Cardinal Company requires that all documents supporting a check be canceled by punching a hole through the

Question:

Cardinal Company requires that all documents supporting a check be canceled by punching a hole through the packet. Why is this practice required? What might happen if it were not?

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0133427530

10th edition

Authors: Walter Harrison, Charles Horngren, William Thomas

See More Books

Question Posted: Jul 25, 2014 08:19 AM

See More Questions

Crow Company requires that all documents supporting a check be cancelled by punching a hole through the packet. Why is this practice required? What might happen if it were not?
What might happen if there was no requirement for probable cause?
What might happen if the inventory warehouse manager also had responsibility for making the physical inventory observation and reconciling discrepancies to the perpetual inventory records?
A standard "35-mm" slide measures 24.0 mm by 36.0 mm. Suppose a slide projector produces a 60.0-cm by 90.0-cm image of the slide on a screen. The focal length of the lens is 12.0 cm. (a) What is the...
The file BBcost2011 contains the total cost (in $) for four tickets, two beers, four soft drinks, four hot dogs, two game programs, two baseball caps, and parking for one vehicle at each of the 30...
In Exercises determine whether the function is even, odd, or neither. y = x-1
What is a contingency plan? AppendixLO1
According to the U. S. Department of Labor, 12.3% of the U. S. workforce was unionized in 2009. This percentage has declined steadily since the end of World War II, when more than a third of U. S....
On October 1, 2020, Best Biopharma Inc. issued an $800,000, 12.0%, seven-year bond. Interest is to be paid annually each October 1 Assume a November 30 year-end. (Use TABLE 14A1 and TABLE 14A 2) (Use...
Below are various transactions that took place during January for Anderson Corporation. Jan. 1: Anderson Company purchased merchandise inventory from Clarke Inc. for $25,000 with terms 2/10, n/30....
Charlene Clyde, an accountant for Otto Brothers Limited, discovers that her supervisor, Bob Lusk, made several errors last year. Overall, the errors overstated the companys net income by 20%. It is...
The Cash account of Vincente Corp. reported a balance of $3,640 at August 31. Included were outstanding checks totaling $800 and an August 31 deposit of $300 that did not appear on the bank...
Quarri Industries common stock has a beta of 1.6. If the market risk-free rate is 4 percent and the expected return on the market is 9 percent, what is Quarris cost of common stock?
The following accounts appear in the ledger of Sheridan Ltd. after the books are closed at December 31 ( in thousands). Share Capital-Ordinary, no par, 1 stated value, 400,000 shares authorized;...
1. Let f(x) 223-9x2. (a) Find all critical points for f(x).
Sadie's ski shop sells ski and boots. Skis are sold for $300 per pair and have associated Variable Costs of $150 per pair. Boots are sold for $200 per pair with an associated Variable Expense of $65...
How do you apply what is learned in the Science of Branding 1 5 - 1 , Key Insights Regarding Global Brand Strategies Based on Research Findings to improve on the brand?
CASH MANAGEMENT Dr. Umburgh noticed that the $100.00 check made to Trenton Medical Supplies has not cleared for four months. What type of check is the outstanding check referred to as? a. Stale-dated...
Assume you are leaving your current job to look for employment elsewhere. What will you look for that you do not have now? If you do not have a job, assume you will be looking for one soon. What are...
How do individual companies respond to economic forces throughout the globe? One way to explore this is to see how well rates of return for stock of individual companies can be explained by stock...
Show that a source with a narrow spectral width has a coherence length given by le = 22
Explain the difference between the terms FOB shipping point and FOB destination.
When is it necessary to estimate inventories?
Both the gross profit method and the retail inventory method are based on averages. For each method, indicate the average used, how it is determined, and how it is applied.
On January 1, 2018, Brooks Corporation exchanged $1,259,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal...
1. Determine the value of the right to use asset and lease liability at commencement of the lease.
Problem 22-1 The management of Sunland Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Sunland changed...

Cardinal Company requires that all documents supporting a check be canceled by punching a hole through the

Question:

Step by Step Answer:

Punching a hole through supporting documents reduces the opportunity for fraud Without this ...View the full answer

Financial Accounting

Students also viewed these Cost Accounting questions