Why does a company give particular attention to internal controls for cash?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Cash requires a more detailed system of internal controls because cash is easier to misappropriate than most other assets and is frequently the asset most sought by those who would misappropriate so due to these consequences it better to pay attention to internal control ...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+
3+ Reviews
10+ Question Solved
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
Question Posted:
Students also viewed these Cost Accounting questions
-
Why does a company correct errors even after they have counterbalanced?
-
Why does a company that issues bonds between interest dates collect accrued interest from the bonds purchasers?
-
Why does a company that issues bonds between interest dates collect accrued interest from the bonds purchasers? Discuss.
-
Suppose that inventory at the beginning of the year consists of 5 units of WIDGET01, costing $33. 00 each. During the year, you received three different shipments for WIDGET01 as follows: on January...
-
Financial Resources, Inc., reported the following items, listed in no particular order at December 31, 20X7 (in thousands): Income tax of 40% applies to all items. Prepare Financial Resources' income...
-
Use the results from question 33 to predict the number of service calls for a car that is 3 years old and for one that is 6 years old. Question 33 The manager of the Tow Time Auto Club would like to...
-
Repeat Exercise 6 under the assumption that instead of a fall in demand for foreign exchange, there is an increase in supply. data from exercise 6 Credit entries in a countrys balance of payments...
-
Daniel Glaser, chairman of the College of San antonios business department, needs to assign professors to courses next semester. As a criterion for judging who should teach each course, Professor...
-
1. Describe the difference of Chain of Command and Unity of Command. Why is authority essential in your personal and professional life? Empowerment steps away from traditional organizational design....
-
Jim Watanabe looked around his new office. He couldnt believe that he was the assistant director of information technology at Petrie Electronics, his favorite consumer electronics retail store. He...
-
How do control activities relate to the accounting system?
-
Why is it important to segregate the duties for handling cash from the duties for keeping the accounting records for cash?
-
Under what circumstances can inventory be used as a hedge against inflation?
-
Dogslike many animalsstand and walk on their toes. A photo of the rear foot of a dog is shown in Figure P8.50a; Figure P8.50b shows the bones of the leg and foot along with relevant distances. The...
-
Two species of foxes are shown here. One is a kit fox in Arizona. The other is an Arctic fox. Which is which? How can you tell? Describe at least two traits that make each animal well adapted to its...
-
A sequence is given: YN Y YN Y Y YN N N N N N N N Y Y (a) Identify the values of n, \(n_{1}, n_{2}\), and \(r\). (b) Determine the critical values at the \(\alpha=0.05\) level of significance. (c)...
-
For each of the situations below, identify a potential source of analogy data for the costs under each of the following cases: (1) this project/activity is a first of its kind for the company, and...
-
The CPI-U (U.S. city average, all items) has the following annual averages: a. For each year from 2007 to 2010, determine the annual inflation rate in percent to three decimal places. b. Since...
-
Mostly faithful dramatic recreation of the Stanford Prison Study. Analyze formal and informal roles played by all of the characters. Explore the impact of each role on their behavior. Would you have...
-
Explain the Hawthorne effect.
-
Classify the structures in Figures P3.33. Indicate if stable or unstable. If unstable, indicate the reason. If the structure is stable, indicate if determinate or indeterminate. If indeterminate,...
-
Preparing a bank reconciliation Harrison Photography's checkbook lists the following: Harrison's November bank statement shows the following: Requirements 1. Prepare Harrison Photography's bank...
-
Brett Knight Corporation operates four bowling alleys. The business just received the October 31 bank statement from City National Bank, and the statement shows an ending balance of $ 905. Listed on...
-
Each of the following situations has an internal control weakness. a. Upside-Down Applications develops custom programs to customers specifications. Recently, development of a new program stopped...
-
Milligan's Backyard Storage Kits, a mail order company, sells a variety of backyard storage unit kits and landscaping decorations to its customers. Although the company makes a profit, David...
-
1. If you think about then Guest Services Essentials class, what do you believe to be the biggest change in your customer service practice? 2. Name and describe two customer service techniques to...
-
Packaging Waste & Recycling UK, 2013('000 tonnes) 2,260 Total Packaging Waste Total Recycled 4,000 3,868 3,459 3,000 2,339 2,000 1,639 1,029 1,000 806 714 462 436 23 0 0 Metal Glass Wood Paper...
Study smarter with the SolutionInn App