All of the following are documents used for inventory control except Oa. a receiving report. Ob. a petty cash voucher Oc. a vendor's invoice.
Q: Which is false concerning use of special journals? Select one: a. Purchase of any items on account…
A: Cash disbursement journal contains the record of all payments made for incurring any cash…
Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…
A: Periodic inventory system: Under this system, the inventories are updated periodically. At the end…
Q: Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and…
A: Answer: Following is the Cash Receipts Journal:
Q: the home office records inventory shipments to the branch by debiting the "shipments to branch…
A: The shipment to branch accounts of the home office is a “contra purchases” account on the books of…
Q: Explain two methods that an organization could use to monitor its balances of : Cash Accounts…
A: Current assets - These are those assets that the company owns and expects to convert into cash…
Q: Which of the following statements concerning internal control procedures for merchandise sales is…
A: Internal control procedures for the sale of merchandise is important and it must include the…
Q: Sales ledger control Account is known to have a debit balance. Explain, using numerical example why…
A: The purpose of a control account is to double check the total balances that are posted in the…
Q: Journal entries commonly processed as part of the purchases and cash disbursements can include: A…
A: Purchases of the business includes goods and services purchased for the business. It can be on cash…
Q: Why do companies use sequential prenumbering for documents such as checks, sales invoices, and…
A: Pre numbered documents are a main feature of an internal control system. The pre numbering of…
Q: A characteristic that all entries recorded in a cash receipts journal have in common is Select one:…
A: Correct option is C i.e. a debit to the cash account
Q: hich of the following assets require the strongest of internal controls…
A: Internal control is an internal mechanism to control internal working and make them efficient.
Q: Which document authorizes the purchase of the inventory from an approved vendor? the petty cash…
A: A company purchases inventory works on it and sells them as finished product. So purchase plays an…
Q: Which of the following would not be an appropriate heading for a column in the cash receipts…
A: Cash receipt journal records the receipt of cash from sales to customers. Cash receipt journal…
Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…
A: Internal control: Internal control is a process which ensures continuous reliability of…
Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…
A: Cash Disbursement System: The cash disbursement system carries out the responsibility of…
Q: Which statement about Revenue Cycle is correct?
A: The revenue cycle begins with providing a product or service and ends when the invoice is paid in…
Q: Using the five journals as named here: . Sales, Purchases, Cash Receipts, Cash Disbursements, and…
A: In periodic system of accounting, the cost of goods sold and inventory adjustment is done at the end…
Q: Which of following functions should be segregated?a. opening the mail and recording cash receipts in…
A: Internal control is an important part of every organization. It helps in maintaining the efficiency…
Q: Which of the following is a control objective over sales? O a. None of the options O b. Compare…
A: The question is multiple choice question regarding control objective over sales.
Q: An automobile parts retailer purchases merchandise inventory for cash. When using a manual…
A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…
Q: Which task must still require human intervention in an automated purchases/cash disbursements…
A: Cash disbursement: Cash disbursement refers to the outflow of cash paid in exchange for provision of…
Q: An auditors would vouch copies of sales invoices to shipping documents in order to determine that:…
A: The auditing is a process to analyze the financial statements of the business.
Q: Which of the following balance sheet items are commonly associated with the purchases and cash…
A: The balance sheet is one of the financial statements of a company, that is, prepared at the end of…
Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry
A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…
Q: Accounting information systems have five generic parts. Outputs of the purchases and cash…
A: Accounting is the process of recording, classifying and summarising all financial information in…
Q: What is the reason for ensuring that every copy of a vendor's invoice has a receiving report? O To…
A: Audit is the process of checking and examining books of account of the business, so that it can be…
Q: When the store manager receives a requisition note, he issues three copies of purchase order. Two…
A: Internal control: Internal control is a procedure used by a company's board of directors,…
Q: Confirmations are used to verify the following, except * accounts receivable accounts…
A: Audit is the detailed process of checking anf verifying books of accounts and financial information…
Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the…
A: Answer: Option C Accounts Payable Subsidiary ledger is Correct.
Q: A cash sale is recorded in the: A sales journal B purchase journal c) cash receipts journal D cash…
A: Cash book is maintained by the firms to record all the cash transactions. These may be cash sales,…
Q: Which document is NOT prepared by the sales department? a. packing slip b. shipping notice c. bill…
A:
Q: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: What steps are followed in posting from the cash receipts journal to the general ledger?
A: (1) Cash receipts journal can also be called as the accounting journal that is considered as the…
Q: Describe how prenumbered shipping papers and sales invoices may be effective controls for avoiding…
A: Prenumbering: It refers to the technique of giving numerical identifiers to documents that may be…
Q: The following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt…
A: An internal control questionnaire is a document that an auditor distributes to a company's staff…
Q: Explain how prenumbered shipping documents and sales invoicescan be useful controls for preventing…
A: Prenumbering: It refers to the process of assigning of numbers to documents which can be identified.
Q: Match each document in a voucher system with its description. Document 1. Purchase requisition 2.…
A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…
Q: ich of the following account will be least likely involved in the purchasing sub-process of the…
A: Solution: Purchasing and disbursement cycle is the cycle in which purchasing needs of a business are…
Q: Which of the following is not an example of safeguarding inventory? a. physical devices such as…
A: From the given options, option (b) is the correct answer: Explanation: Returning inventory…
Q: Which of the following documents associated with the purchases and cash disbursements cycle is most…
A: Answer:- Journal entry meaning:- A journal entry is the act of recording or keeping track of any…
Q: Which of these arrangements of duties could most likely lead to an embezzlement or theft?a. The…
A:
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- Which of following functions should be segregated?a. opening the mail and recording cash receipts in the journalb. authorizing credit and determining reorder quantitiesc. shipping goods and preparing the bill of ladingd. providing information on inventory levels and reconciling the bank statementWhich task must still require human intervention in an automated purchases/cash disbursements system? a. determination of inventory requirements b. preparation of a purchase order c. preparation of a receiving report d. preparation of a check registerudding Search for Corporat... Which document authorizes the purchase of the inventory from an approved vendor? the petty cash voucher the receiving report the purchase order the vendor's invoice
- Which one of the following departments does not have a copy of the purchase order?a. the purchasing departmentb. the receiving departmentc. accounts payabled. general ledgerWhich of the following documents associated with the purchases and cash disbursements cycle is most likely to lead to a journal entry that debits inventory and credits accounts payable? A Purchase requisition, purchase order and receiving report B Purchase order, receiving report and invoice C Purchase requisition, receiving report and invoice D None of thesethe home office records inventory shipments to the branch by debiting the "shipments to branch account" a. true b. false
- 4. Indicate which department-accounts payable, cash disbursements, data processing, purchasing, inventory, or receiving- has ownership over the following files and registers: a. open purchase order file b. purchase requisition file C. open purchase requisition file d. closed purchase requisition file e. inventory f. closed purchase order file g. valid vendor file1. Why should the function of requisitioning the purchase of goods be segregated from the function of issuing purchase orders? 2. Explain how an automated matching process works regarding the payment of accounts payable 3. What control objective is addressed by having prenumbered receiving documentsWhich duties should be segregated? a. matching purchase requisitions, receiving reports, and invoices and authorizing payment b. authorizing payment and maintaining the check register c. writing checks and maintaining the check register d. authorizing payment and maintaining the accounts payable subsidiary ledger
- A. Occurrence B. Completeness C. Rights and obligationsD. Allocation or valuationE. ClassificationF. ExistenceG. CutoffH. AccuracyI. UnderstandabilityFor each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space below.___ 1. Match shipping documents with sales invoices before a sale is recorded.___ 2. Balance total of individual customers' receivables with the control account.___ 3. Sales manager approves taking discounts.___ 4. Computer check for billing the quantity shipped, list price, and total.___ 5. Account for numerical sequence of pre-numbered shipping documents.Which of the following is most likely to be a general ledger control account? Select one: O a. Prepaid Rent O b. Petty Cash O c. Owners Equity O d. Sundry DebtorsWhich function should the billing department NOT perform? a. record the sales in the sales journal b. send the ledger copy of the sales order to accounts receivable c. send the stock release document and the shipping notice to the billing department as proof of shipment d. send the stock release document to inventory control
