Question

Which of the following represents good internal control procedures concerning Cash? A) Make sure that all...

Which of the following represents good internal control procedures concerning Cash? A) Make sure that all cash payments are made by check. b)Cash should be deposited only at the end of the month.

C) Designate a specific employee to open mail, handle cash, and record the cash.

D)Assign an employee responsibility of preparing the checks, signing the checks, and preparing the bank reconciliation

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Make sure that all cash payments are made by check represents good internal control procedures concerning Cash.
It reduces chances of any false cash payments.
Option A is correct
Choice B incorrect : Cash should be deposited at the end of the each day
Choice C incorrect : Separate employees should be assigned responsibilities to open mail, handle cash, and record the cash.
Choice D incorrect: The employees preparing and signing the checks should not be preparing the bank reconciliation
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following functions should be segregated to ensure good internal control over cash receipts?...
Which of the following functions should be segregated to ensure good internal control over cash receipts? (Select all that apply.) A. Employees involved in or have access to accounting records B. Employees involved in the reconciliation of cash book balances to bank balances. C. Employees who handle cash. D. Employees who sign check made out to vendors.
The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. (a) For each...
The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. (a) For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. Procedure Weakness Principle Violated 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. select the weakness in internal control                                                          Use...
The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. (a) For each...
The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. (a) For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. Procedure Weakness Principle Violated 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. select a weaknessselect a weaknessFiling does not prevent a bill from being paid more than onceThe approval and payment of bills is done by the...
Rolling Hills Ltd. has the following internal controls over cash payments. Identify the control activity that...
Rolling Hills Ltd. has the following internal controls over cash payments. Identify the control activity that is applicable to each procedure. 1. Company cheques are prenumbered. select a control activity                                                          Segregation of dutiesPhysical controlsAssignment of responsibilityDocumentationReview and reconciliation 2. The bank statement is reconciled monthly by the assistant controller. select a control activity                             ...
Percy Printers uses the following control procedures. a) Cheques are not prenumbered because the purchasing manager...
Percy Printers uses the following control procedures. a) Cheques are not prenumbered because the purchasing manager must approve payments before cheques are signed b) The company's accountant records the receipt of cash and cheques and makes deposits at the bank c) The employee who works the register reconciles cash to receipts at the end of the day d) Employees know that the internal auditor will perform a bank reconciliation at the end of each month e) Petty cash is kept...
17.In a good internal control system, which of the following sets of documents is required for...
17.In a good internal control system, which of the following sets of documents is required for proper approval of a payment to a supplier? A. a receiving report, an invoice, and a purchase order B. a purchase order, a journal entry, and a price catalog C. a journal entry, a supplier invoice, and a description of the goods being purchased D. a supplier invoice, a bill of lading, and the supplier's financial statements 16. Morris Company established a petty cash...
List as many internal control weaknesses as you can find, and suggest a solution to every...
List as many internal control weaknesses as you can find, and suggest a solution to every weakness that you find. Revenue cycle, Accounts Receivable Clerk: Q1 I have some questions about the accounts receivable function. How do you go about invoicing customers? A1 When the accounts receivable clerks receive their copy of the bill of lading they begin the process of invoicing. Once it is prepared, a copy is sent to the customer together with a remittance advice to be...
25 Ways Fraud Happens Here’s a list of common company thefts: 1. Collection clerk steals cash...
25 Ways Fraud Happens Here’s a list of common company thefts: 1. Collection clerk steals cash prior to recording it 2. Collection clerk steals cash after recording a customer receipt; he voids the receipt and adjusts (writes down) the customer’s account 3. Collection clerk places a personal check (for $5,000) in the cash drawer and takes an equivalent amount of cash; the clerk leaves the check in the drawer for months—in effect the clerk has an unauthorized loan 4. The...
25 Ways Fraud Happens Here’s a list of common company thefts: 1. Collection clerk steals cash...
25 Ways Fraud Happens Here’s a list of common company thefts: 1. Collection clerk steals cash prior to recording it 2. Collection clerk steals cash after recording a customer receipt; he voids the receipt and adjusts (writes down) the customer’s account 3. Collection clerk places a personal check (for $5,000) in the cash drawer and takes an equivalent amount of cash; the clerk leaves the check in the drawer for months—in effect the clerk has an unauthorized loan 4. The...
Question 1 4 pts Which of the following represents the safeguarding of assets? placing small, high-priced...
Question 1 4 pts Which of the following represents the safeguarding of assets? placing small, high-priced items in a locked display case reducing payroll expenses to increase net income purchasing rather than leasing company vehicles allowing the company president to handle cash Flag this Question Question 2 4 pts All of the following are objectives of a company’s internal control system except: Encourage employees to follow policies. Promote operation efficiency. Ensure debt is paid in a timely manner. Ensure accurate...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT