Which of the following generally would be considered good internal control of cash disbursements? a. Make all cash disbursements using cash rather than debit cards or credit cards. b. Set maximum purchase limits on debit cards and credit cards. c. The employee responsible for making cash disbursements should be in charge of cash receipts. d. The employee who authorizes payments should also prepare the check.

Q: A petty cash system is designed to a. cash checks for employees b. handle cash sales c. pay small…

A: Petty Cash: This is the money that any business keeps aside for small expenses incurred in the…

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: Which of the following does not show good cash management regarding the controls over cash…

A:

Q: Which one of the following statements is true? a.The person handling the cash should also prepare…

A: Bank Reconciliation shows cash balance in the books should always reconcile with bank balance in the…

Q: This refers to a bank that has agreement with the clearinghouse to exchange checks. A.…

A: Hi student since you have asked multiple questions, we are solving the 1st independent question…

Q: Majaan Company has the following internal control procedures over cash receipts. Instruction:…

A: Internal controls are the controls that are implemented for the purpose of maintaining operational…

Q: Which of the following is a reason that businesses use bank accounts as part of their internal…

A: Internal control system is a preventive measure used by the company to stop the frauds and errors…

Q: Which of the following is a good internal control for cash payments? A.Payments to suppliers should…

A: the objective of the internal control for the gas this was meant is to ensure that gas is given only…

Q: A petty cash system is designed to a. encash checks of selected employees. b. handle cash sales. c.…

A: Solution: Petty cash is a small amount of money for paying petty expenses that are too small to…

Q: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

Q: Rosenquist Company has the following internal control procedures over cash receipts. Identify the…

A: The principles of internal control are the concepts that require management to set procedures in…

Q: A petty cash fund is established by transferring a specified amount of cash from the company’s…

A: Normally an individual designated as the petty cash custodian, is responsible for the controlling…

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: With good internal controls, the person who handles cash can also Account for cash payments.…

A: Good internal controls are the policies which help in providing true and fair representation of the…

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: 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: Which of the following statements is not a good internal control for petty cash.    a. The officer…

A: The internal control for petty cash funds is applied to prevent petty cash frauds in the company.

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: 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: All of the following are controls for cash received over the counter excepta. a printed receipt must…

A: Correct option to the above question is d. The sales clerk must have access to the cash register…

Q: Cash control systems are the methods and procedures used to ensure --   a. That current obligations…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

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: Entity A maintains a petty cash fund. At any given point of time, the cash on hand and the petty…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Which of the following can be considered as an effective control of cash? A. One person handles the…

A: Option A is incorrect because Segregation of duties is an effective control of cash. Option B is…

Q: Payment by check is an important internal control over cash payments because a. the check must be…

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

Q: Management uses a voucher system to help control and monitor cash payments. Which one or more of the…

A:

Q: XYZ Company has considerable cash collections on a regular basis. The cashier receives the cash,…

A:

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

A: Cash receipts – When a payment is received in the form of cash, a company records cash receipts.…

Q: Which of the following does not show good cash management regarding the controls over cash…

A: Segregate duties The foundation of a good internal control system is segregation of duties. The…

Q: The following are deficiencies in internal controls over cash. a. When the cashier isn't available,…

A: Inadequacies in the deployment or execution of internal controls are known as internal control…

Q: Which of the following is an effective internal control for cash payments? A.Payments should be…

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

Q: financial statement assertion

A: Financial statement assertion is the claim like statement made by management regarding the…

Q: he accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory in the internal control over the cash payments which are taken care of by the…

Q: Where do I find a businesses internal controls over cash receipts and cash payments?

A: Because cash is by far the most flexible of all assets, a business firm cannot survive or even…

Q: Which of the following are characteristics of an effective control of cash disbursements? I.…

A: Cash disbursements: Cash disbursements refers to the cash outflow from the company. The payment can…

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: Applying internal control over cash payments by check A purchasing agent for Franklin Office…

A: An internal control is a policy used by management to prevent the managers & employees from…

Q: Ensuring internal control over the collection of receivables Consider internal control over…

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

Q: Evaluating Internal Control of Cash The following procedures were recently installed by Raspberry…

A: Internal control of cash: Internal control is used by the bank to protect its money so that there is…

Q: Knowledge Check 01 Which of the following is a correct statement regarding control of…

A: Over-the counter receipts: It refers to the process of trading the securities for the companies not…

Q: Some strategies in management can use to implement controls to ensure the integrity and existence of…

A: Lapping fraud involves an employee who adjusts accounts receivable accounts and thereby hides the…

Q: Why is the monthly reconciliation of bank accounts by an independent person an important internal…

A: Bank reconciliation statement is an important tool for internal control and it is prepared at the…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.