Ken Deangelo Company’s internal controls over cash disbursements provide for the treasurer to sign checks imprinted by a check-writing machine in indelible ink after comparing the check with the approved invoice. Identify the internal control principles that are present in these controls.
Answer to relevant QuestionsAnna Korte is confused about the lack of agreement between the cash balance per books and the balance per bank. Explain the causes for the lack of agreement to Anna, and give an example of each cause.The internal control procedures in Valentine Company provide that:1. Employees who have physical custody of assets do not have access to the accounting records.2. Each month, the assets on hand are compared to the accounting ...At July 31, Ramirez Company has the following bank information: cash balance per bank $7,420, outstanding checks $762, deposits in transit $1,620 and a bank service charge $20. Determine the adjusted cash balance per bank at ...The following control procedures are used in Mendy Lang’s Boutique Shoppe for cash disbursements.1. The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.2. The store manager ...The information below relates to the Cash account in the ledger of Minton Company.Balance September 1—$17,150; Balance September 30—$17,404; Cash deposited—$64,000.Checks written—$63,746.The September bank statement ...
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