State one broad general objective of internal control over each of the following: cash receipts, cash disbursements,

Question:

State one broad general objective of internal control over each of the following: cash receipts, cash disbursements, and cash balances.

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

Step by Step Answer:

Related Book For book-img-for-question

Principles of Auditing and Other Assurance Services

ISBN: 978-0078025617

19th edition

Authors: Ray Whittington, Kurt Pany

See More Books

Question Posted: Oct 25, 2014 06:03 AM

See More Questions

The following cash receipts journal headings have been suggested for a small service firm. List the errors you find in theheadings. CASH RECEIPTS JOURNAL Accts. Rec. Cr. Fees Earned Other Post. Ref....
Management has requested a review of internal control over cash disbursements for parts and supplies purchased at manufacturing plants. Cash disbursements are centrally processed at corporate...
Should managements assessment of internal control over financial reporting consider all of the COSO components, or could it be based on the controls over the processing of transactions? Explain.
Assume you are offered a lease for a car with $227 monthly payments for 36 months after a $2,540 up front (down) payment. The alternative is that you can buy the car for $31,000 and make a $3,200...
Using the ideas of torque and center of gravity, explain why a ball rolls down a hill.
Moon Theater Production Companys partially completed worksheet as of December 31, 2025, follows. Adjustment data at December 31 follow: a. As of December 31, Moon Theater Production Company had...
Language study. Choose a student in grades 9 to 12 at random and ask if he or she is studying a language other than English. Here is the distribution of results: Language: Spanish French German All...
The historical returns on a portfolio had an average return of 8 percent and a standard deviation of 12 percent. Assume that returns on this portfolio follow a bell-shaped distribution. a. What...
how you are able to estimate a persons arm value (intrinsic value or real value) based on( the true intrinsic value of any financial asset is simple equal to the present value of all the future free...
Complete the following table: Assets Liabilities + Owner's Equity . $17,500 ? + $11,500 b. ? $5,000 + $60,000 C. $15,000 $12,000 +
If the auditors discover any evidence of employee fraud during their work on cash, they should extend their investigation as far as necessary to develop a complete set of facts, regard- less of...
Describe the audit implications of the Check Clearing for the 21st Century Act.
Define decision/management event.
In 2020 the global distribution of sales in the industrial gas industry was as follows: i What is Air Liquides position on a GCI/GRI mapping? Global industrial gas industry 82 billion The 2020 global...
The General Social Survey polled a sample of 1048 adults in the year 2010, asking them how many hours per week they spent on the Internet. The sample mean was 9.79 with a standard deviation of 13.41....
An article in the Archives of Internal Medicine reported that in a sample of 244 men, 73 had elevated total cholesterol levels (more than 200 milligrams per deciliter). In a sample of 232 women, 44...
Explain how search can be used to solve constraint satisfaction problems, such as the eight-queens problem. What difficulties arise when such problems become extremely large (e.g., the...
Casse (1981) developed an exercise to encourage his students to develop their empathic skills. He asked them to listen to a recording of a dialogue between John Miller (a US project manager in...
1. Christopher does a lot of driving, averaging over 20,000 miles per year. 2. John eventually wants to not make car payments.
What is a make-or-buy decision?
Interview someone you know who has worked extensively with members of other cultures. Spend an hour or two asking this person about his/her experiences. Report what this person had to say about five...
The revenue cycle of a company generally includes which accounts? a. Inventory, accounts payable, and general expenses. b. Inventory, general expenses, and payroll. c. Cash, accounts receivable, and...
When auditing the existence assertion for an asset, auditors proceed from the a. Financial statement amounts back to the potentially unrecorded items. b. Potentially unrecorded items forward to the...
When auditing the existence assertion for an asset, auditors proceed from the a. Financial statement amounts back to the potentially unrecorded items. b. Potentially unrecorded items forward to the...
Saly paid $52,000 a year paid on a weekly basis. last pay she had $250 withheld in Income Tax, $48.97 for CPP and $15.80 for EI. an additional $and 25.00 in tax are deducted each pay. She allowed to...
Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Asset Drill bits (5-year) Drill bits...
Which of the following partnership items are not included in the self-employment income calculation? Ordinary income. Section 179 expense. Guaranteed payments. Gain on the sale of partnership...

State one broad general objective of internal control over each of the following: cash receipts, cash disbursements,

Question:

Step by Step Answer:

1 All cash that should have been received was in fact received and recorded promptly a...View the full answer

Principles of Auditing and Other Assurance Services

Students also viewed these Auditing questions