accounting 200 review for exam three

What controls can be used: a) to make sure cash accounts are accurate b) to make sure cash receipts are appropriately recorded c) to limit access for individuals who can initiate electronic transfers of cash Please use the illustration below to help you answer this question.  Hint:  Look at 'Examples of Controls' column for the answers

1. Explain why the system of internal control is important for a company. 2. Describe some internal control practices usually implemented by companies. 3. Explain why cash control is important. 4. What is a voucher? What information are contained in a voucher? 5. Describe the features of the voucher system in handling cash disbursements? 6. What is a voucher register? What purpose does it serve?

Answer the following questions about the controls in bank accounts: Understanding bank account controls ver the following questions about the controls in bank Learning Objective 6 accounts: Requirements 1. Which bank control protects against forgery? Vlhich bank control reports the activity in the customer's account each period? Which bank control confirms the amount of money put into the bank account?

4. Describe the nature of a bank reconciliation statement. 5. Identify common reconciling items and describe each of them. 6. Analyze the effects of the identified reconciling items. Reference: Quarter 1 Module 9 - Fundamentals of Accountancy, Business and Management 2 LEARNING ACTIVITY 9:1 Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank Statement of Banco de Oro. Cash Receipts Journal O.R. Number 0001 0002 Amount Date Payor P 30,000 June 3 Odessa Allera 20,000 5,000 10,000 20 Arnold Navales 0003 Juanita Nambatac 29 30 0004 Kyle Jamora Cash Disbursements Journal Check Number 6581 .6582 6583 6584 Amount Date Рayee Star 5 Grocery DX Convenience Store MY Store Eddie Gomez P 5,000 7,000 10,000 June 5 15 21 8,000 9,000 25 28 Rodolfo de la Torre 6585 Banco de Oro Bank Statement For the month of June, 20A Date Withdrawal Deposit P 30,000 Balance June 4 P 30,000 25,000 45,000 15 6581 P 5,000 21 20,000 25 6584 8,000 37,000 28 6585 9,000…

· ● The business charges 15% VAT on all its sales. All amounts are inclusive of VAT, unless VAT is not applicable (or stated otherwise). The business uses the PERPETUAL inventory system and marks up their inventory at 20% on sales unless stated otherwise. MegaBucks Traders does not expect to award any settlement discounts, nor does it expect to qualify for any settlement discounts. All settlement discounts are therefore deemed to be incidental in nature. Transactions for the month of April 2022: Date 3 5 15 17 25 26 28 30 Description Cash sales of inventory for the day amounted to R23 580. Used R500 from petty cash to pay for fuel from Total. Received the monthly rental income of R20 520 for the office building from the lessee - T. Joubert. (It was a direct deposit into the bank account.) Bought coffee and tea from Spar for the staff for R150 and paid using petty cash. M. Pillay, a debtor, made a direct deposit of R103 000 in full settlement of his account of R112 576. Bought printing…

3. A good internal control procedure is where the same person is responsible Read the following statements about internal controls. Write down the number 2. All payments should be made by cheque, except for petty cash payments. 1. Internal controls are not required when payments are made by cheque. of each statement and whether the statement is true or false. If a statement is for paying all accounts, writing all cheques and signing all cheques. » Activity 4.1 false, explain why. 4 ln order to be efficient, all employees should have direct access to petty cash. - Pank reconciliation statements need only be drawn up every six months. 6. Cheque books should be kept in a locked safe as a preventive control. 7. A blank cheque can be signed to replenish the petty cash fund if it is handed to the custodian. 8. All cash receipts should be stored in the cash register and deposited at the end of the week, in order to make fewer trips to the bank. 9. Separation of duties is a vital part of…

Management uses a voucher system to help control and monitor cash payments. Which one or more of the four documents listed below are prepared as part of a voucher system of control? a. Purchase order b. Outstanding check c. Invoice d. Voucher

Question 4 of 20 Which type of source document is best for providing evidence of disbursements of funds from petty cash? A. A bank statement B. A lockbox check image C. A credit card receipt D. A supplier invoice SUBMIT E PREVIOUS % &

4. What is a voucher? What information are contained in a voucher? 5. Describe the features of the voucher system in handling cash disbursements? 6. What is a voucher register? What purpose does it serve?

Debate the logic used in the following statement: "The person responsible for handling cash receipts should also prepare the bank reconciliation because he is most familiar with the deposits that have been made to the bank account.

For number 13 how do i post that in a cash receipts journal?

Moving to another question will save this response. Question 8 On a bank reconciliation, the amount of deposit placed in the bank's night depository should be: А. Added to the book balance of cash. В. Deducted from the book balance of cash. С. Added to the bank balance of cash. D. Deducted from the bank balance of cash. Moving to another question will save this response.

Applying internal control over cash receipts by mail Review the internal controls over cash receipts by mail presented in the chapter. Exactly what is accomplished by the final step in the process, performed by the controller?

6 When preparing a bank deposit which of the following is a best practice?   Select one:   a. Deposit all customer payments one at a time using the Bank Deposit form   b. Group all customer payments with the same payment method together in one deposit   c. Leave payments in the undeposited funds account   d. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit

23. What is the best way to manage the credit card? i. Always pay the minimum amount ii. Make payment on time iii. Withdraw cash from credit card iv. Keeping within the credit limit A. i and ii B. i and iv C. ii and iii D. ii and iv

1011 Cashier prepares cash records, deposit slip, and journal entry Cols Supervisor reads register data, prepares register sheet (and keeps copy), and sends both to company cashier Knowledge Check 01 Which of the following is a correct statement regarding control of over-the-counter cash receipts: O The clerk with access to cash should also have access to the cash account in the general le O The cashier should have access to the accounting records. O The supervisor should compare the register transactions with the cash receipts report to mai O The clerk and the cashier should work closely together when handling the cash and recordin records, < Prev 11 12 13 15 of 23 Next re to search a 6 81

rlons to bas od A M5-4 Matching Cash Receipt Processes to Internal Control Principles Match each of the following cash receipt activities to the internal control principle to which it best relates. Enter the appropriate letter in the space provided. 1. A list of checks received in the mail is prepared. 2. Total cash receipts are compared to the amount on the bank deposit slip.ciep ingiz vinmouths enotazionidbem aningiz-doado sdT A. Establish responsibility B. Segregate duties C. Restrict access 2010 BM D. Document procedures E. Independently verify lood staoibal evneor 3. A password is required to open the cash register. 4. Price changes at the checkout require a manager's MS-15 (approval. nor bidde Laing 5. Cashiers are required to count the cash in their register at the beginning and end of each shift. are the journal mati prilibriode LO 5-2,5-3 201

cash? هذا خلاص A cash payment under a good control system will have. a. Too much amount Bank book balance b. Appointing different persons to authorize the payment and sign the cheques С. Too much amount book balance d. Maintaining minimum bank book balance

List 2 cash management practices that banks and retail companies sometimes implement to prevent cash larceny. Explain how each practice helps in preventing this type of theft.

multiple choice question When the petty cash imprest system is established:   the bank account is debited. the petty cash account is credited. the bank account is debited and the petty cash account is credited. 4.the bank account is credited and the petty cash account is debited