Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting documents for completeness and accuracyb. prepare checksc. approve the liabilityd. mark the supporting documents paid

What is included in the journal entry necessary to record the collection of the cash for a previously recorded credit sale?

To gather audit evidence related to accounts receivable, the client should mail the confirmation requests.  TRUE OR FALSE? WHY?

Describe and use the cash receips journal. What steps are followed in posting from the cash receipts journal to the accounts receivable ledger?

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

Distinguish among the following: (1) a general checkingaccount, (2) an imprest bank account, and (3) a lockboxaccount.

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

Which of the following is not a reason why paying by check is an important internal control? A. The check must be signed by an authorized official. B. The check provides a record of the payment. ○ C. Before signing the check, the purchasing agent reviews the invoice or other evidence supporting the payment. OD. All of the above statements are correct.

In testing controls over cash disbursements, an auditor most likely would determine that the person who signs the check also: A. Approves the voucher for payment. C B. C. D. Stamps, perforates or otherwise cancels supporting documents. Returns the checks to accounts payable. Is denied access to the supporting documents.

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.