Which of the following are deficiencies with this process? A junior clerk from the accounting department opens the mail. When the mail is opened, any cheques or cash that have been sent are recorded in a cash log. Cash receipts are kept in a locked cash box. The contents of the cash box are counted each day. O Every few days cash receipts are deposited at the bank. The cashier records the details of the cash received into the cash receipts journal and also updates the sales ledger. O Usually on a monthly basis, the cashier performs a bank reconciliation, which he then files.
Q: Methods that ignore the time value of money in capital investment appraisal include which of the…
A: Net present value – Net present value is the difference between present value of cash inflows of…
Q: Whichever of the below is NOT a need for establishing responsibility for negligent infliction of…
A: An obligation is defined as financial assets that a business has given up to other entities as a…
Q: Steven John owns a cab for which he purchased a Rs. 18,000 operating licence two years ago. Mr. John…
A: The potential cost of owning and maintaining an independent firm, as well as descriptive and…
Q: ormation applies to the questions displayed below.] Simon Company's year-end balance sheets follow.…
A: Current asset: Current year 1 year ago 2 year ago Cash $ 31,567 $ 35,452 $ 36,937 Account…
Q: What is the difference between an imposed budget and a participatory budget? Define and explain a…
A: Introduction A budget is a financial statement that the management develops to evaluate the…
Q: Show complete solution: Consider the following options in purchasing a car: Option 1 = purchase…
A: Calculation of which option are more economical are as follows
Q: Prepaid Insurance amounting to P35,000 was recorded by FDNACCT Co. on April 1, 2021 for a year of…
A: Prepaid insurance is the amount of insurance that is paid by an entity in advance. In other words,…
Q: A trader enters into a FRA to receive at the rate 4% on the principal of $1,000,000 over the period…
A: Forward rate agreements(FRA): Forward rate agreements are generally over-the-counter contracts…
Q: Ben Floyd really enjoyed wood shop in high school, so he used an inheritance to buy some basic…
A: Introduction: The term Business refers to an exchange of goods and services between the buyer and…
Q: Based on the information below of FDNACCT Co., how much should be recorded as total assets in the…
A: Long-term Payable, Notes Payable, Accounts Payable, Unearned Income, Accrued Expenses are considered…
Q: Cindy’s husband Allen dies on March 1, 2021. Cindy and Allen have no children. What is Cindy’s…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Spiderman offered, in writing, to sell Black Widow a piece of land for $200 Spiderman signed the…
A: to ask if somebody would like something or to give somebody the chance to have something. When one…
Q: The size of a country’s national debt should not be of much economic concern as long as:
A: Government too requires funds so that the country or even state can run by them, it is the amounts…
Q: Develop in writing (by mentioning all corresponding steps)the accounting analysis for the following…
A: Accounting analysis involves determining the impact of every transaction on the financial statement…
Q: The expired portion of a Prepaid Expense is
A: Prepaid expenses are an expense that is paid in advance for future years. They are not due for the…
Q: 1. On January 1, 20X7, Sword reported net assets with a book value of $132,000. A total of $21,000…
A: Consolidation Statement In the consolidation statement the parent company acquired the subsidiary…
Q: Cathy Company sold a segment of its business at a gain of $150,000 on December 31, 2021. Cathy…
A: In the income statement, revenue from discontinued operations is shown along with its corresponding…
Q: You must prepare a classified balance sheet.
A: A balance sheet is a representation of an individual's personal or corporation's financial balances…
Q: On January 1, 2022, Malia sold property carried in inventory at a cost of P1,312,710 for P2,100,000.…
A: Here discuss about the details of the installment sales and find out the realization gross profit…
Q: The Torre Company has the following stockholders' equity account balances in stockholders equity on…
A: calculation of common stock outstanding are as follows
Q: The credit terms offered to a customer by a business firm are 2/10, n/30, which means that the…
A: Credit term refers to a payment term mentioned in the invoice which stated the timing and payment of…
Q: Standard Costing, Ethical Behavior, Usefulness of Costing Objective 1, 2, 3 Pat James, the…
A: Accounting Standards- The FASB published these specific standards to address issues in accounting…
Q: 1. Cite specific examples of risk avoidance, Reduction, Transfer and Retention? 2. What is the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: AUDIT OF RECEIVABLE ACCOUNTS AND ALLOWANCE FOR DOUBTFUL ACCOUNTS The company's policy is to allow…
A: Accounts payable is one side of a ledger entry in the double-entry accounting system. The other is…
Q: The following information were found from the records of FDN Company: Net Purchases = P90,000…
A: The discount can be of different types as trade discount and cash discount. The trade discount is…
Q: When the question states that the balance in the cash at bank account and the bank statement did not…
A: A bank reconciliation statement, as the name indicates, reconciles, the cash/bank balance as per the…
Q: Required information [The following information applies to the questions displayed below.] A company…
A: calculation of internal rate of return are as follows.
Q: total amount of revenue t
A: Revenue recognition refers to the concept that enables the business for computing the amount of…
Q: On March 19, 2022, FDN Company purchased merchandise from ABC Company for P90,000 invoice price, on…
A: Cash payment as of March 31, will be calculated by considering all the payments and the return. The…
Q: A corporation is being formed with a P40, 000 authorized share capital. How much of the P40, 000…
A: According to corporate law, the minimum subscribed capital at the moment of incorporation must be at…
Q: I get beta in step 1 to 1,5 since you have to subtract rm - rf which gives 3 (4,5%-1,5%) = 3%
A: Given that, Market risk premium = 4.5% Risk free rate = 1.5% ERi = 6%
Q: refundable VAT - During the July factory shut-down: - overhead costs of R50 000 were incurred; and -…
A: Legal fees: Legal fees are the fees charged for the process of the purchase of rights of the patents…
Q: On July 2, 2022, Howard Co. consigned 3,200 books costing P60 and retailing for P100 each to Ines…
A: The actual books sold by Ines Co. will be total sales divided by sales price after deducting…
Q: SI is $51,00 $125,300 00
A:
Q: The cross over point for two types of machine producing widgets is 625 units. Machine A has a fixed…
A:
Q: Anna desires to purchase a 1/4 capital and profit and loss interest in the partnership of A, B, and…
A: Partnership- A partnership is a business that employs two or more people who share equal…
Q: FDNACCT Co. has the following balances on December 31, 2021 before any adjustments: Accounts…
A: Allowance for uncollectible accounts is considered a contra asset account. It is prepared against…
Q: a) What are the tax consequences to the trust and the grantor of the retained power to distribute…
A: Answer (A) : A "grantor trust" is one in which the grantor (or another person) maintains control…
Q: The following transactions affected the Cash account of FDNACCT Co.: Collection from customers =…
A: Given that, Collection from customers = P430,000 Proceeds from bank loan = P88,000 Payment of…
Q: Ferrero Rocher Inc.’s only temporary difference at the beginning and end of 2020 is caused by a…
A: In the context of the given question, we are required to compute the deferred tax liability on…
Q: Maxim manufactures a hamster food product called Green Health. Maxim currently has 18,500 bags of…
A: calculation of incremental income
Q: equired 48 ays' Sales Uncollecte Days' sales uncollected days days
A: Formulas: Days' sales uncollected = 365 x Average Accounts receivable / Sales where, Average…
Q: The total that must be paid when a note becomes due is known as the note value. maturity value. face…
A: A Note is a Debt Instrument. It accrues interest on the principal value and the total amount due at…
Q: How does the enterprise risk management influence the internal control detective identified?
A: Introduction: Control is a managerial function that aids in measuring actual performance by…
Q: Using the income tax withholding table in Figure 3, for each employee of Miller Company, determine…
A:
Q: The acquisition of a used machine with a purchase price of $44,994, requiring an overhaul costing…
A: Debit to the asset account implies that the business possesses more (for example builds the…
Q: On January 1, 2022, Durant Corporation agrees to lease equipment to Irving Corporation. The term of…
A: Year Lease Payment Discount Factor Present Value 1 113,913.00 1 113,913.00 2…
Q: Account for bonds payable retired prior to maturity) On January 1, 2017, Ditchey Corporation issued…
A: Lets understand the basics. When bond is issued for less than its face value then it is issued at…
Q: When an investor owns 20% to 50% of the voting stock of an investee company, the investor is…
A: When an investor owns 20% to 50% of the voting stock of an investee company, the investor is…
Q: Andreasen Corporation manufactures thermostats for office buildings. The following is the cost of…
A: Lets understand the basics. When management have special order available then management try to…
Choose 4 options !! If the answer is correct, I will give you positive ratings.
But, if the answer is not correct, I will give you negative ratings.
Step by step
Solved in 2 steps
- Takunda (Pty) (Takunda) Ltd is a cleaning company. Customers’ windows are cleaned monthly, the window cleaner then posts a stamped addressed envelope for payment through the customer’s front door. SHW has a large number of receivable balances, and these customers pay by cheque or cash, which is received in the stamped addressed envelopes in the post.The following procedures are applied to the cash received cycle:A junior clerk from the accounts department opens the post and if any cheques or cash have been sent, she records the receipts in the cash received log and then places all the monies into the locked small cash box. The contents of the cash box are counted each day and every few days these sums are banked by whichever member of the finance team is available.The cashier records the details of the cash received log into the cash receipts daybook and updates the sales ledger.Usually on a monthly basis, the cashier performs a bank reconciliation, which he then files, if he misses a…The following information describes part of the cash collection procedure at Ritaj Sdn. Bhd. It is a small company which processes its daily transactions Every day, for the cash collection procedure, a clerk in the Accounts Receivable Department will review the Account Receivable (AR) subsidiary ledger for the payments that are due to be received. He then prepares a cash collection letter and sends it to the cash collection department to check the outstanding amount owed by its customers from credit sales to the firm. Upon receiving the document from the account receivable department, the cash collection clerk determines the volume of credit sales and the average collection period. Both of these factors have direct relationship with the firm’s credit and collection policies. Since accounts receivable is an important link in working capital management, the establishment and implementation of these policies will have direct impact on the firm’s operation and profitability as a whole.…Levy Pizza Company sell pizzas. Customers’ ordered pizzas by calling the company fulfil the order by delivering through their delivery man. LPC has a large number of receivable balances, and these customers pay by cheque or cash, which is received by the delivery man, other payments are received via debit and credit cards. The following procedures are applied to the cash received cycle: 1. A junior clerk from the accounts department takes the cash and if any cheques from the delivery man, she records the receipts in the cash received log and then places all the monies into the locked small cash box. 2. The contents of the cash box are counted each day and every few days these sums are banked by whichever member of the finance team is available. 3. The cashier records the details of the cash received log into the cash receipts daybook and also updates the sales ledger. 4. Usually on a monthly basis the cashier performs a bank reconciliation, which he then files, if he misses a month then…
- The following procedures were recently implemented by SUP Yoga Co.: Each cashier is assigned a separate cash register drawer to which no other cashier has access. All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record locked inside the cash register. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record, and compares the amount of cash with the amount on the record to determine cash shortages and overages. Checks received through the mail are given daily to the accounts receivable clerk for recording collections on account and for depositing in the bank. Vouchers and all supporting documents are stamped PAID after being paid by the treasurer. Disbursements are made from the petty cash fund only after a petty cash receipt has been completed and signed by the payee. The bank reconciliation is prepared by the accountant. Instructions: Indicate whether each of the…(b) The following information describes part of the cash collection procedure at Ritaj Sdn.Bhd. It is a small company which processes its daily transactions manually. Every day, for the cash collection procedure, a clerk in the Accounts Receivable Department will review the Account Receivable (AR) subsidiary ledger for the payments that are due to be received. He then prepares a cash collection letter and sends it to the cash collection department to check the outstanding amount owed by its customers from credit sales to the firm. Upon receiving the document from the account receivable department, the cash collection clerk determines the volume of credit sales and the average collection period. Both of these factors have direct relationship with the firm’s credit and collection policies. Since accounts receivable is an important link in working capital management, the establishment and implementation of these policies will have direct impact on the firm’s operation and profitability as…The following procedures were recently installed by The China Shop:a. All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record locked inside the cash register.b. Each cashier is assigned a separate cash register drawer to which no other cashier has access.c. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record, and compares the amount of cash with the amount on the record to determine cash shortages and overages.d. Checks received through the mail are given daily to the accounts receivable clerk for recording collections on account and for depositing in the bank.e. Vouchers and all supporting documents are perforated with a PAID designation after being paid by the treasurer.f. Disbursements are made from the petty cash fund only after a petty cash receipt has been completed and signed by the payee.g. The bank reconciliation is prepared by the cashier. Instructions…
- Appliances Repair and Service Company bills allcustomers rather than collecting in cash when services are provided. All mail is opened byTom Gyders, treasurer. Gyders, a CPA, is the most qualified person in the company who is inthe office daily. Therefore, he can solve problems and respond to customers’ needs quickly.Upon receipt of cash, he immediately prepares a listing of the cash and a duplicate depositslip. Cash is deposited daily. Gyders uses the listing to enter the financial transactions in thecomputerized accounting records. He also contacts customers about uncollected accountsreceivable. Because he is so knowledgeable about the business and each customer, he grantscredit, authorizes all sales allowances, and charges off uncollectible accounts. The owneris extremely pleased with the efficiency of the company. He can run the business withoutspending much time there because of Gyders’ effectiveness.Imagine the owner’s surprise when he discovers that Gyders has committed a…The following is the description of cash disbursements system of Two Symbols Limited:Upon receipt of the documents from accounts payable department, the cash disbursements clerk files the documents until their payment due date. On the due date, the clerk prepares a cheque for the invoiced amount, which is sent to the treasurer who signs it and mails back to the supplier.The cash disbursement clerk then updates the cheque register, accounts payable ledger, and accounts payable control account from the clerk’s terminal. Finally, the clerk files the invoice and copy of purchase order, receiving report, cheque in the department. Question 01 Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss the risk associated with the weakness.The following is the description of cash disbursements system of Two Symbols Limited: Upon receipt of the documents from accounts payable department, the cash disbursements clerk files the documents until their payment due date. On the due date, the clerk prepares a cheque for the invoiced amount, which is sent to the treasurer who signs it and mails back to the supplier. The cash disbursement clerk then updates the cheque register, accounts payable ledger, and accounts payable control account from the clerk’s terminal. Finally, the clerk files the invoice and copy of purchase order, receiving report, cheque in the department. Required: Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss the risk associated with the weakness
- The following is the description of cash disbursements system of Two Symbols Limited:Upon receipt of the documents from accounts payable department, the cash disbursements clerk files the documents until their payment due date. On the due date, the clerk prepares a cheque for the invoiced amount, which is sent to the treasurer who signs it and mails back to the supplier.The cash disbursement clerk then updates the cheque register, accounts payable ledger, and accounts payable control account from the clerk’s terminal. Finally, the clerk files the invoice and copy of purchase order, receiving report, cheque in the department.Required:Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss the risk associated with the weakness.(maximum explanation) do not copy paste the words from google otherwise answer would be rejected dur to softwareThe following is the description of cash disbursements system of Two Symbols Limited: Upon receipt of the documents from accounts payable department, the cash disbursements clerk files the documents until their payment due date. On the due date, the clerk prepares a cheque for the invoiced amount, which is sent to the treasurer who signs it and mails back to the supplier. The cash disbursement clerk then updates the cheque register, accounts payable ledger, and accountspayable control account from the clerk’s terminal. Finally, the clerk files the invoice and copy ofpurchase order, receiving report, cheque in the department. Required:Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss therisk associated with the weakness.Listed below are five procedures followed by Eikenberry Company. 1. Several individuals operate the cash register using the same register drawer. 2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. 3. Joe Cockrell writes checks and also records cash payment entries. 4. One individual orders inventory, while a different individual authorizes payments. 5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. 1. Weak or Good? / Human Resource Controls, Establishment of Responsibility, Independent Internal Verification, Documentation Procedures,…