dentify the three activities that pertain to a petty cash fund, and indicate an internal control principle that is applicable to each activity.

A common audit procedure to verify the existence assertion of cash account balances is: a. examining evidence over the authorization of cash disbursement b. examining evidence of the separation of duties between the receipts of cash payments and posting to the accounts receivable subsidiary records c. Standard Bank Confirmation form d. none of these

10. Who, among the following, limits the size of the expenditure to be paid from petty cash fund? a. Manager b. Customer c. Petty cash custodian d. Supplier

An auditor is considering whether the amount of cash is accurately recorded on the financial statements. All of the following are appropriate engagement procedures for the objective except A. Examining bank reconciliations and confirming bank balances. B. Comparing cash receipt lists with the receipts journal and bank deposit slips. C. Adding totals of reconciliations and comparing with cash account balances. D. Verifying cutoff of receipts and disbursements.

List at least 5 control measures per principle of control activities which an organization may implement to establish internal control procedures. What internal control features exist in a petty cash fund?

Enumerate the similarities and differences in audit procedures and objectives in cash and cash equivalent and receivables .

Internal controls associated with the purchases and cash disbursements cycle include:   A Separation of duties. B Adequate documentation. C Both separation of duties and adequate documentation. D Neither separation of duties nor adequate documentation.