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

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

Q: Design a report to assist in managing credit sales and cash collections.

A: Managing credit sales The term "credit sales" refers to the transfer of ownership of goods and…

Q: It is inefficient to record all cash receipts in a general journal. true false

A: The general journal is the sub part of journal in which the fallowing types of transactions are…

Q: REQUIRED: IDENTFY ONE ACCOUNT AND ONE ASSERTION FOR EACH CONDITION (IDENTIFY EITHER THE DEBIT OR…

A: Journal entries: It is the duty of the accountant to record business economic and non-economic…

Q: Think about internal control over receivables collections. What task must be delegated to a…

A: Here is the answer :

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: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: To protect the assets and to enhance the accuracy and reliability of its accounting records,…

Q: up of answer choices a.The personnel in the receiving department should be separated from the…

A: the purchase you also known as account payable system and the cash disbursement cycle execute the…

Q: For each procedure, indicate the primary audit objective being satisfied: Trace entries from cash…

A: The primary objective of an audit is to check and confirm that all financial information is…

Q: Which of the following controls will help prevent skimming? a. The accounts receivable bookkeeper’s…

A: Skimming is a Fraud on cash receipt, where cash is stolen before recording it into books of accounts…

Q: Explain any five internal control activities and describe measures of internal control you would…

A: Control activities are the policies and procedures that help ensure management directives are…

Q: Which of the following control activities would best protect against the preparation ofimproper or…

A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of a business for…

Q: An effective revenue security system will help you accomplish the following important tasks: a)…

A: Revenue security refers to the procedure by which a company may match the total amount of sales with…

Q: Which of the following is an example of an input control in the expenditure cycle? a. Physical…

A: The expenditure cycle begins when a need for goods or services is identified and ends when the…

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: Which of the following is not an example of control procedures to safeguard cash received from…

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

Q: In an audit of cash receipts, fraud detection is often a primary focus. It's up to the auditor to…

A: In this audit, the auditor focuses on cash since it is the most liquid asset of the organization.…

Q: A basic procedure of internal control over cash receipts is that the deposit of the cash and the…

A: Internal controls is the procedure applicable to ensure the operational efficiency and correct…

Q: Which of the following would not be considered good internal control for cash receipts? A) Requiring…

A: Internal Control:Internal control means the procedure established, implemented and maintained by…

Q: Which of the following internal controls is the most effective in preventing employees from using…

A: Internal controls are those procedures which are implemented for achievement of objectives of…

Q: What does it mean to say that internal control has limitations and what are these limitations?

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

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: 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: What feature(s) could SEI have installed in its cash receipts internal controls that would have been…

A: Embezzlement: Embezzlement is a type of fraud, which is classified under employee fraud. It…

Q: At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the…

A: Segregation of Duties is a one of the methods of sustainable risk management and internal controls…

Q: Which of the following tests is directed towards the management assertion of completeness of sales?…

A: It is one of the fundamental accounting principles that costs and revenues should be recognized as…

Q: in testing controls over cash disbursements, an auditor most likely would determine that the person…

A: In testing controls over cash disbursements, an auditor would most likely look for evidence that the…

Q: A voucher is an internal document or file: Multiple Choice O O Used as a substitute for an invoice…

A: A voucher is a document or file used within a company to gather important information about cash…

Q: a. Identify the internal control weaknesses in the cash receipts process b. For each weakness,…

A: Internal controls are the set procedures, and mechanisms implemented by the company for better and…

Q: 1. An example of a detective control in the expenditure cycle is: A. Requiring dual signatures for…

A: Effective controls are critical in the expenditure cycle to ensure that transactions are properly…

Q: Which of the following are important elements of a cash disbursement control system? Note: Select…

A: Answer:- Cash disbursement control system meaning:- To put it succinctly, a cash disbursement…

Q: The primary form of prevention for most types of cash theft is: a. Creating checks and balances for…

A: Companies receive and make cash payments on a daily basis. In the events of these daily cash…

Q: What feature of the acquisition and expenditure control would be expected to prevent an employeefrom…

A:

Q: A list of individual accounts with a common characteristic is known as a(n): Multiple Choice…

A: Ledger accounts are the recording documents in which the company records its financial transactions.…

Q: At​ Radiant, Inc., the sales department is also responsible for recording cash transactions as it…

A: THE SEPARATION OF DUTIES IN AUDITING IS THE IDEA OF REQUIRING MORE THAN ONE PERSON TO COMPLETE…

Q: Required: Which internal control(s) would you recommend to prevent the following situations from…

A: Answer:- Internal control meaning:- Internal control encompasses the policies, procedures, and…