:

Q: Applying internal control over cash payments by check A purchasing agent for Franklin Office…

A: An internal control is a policy used by management to prevent the managers & employees from…

Q: Ensuring internal control over the collection of receivables Consider internal control over…

A: In order to prevent the cash frauds, the following jobs must be withheld from a company’s credit…

Q: Knowledge Check 01 Which of the following is a correct statement regarding control of…

A: Over-the counter receipts: It refers to the process of trading the securities for the companies not…

Q: The purpose of bank reconciliation a) None of the answers are correct b) These will include checking…

A: By summarizing banking and business activity, a bank reconciliation statement reconciles an entity's…

Q: Some strategies in management can use to implement controls to ensure the integrity and existence of…

A: Lapping fraud involves an employee who adjusts accounts receivable accounts and thereby hides the…