Match each of the following cash receipt activities to the internal control principle to which it best
Question:
Transcribed Image Text:
1. A list of checks received in the mail is prepared. A. Establish responsibility 2. Total cash receipts are compared to the an B. Segregate duties on the bank deposit slip C. Restrict access 3. A password is required to open the cash register. -4. Price changes at the checkout require a manager's D. E. Document procedures Independently verify approval. 5. Cashiers are required to count the cash in their register at the beginning and end of each shift
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
1 D Document procedures 2 ...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Fundamentals Of Financial Accounting
ISBN: 9780073527109
3rd Edition
Authors: Fred Phillips, Robert Libby, Patricia A Libby
Question Posted:
Students also viewed these Accounting questions
-
Each situation below describes an internal control weakness in the cash receipts process. Identify which of the five internal control principles is violated, explain the weakness, and then suggest a...
-
At most movie theaters, one employee sells tickets and another employee collects them. One night, when youre at the movies, your friend comments that this is a waste of the theaters money. Required:...
-
Expedia, Inc. reported total cash of approximately $ 1,400 million at September 30, 2013. Of this amount, $ 20 million was set aside to fulfill the requirement of an aviation authority of a certain...
-
The costs of achieving emission reductions in the future will depend greatly on the types of policies used to reduce emissions today. Explain.
-
The first three natural frequencies of an organ pipe are 126 Hz, 378 Hz, and 630 Hz. (a) Is the pipe an open or a closed pipe? (b) Taking the speed of sound in air to be 340 m/s, find the length of...
-
Derive formulas for the total number of links in the various distributed- memory interconnects.
-
The probability that a construction company will get the tender for constructing a flyover is 0.33, the probability that it will get the tender for constructing an underpass is 0.28, and the...
-
Layla meets with her insurance agent, Trong, to discuss her insurance needs. Layla has an after-tax income of $3,800 per month, her rent is $1,200, and her other expenses total $1,500 per month....
-
Superior Limited's total overhead costs at various levels of activity are presented below: Month March April May June Machine Hours Total Overhead Costs 60,000 $216,800 50,000 194,000 70,000 239,600...
-
Elmer and Arletta Hans, husband and wife, owned a parcel of farmland in Illinois. They borrowed $100,000 from First Illinois National Bank (First Illinois) and executed a note and mortgage to First...
-
Identify the internal control principle represented by each point in the following diagram. 4. Merchandise orders 1. One office employee places all merchan- dise orders are recorded on a purchase...
-
Match each of the following cash payment activities to the internal control principle to which it best relates. Enter the appropriate letter in the space provided. 1. The business manager has the...
-
A _______ risk assessment is objective. It uses data that can be verified.
-
The method that Tong suggests to add incremental revenue is: A. program trading. B. securities lending. C. attribution analysis. Evan Winthrop, a senior officer of a US-based corporation, meets with...
-
Gunnar Patel is an event-driven hedge fund manager for Senson Fund, which focuses on merger arbitrage strategies. Patel has been monitoring the potential acquisition of Meura Inc. by Sellshom, Inc....
-
John Puten is the chief investment officer of the Markus University Endowment Investment Office. Puten seeks to increase the diversification of the endowment by investing in hedge funds. He recently...
-
The trade algorithm that Wong should consider for the sell order of Music Plus shares is: A. a POV algorithm. B. an arrival price algorithm. C. a liquidity-seeking algorithm. Michelle Wong is a...
-
Which characteristic suggested by Knight to describe the quantitative approach to active management is incorrect? A. Characteristic 1 B. Characteristic 2 C. Characteristic 3 Aleksy Nowacki is a new...
-
Carol Ann drove 8 mi to pick up a friend, and then drove 11 mi to a mall at a rate 15 mph faster. If Carol Anns total travel time was 24 min, what was her rate on the trip to pick up her friend?
-
The sales department of P. Gillen Manufacturing Company has forecast sales in March to be 20,000 units. Additional information follows: Finished goods inventory, March 1 . . . . . . . . . . . . . . ....
-
Payton Place Industries, Inc., is a manufacturer of steel products for customers such as House Depot and Private Motors. In the year ended December 31, 2013, it reported the following activities:...
-
During fiscal 2013, M&Q Entertainment sold its Ferentio assets for $20,360,000 cash and recorded a gain on disposal of $18,360,000, which was included in the company's net income of $43,445,000....
-
Suppose the income statement for Goggle Company reports $70 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $60....
-
Using two-way Set-Associative mapping method, design two-way mapping for cache memory from main memory. Explain why you need each condition and show all intermediate calculation procedures. You must...
-
18) Under the proration approach, the sum of the amounts shown in the subsidiary ledgers will not match the amounts shown in the general ledger because no adjustments from budgeted to actual...
-
Simpson Auto Body Repair purchased $20,000 of Machinery. The company paid $8,000 in cash at the time of the purchase and signed a promissory note for the remainder to be paid in four monthly...
Study smarter with the SolutionInn App