FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Which of the following statements are true regarding the control of cash receipts and cash payments? Custody over cash should be separate from the recordkeeping of cash.
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- At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the collections in the journal and ledger. Which of the following is the best explanation of this type of internal control principle over cash receipts? Physical controls. Documentation procedures. Mechanical controls. Segregation of duties.arrow_forwardExplain the possible restrictions on cash and their implications for classification in the balance sheet.arrow_forwardDefine restricted cash and indicate how it should bereported on the balance sheetarrow_forward
- Define Restricted Cash and Compensating Balances.arrow_forwardat the time of replenishment, why are the totals of individual expenses debited? explain the relationship of the auxiliary petty cash record to the recording of the cash payment explain how cash short and over can be miscellaneous expensearrow_forwardAccounting information systems have five generic parts. Outputs of the purchases and cash disbursements can include: A Schedule of accounts payable. B Checks. C Both schedule of accounts payable and checks. D Neither schedule of accounts payable nor checks.arrow_forward
- Which of the following statements are true regarding the control of cash receipts and cash payments? One key to controlling cash payments is to require that no expenditures be made by check; instead, all expenditures should be made from petty cash.arrow_forwardWhat is the importance of each assertion in the audit of cash?arrow_forwardwhy is petty cash fund deducted in the book balance of the entity when making bank reconciliation?arrow_forward
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