(a) Identify the three activities that pertain to a petty cash fund, and indicate an internal control...

Question:

(a) Identify the three activities that pertain to a petty cash fund, and indicate an internal control principle that is applicable to each activity.

(b) When are journal entries required in the operation of a petty cash fund?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting Tools for business decision making

ISBN: 978-0470534779

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

See More Books

Question Posted: Sep 22, 2011 10:56 AM

See More Questions

The following data pertain to the petty cash fund of Stanton Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund...
The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund...
When are journal entries required in the operation of a petty cash fund?
Write a program HowMany that takes a variable number of command-line arguments and prints how many there are.
For the semiannular area of Prob. 5.12, determine the ratio r1 to r2 so that the centroid of the area is located at x = - r2 and y = 0. 72 mm r 120 mm
Would heat loss be reduced or increased by increasing the usual air gap, 1 to 2 cm, between commercially made double-paned windows? Explain your reasoning.
Suppose that the metal electrodes in a battery are shaped like large parallel plates and are $1.00 \mathrm{~mm}$ apart, so that they are essentially a parallel-plate capacitor. If the battery...
Witte Inc. carries four items in inventory. The following per-unit data relate to these items at the end of 2011: Instructions: 1. Calculate the value of the inventory under each of the following...
Government spending as a fiscal policy tool is used to: A) ?Decrease the national debt B) ?Directly stimulate economic activity by increasing demand C) ?Reduce inflation D) ?Lower interest rates
A person received a SAR250,000 loan from a bank at %7 for three years, which is payable in monthly installments (end of the month), on a declining basis. Required: 1. Prepare a schedule containing...
What was Tootsie Rolls balance in cash and cash equivalents at December 31, 2009? Did it report any restricted cash? How did Tootsie Roll define cash equivalents?
Match each situation with the fraud triangle factor (opportunity, financial pressure, or rationalization) that best describes it. (a) An employees monthly credit card payments are nearly 75% of their...
A random sample of 50 12th-grade students was asked how long it took to get to school. The sample mean was 16.2 minutes, and the sample standard deviation was 12. minutes. a. Find a 95% confidence...
1. If management thinks that it can increase shareholder wealth to the detriment of debt holders, employees, or suppliers, is it duty bound to do so? 2. To what extent can senior managers justify...
(a) Which is a better measure of risk, standard deviation or semi-standard deviation? (b) Under what conditions would standard deviation and semi-standard deviation be equally good measures of risk?...
How many dimensions of wellness would you say there are, and what are they?
All questions have equally weighted points 4 pts each. (20 points total) Q1. Consider the multifactor model APT with two factors. Portfolio A has a beta of 1.20 on factor 1 and a beta of 1.50 on...
how to Create a project plan, including all subsidiary plans, to deliver a project outcomes that meet stakeholder expectations?
Caskets Inc. was incorporated on June 1, but did not start business until September 1. It adopted a fiscal year ending March 31 , coinciding with the end of its natural business cycle. In connection...
You are standing at x = 9.0 km and your assistant is standing at x = 3.0 km. Lightning bolt 1 strikes at x = 0 km and lightning bolt 2 strikes at x = 12.0 km. You see the flash from bolt 2 at t = 10...
State why each item on the Preliminary Field List should have a unique name.
(a) What are the major sources (inflows) of cash in a statement of cash flows? (b) What are the major uses (outflows) of cash?
(a) What are the major sources (inflows) of cash in a statement of cash flows? (b) What are the major uses (outflows) of cash?
Why is it important to disclose certain noncash transactions? How should they be disclosed?
3. a. b. Solve the system by inverting the coefficient matrix and using Theorem 1.6.2 of the textbook. -x-2y-32 = 0 w+x+4y+4z = 7 w+3x+7y+9z = 4 -w-2x-4y - 6z = 6 Determine conditions on the b's, if...
1. If 5,000 earns Php86.00 interest in 15 months, how much is the rate of interest? 2. If the interest rate is 7.5% per year and the principal is Php2,500, determine the amount of interest for 20...
Given no change to the 0.8 percent chance that any women have breast cancer, and given that positive mammogram effectiveness is increased from 90% , and given that the false positive rate is...

(a) Identify the three activities that pertain to a petty cash fund, and indicate an internal control...

Question:

Step by Step Answer:

The activities in a petty cash system and the related princi...View the full answer

Financial Accounting Tools for business decision making

Related Video

Students also viewed these Cost Accounting questions