Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.

Q: 1. Identify two (2) ways an employee might misappropriate cash receipts.

A: Cash receipts refers to the evidence or proof of the purchase issued when the purchaser has paid in…

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

A: Here is the answer :

Q: Describe the operations of petty cash systems

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Q: The same bookkeeper should avoid contact with BOTH Accounts Receivable AND cash receipts. Explain…

A: Separation of duties or task is a technique used in internal control, under this internal control…

Q: When a petty cash fund is used, which of the following is true? *       A. The petty cashier’s…

A: Solution: "The reimbursement of the petty cash fund should be credited to the cash account" this is…

Q: A voucher system is an example of an internal control procedure over cash payments. True False

A: Voucher: It is a document that states the evidence of a business transaction.

Q: Requiring an employee who does not handle accounting records to open the mail is an example of…

A: Accounting is the process of recording, classifying and summarising accounting information. After…

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

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Q: When a petty cash fund is first established and reimbursed, the journal entries to record the…

A: when Petty cash Fund is First Establish the journal entry is   Petty cash A/c Dr.          To Cash…

Q: Why should cash receipts be deposited on the day of receipt?

A: Cash receipts refers to the money received in the form of cash on a specific date or during a…

Q: Effective control over the cash payroll function would mandate which of the following?a. The payroll…

A: Internal controls are the systems, rules, and strategies executed by an organization to guarantee…

Q: What are the steps in approach to internal control over cash receipts that utilizes separation of…

A: Cash receipts are the payment that customer receives from the sales made. The Lock-box system is…

Q: Which of the following controls would best prevent the lapping of accounts receivable?a. Segregate…

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: Consider internal control over receivables collections. What job must be withheld from a company’s…

A: In order to prevent the cash frauds, the following jobs must be withheld from a company’s credit…

Q: f an accountant mistakenly uses the General journal to record a payment of cash for a bill that is…

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Q: Which of the following is not an essential cash receipt internal control? Multiple Choice   Have…

A: Internal control means the ways of doing the business and kept a control over the activities of…

Q: Which of the following scenarios reduces the risk of an employee fraud? Group of answer choices An…

A: Accountant was in charge and knowledge of vendor balances. Hence, chances for fraud in the form of…

Q: What is a critical element of internal control in the handling of receivables by a business? Explain…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which type of source document is best for providing evidence of disbursements of funds from petty…

A: Source documents are those documents which have the physical basis and upon which the transactions…

Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: How can a proof of cash reveal unrecorded cash deposit and cash payment transactions?

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Q: How do businesses control cash receipts by mail?

A: Cash Receipts by Mail: Cash receipts are those payments that customer receives from the sales made.…

Q: How do businesses control cash receipts over the counter?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What are the common internal controls over cash receipts and cash disbursements?

A: Introduction: Internal control relates to a company's policies and plans, as well as extra efforts…

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: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: To control cash receipts and cash payments, Over-the-counter cash sales should be recorded on a cash…

Q: at the time of replenishment, why are the totals of individual expenses debited? explain the…

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

Q: why is there generally a difference between the balance in a cash account on the company's books and…

A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…

Q: What types of controls should be in place to make sure people in the office don't just take from…

A: Petty cash seems to be essentially a small sum of cash maintained on hand by a firm to satisfy…

Q: Why should the person in charge of cash receipts not also be in charge of keeping accounts…

A: Here is the answer :

Q: What internal control procedure ( s ) would provide protection against the following threats ? An…

A: Internal control: this is a procedure in auditing which helps the entity in maintaining the…

Q: Once an accounts receivable is written off does the company still pursue collection or is the…

A: Accounts receivables refer to the amount that is not yet received by the company from their…

Q: Which of the following does not belong to the group?   Petty cash fund Accounts Receivable…

A: Assets- Assets are any items of economic value that will provide future benefit and can be converted…

Q: Which of the following procedures would weaken control over cash receipts that arrive through the…

A: Solution Introduction Internal control Internal control is the policies and systems that are put in…

Q: With good internal controls, the person who handles cash can also a. account for cash payments. b.…

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Q: Which of the following statements is false with regard to a Cash Receipts Journal?:   All receipts…

A: Step 1 Cash receipts journal is the book where all the cash receipts are recorded whatsoever source…

Q: what are some forensic procedures to uncover the understatement of revenue for cash businesses?

A: This question asks about the forensic steps to bring forward the understatement of revenue,i.e.,…

Q: Where in the cash receipts process does supervision play an important role?

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Q: Which is not a key element of internal control over cash receipts? a. daily recording of all cash…

A: Solution- Considering all the small and large business it is not possible to make daily Bank…