Internal control of cash is strengthened by requiring that each days receipts are deposited intact and that
Question:
Internal control of cash is strengthened by requiring that each day’s receipts are deposited intact and that all payments are made by cheque or electronic transfer. Do you agree? Why or why not?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
Banking receipts intact is important to discourage hands in the till during trading hours and ...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
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
Question Posted:
Students also viewed these Business questions
-
1. In a properly designed accounts payable system, a voucher is prepared after the invoice, purchase order, requisition, and receiving report are verified. The next step in the system is a....
-
Multiple Choice Questions Select the best answer for each of the questions below and explain fully the reason for your selection. a. To assure accountability for fixed asset retirements, management...
-
1. For several years, a clients physical inventory count has been lower than what was shown on the books at the time of the count, requiring downward adjustments to the inventory account....
-
need help entering sale oof land transaction in intuitproconnect On December 31, 2021, Anthony sold the inherited land from his uncle. The consideration was \( \$ 950,000 \) installment note plus the...
-
Horizon Financial Inc. was organized on February 28, 2016. Projected selling and administrative expenses for each of the first three months of operations are as follows:...
-
Decide whether the graph is concave up, concave down, or neither. X
-
Consider the following cash flow profile, and assume MARR is 10 percent/year and the finance rate is 4 percent/year. a. Determine the MIRR for this project. b. Is this project economically...
-
Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown on the next pages, prepare the following financial ratios. All sales...
-
Prove that the series (1+3i)" zn n= 4" n ln (n) converges for all z such that || 2. Here In: (0, ) R is the natural logarithm.
-
X Ltd. has 10 lakhs equity shares outstanding at the beginning of the accounting year 2016. The appropriate P/E ratio for the industry in which D Ltd. is 8.35. The earnings per share is Rs. 15 in the...
-
Many people think of cash as coins and notes. In accounting cash has a broader meaning. What type of assets are defined as cash in accounting?
-
Explain two reasons why the actual overhead cost incurred might not always equal the overhead applied to production.
-
For the following exercises, determine end behavior of the polynomial function. f(x) = 4x6x +2
-
What two factors determine an investors required rate of return?
-
What are some examples of permanent and temporary investments in current assets?
-
What are the two components of the investors required rate of return?
-
George is considering buying a new house and has to borrow $50,000 to pay for it. He plans to take a mortgage loan from a bank for 10 years, which requires monthly payments and the interest rate is...
-
What is the hedging principle or principle of self-liquidating debt?
-
The following account balances for the noncash current assets and current liabilities of Suffolk Company are available: Net income for 2017 is $40,000. Depreciation expense is $20,000. Assume that...
-
How has the too-big-to-fail policy been limited in the FDICIA legislation? How might limiting the too-big-to-fail policy help reduce the risk of a future banking crisis?
-
(Analysis of Lease vs. Purchase) Jose Rijo Inc. owns and operates a number of hardware stores in the New England region. Recently the company has decided to locate another store in a rapidly growing...
-
(Pension Funding) You have been hired as a benefit consultant by Maugarite Alomar, the owner of Attic Angels. She wants to establish a retirement plan for herself and her three employees. Maugarite...
-
(Pension Funding) James Qualls, newly appointed controller of KBS, is considering ways to reduce his companys expenditures on annual pension costs. One way to do this is to switch KBSs pension fund...
-
Brief Information: Internal auditors play a crucial role in supporting managerial decision-making within organizations. Their primary responsibility is to provide independent and objective...
-
Scott is a forensic accountant at a large professional services firm. He is working on an engagement at a client site and is looking at the data file containing dollar amounts on 10,000 invoices that...
-
The objective of the assignment is exposing the students to new sustainable technologies ( products , processes , software, etc. ) and the Life Cycle Analysis of Such technologies. The students will...
Study smarter with the SolutionInn App