Which of the following is an effective internal accounting control over cash payments? (a) Signed checks should

Question:

Which of the following is an effective internal accounting control over cash payments?

(a) Signed checks should be mailed under the supervision of the check signer.

(b) Spoiled checks that have been voided should be disposed of immediately.

(c) Checks should be prepared only by people responsible for cash receipts and cash disbursements.

(d) A check-signing machine with two signatures should be used.

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

Step by Step Answer:

Related Book For book-img-for-question

Accounting Information Systems

ISBN: 9780130861771

8th Edition

Authors: George H. Bodnar, William S. Hopwood

See More Books

Question Posted: May 20, 2024 06:02 AM

See More Questions

1. Which of the following procedures provides substantial assurance that invoices are paid for merchandise actually ordered and received in satisfactory condition? a. The purchasing department sends...
1. The internal auditor is reviewing shipping procedures of a manufacturing company. The auditor should be greatly concerned when a. Merchandise is shipped without an approved customers order. b....
Which of the following is an effective internal accounting control over accounts receivable? (a) Only people who handle cash receipts should be responsible for preparing documents that reduce...
What are some techniques of good writers? Which ones do you use regularly?
Which of the following is a financial instrument (that is. a financial asset, financial liability, or equity instrument in another entity) within the scope of IAS 39? Give reasons for your answer....
Discuss the differences between lean accounting and traditional cost accounting.
A hammer is not the right tool for all of the carpenters tasks. Similarly, different motivation theories are better suited for addressing some questions and not others. Can you identify an important...
OpenSeas, Inc., is evaluating the purchase of a new cruise ship. The ship would cost $500 million, but would operate for 20 years. OpenSeas expects annual cash flows from operating the ship to be $70...
ABC Corporation purchased equipment on April 1, 2013 for 105,000. Estimated useful life of the equipment is 5 years and 100,000 units of production and estimated salvage value is $5,000. The company...
For the most effective internal accounting control, monthly bank statements should be received directly from the banks and reviewed by the (a) controller. (b) cash receipts accountant. (c) cash...
Which of the following procedures provides substantial assurance that invoices are paid for merchandise actually ordered and received in satisfactory condition? (a) The purchasing department sends...
Current Spot Rates. What are the current spot exchange rates for the following cross rates? a. Japanese yen/U.S. dollar exchange rate b. Japanese yen/Australian dollar exchange rate c. Australian...
Star Trek LLC has 8,000 bonds, two million shares of preferred stock outstanding and seven million shares of common stock outstanding. If the common shares are selling for $17 per share, the...
So the component of the flow velocity that is perpendicular to the isobar in cm/s is: V =2V cos(0)=2(10/(1+2 sin(0))) cos(0) V (10)/[1+2(1) sin(90)] = V = 3.3cm/s
2. The CIBC stock price was very volatile today. a. Using the website below, what did the price of CIBC shares end the day at ? CM.TO: Canadian Imperial Bank of Commerce - Yahoo Finance b. In a brief...
Answer the following according to Florida rules: Abigail Atlas was chatting quietly in the hall outside Courtroom 14-1 with Mariel Topher, an employee of the Hopper Law Firm that was representing...
Draw Free body diagrams for the following 32 situations and write the appropriate x- and y- equations, using the diagram and title to help you (do not solve). Some of the material you have not...
Researchers have developed statistical models based on financial ratios that predict whether a company will go bankrupt over the next 12 months. In a test of one such model, the model correctly...
The Thomas Corporation was organized on Jan. 1, 2020. On Dec. 31, 2021, the corporation lost most of its inventory in a warehouse fire before the year-end count of inventory was to take place. just...
Imagine you are an Investor in the Stock Market. Identify three companies in the Korean Stock Market (KOSPI) where you would like to invest. Explain your answer
Domino is 4 0 years old and is married out of community of property with the exclusion of the accrual system to Dolly ( 3 5 ) . They have one child, Domonique, who is 1 1 years old. Domino resigned...
YOU ARE CREATING AN INVESTMENT POLICY STATEMENT FOR JANE DOE General: 60 years old, 3 grown children that are living on their own and supporting themselves. She is in a very low tax rate so we don't...

Which of the following is an effective internal accounting control over cash payments? (a) Signed checks should

Question:

Step by Step Answer:

Accounting Information Systems

Students also viewed these Business questions