please Answer all question

QUESTION 1

Cash control systems are the methods and procedures used to ensure

		that current obligations are met
		that excess cash does not exist
		the safeguarding of cash
		that unused cash is invested

QUESTION 2

When a company factors its accounts receivable, it

		enters into a lending agreement with the institution to receive cash on specific customer accounts
		sells individual accounts to a financial institution
		uses these accounts only as a collateral for a loan
		transfers the accounts but retains title of the accounts until the loan is paid

QUESTION 3

Which of the following is a key element of internal control over cash payments?

		periodically reconciling the cash account balance on the company's books to the bank statement balance
		making daily bank deposits
		requiring that all petty cash vouchers be approved by two signatures
		authorizing and verifying that all cash received is recorded daily

QUESTION 4

During 2016, a company wrote off $7,500 in uncollectible accounts receivable. At the end of the year, they estimated bad debt expense using a percent of gross sales. In 2017, the company recovered a $1,500 account that was written off in 2016. The recording of this recovery would include a

		debit to Retained Earnings
		net change to gross accounts receivable
		credit to Allowance for Doubtful Accounts
		credit to Prior-Period Adjustments

QUESTION 5

In accounting for sales discounts, most companies use the

		allowance method
		gross price method
		percentage of price method
		net price method