company with an efficient way to handle small payments of cash

3. Which of the following is inappropriate aggregation? A. Cash and cash equivalents (Cash on hand and time deposits) B. Trade. and other receivables (Notes receivable and advances to employees) C. Trade and other payables (Notes and bonds payable) D. Provisions (Liability from pending litigation and purchase

Which of the following does not show good cash management regarding the controls over cash disbursements? Use a petty cash fund to make only small expenditures. Make all major disbursements by check. Combine the handling of receiving bills, writing checks, and signing checks to one person. Prepare bank reconciliations in a timely manner. All the above shows good cash management controls over cash disbursements. A. В. C. D. E.

Which of the following is an effective internal control for cash payments? A.Payments should be authorised before they are made B.Payments to suppliers should be made as quickly as possible C.An experienced accountant should have total responsibility for all cash payment functions D.Supporting documentation should be destroyed immediately afterpayment to avoid incorrectly paying twice

Q.1.4 Petty cash transactions are defined as any transaction that causes a decrease in the:(a) Cash on hand in the bank account;(b) Cash on hand in the petty cash box;(c) Cash float in the cash register;(d) None of the above.(1)   Q.1.5 In“D column is used for:      (a) The name of the debtor;(b) The name of the creditor;(c) The name of the contra account where applicable;(d) The name of the owner. Q.1.6 Sold goods on credit to Debtor A Jones for R15 000 (VAT exclusive) less 7.5% trade discount. Which amount will be posted to the sales account?(a) R15 000;(b) R13 875;(c) R12 509;(d) R7 500.Q.1.7 Which one (1)(a) Original credit note;(b) Original credit invoice;(c) Duplicate credit invoice;(d) Duplicate credit note.

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

4. Which of the following audit procedures is most appropriate to address the occurrence assertion for sales? a. Confirm receivables balances. b. Perform analytical procedures. c. Review collectability. d. Confirm cash deposits in banks.

Assess the following statement as true or false. Enter T for true or F for false. 1. 2. 3. 4. Bank reconciliation is one of documentation procedure control. A cash budget contributes to more effective internal control. of segregation of duties. 5. to apply. Allow only one check signer has access to cash recording is an example The assumption of inventory method (i.e. FIFO etc.) may not match the physical flow of goods. Technology has make the perpetual inventory more popular and easier

Description: Discuss why control over receivables is not quite as important as control over cash

Solve this problem with correct solution