Homework Answers
Answer
| a. | A Voucher system of control is a control system exclusively for cash receipts. | False |
| b. | Separation of duties eliminates the possibility of collusion to steal an asset and hide the theft from records. | False |
| c. | Good internal Control is to have only one employee be assigned the task of opening mail. | False |
| d. | A petty cash system of control is a system used only for cash receipts. | False |
a. False, Because Voucher system is used to identify authorized payment of cash. Voucher is prepared by companies to identify the actual amount of payment and the to whom the company needs to pay.
b. False, To steal an asset and hide the theft from the records, two or more people must collude / agree in secret to commit the fraud. If two or more people collude they can commit fraud together. If two people agree secretly to commit fraud, separation is not a solution to eliminate fraud.
c.False, Good internal Control is not to have only one employee be assigned the task of opening mail. Because if one person is undertaking these duty, there is a high chance for fraud.
d. False, Because Petty cash system is a control system, which is used by companies to meet it small expenses. Monthly a small amount to be credited by the company to Petty cash account and from that account they dispense cash for various miscellaneous needs.
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Identify each of the following statements as either true or false a. A voucher system of...
Identify each of the following statements as either true or false. 1. A petty cash system...
Identify each of the following statements as either true or false. 1. A petty cash system of control is a system to safeguard cash disbursements 2. A basic guideline for safeguarding cash is to require that all cash receipts be deposited monthly 3. A petty cash system of control is a system to safeguard cash receipts 4. A petty cash system of control is not an adequate control system to safeguard cash disbursements
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of p...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
UA COmpany must roenny ns risRS 11. Rearranging plain-text messages by a mathematical process is known...
UA COmpany must roenny ns risRS 11. Rearranging plain-text messages by a mathematical process is known as A) password B) phishing С) encryption D) virus 12. Two or more people working together to circumvent internal controls and defraud a company is known as A) encrуption B) firewall ) collusion D) separation of duties 13. Which of the following is the last step in the daily control over cash receipts by mail? A) A mailroom employee sends all customer checks to...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company con...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
Novak Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is...
Novak Corporation sells coffee beans, which are sensitive to
price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
Identify each of the statements regarding goldsmiths and the evolution of banks as either true or...
Identify each of the statements regarding goldsmiths and the evolution of banks as either true or false. Early traders resisted using deposit receipts from goldsmiths as money until the goldsmiths began to pay a fraction of the gold deposits, to entice depositors to keep gold in reserve with the goldsmith Answer Bank false true Because depositors receipts were fully backed by gold, there was no possibility of a bank run The earliest banks backed deposits 100% with gold Early banks'...
Wong has the following internal controls over cash receipts and cash payments. Identify the control activity...
Wong has the following internal controls over cash receipts and cash payments. Identify the control activity that is applicable to each item in the table shown below: All cash is deposited intact, in the bank account, daily. Segregation of Duties/Independent checks of performance/Documentation procedures/Physical and it control/ Establishment of responsibility/Human Resource Controls Blank cheques are stored in a safe in the controller’s office. Segregation of Duties/Independent checks of performance/Documentation procedures/Physical and it control/ Establishment of responsibility/Human Resource Controls All cashiers...
1. Identify each of the following controls as preventive, detective or corrective (NOTE, SOME MAY FALL INTO MORE T...
1. Identify each of the following controls as preventive, detective or corrective (NOTE, SOME MAY FALL INTO MORE THAN 1 CATEGORY) then, explain your answer: a. Separation of duties b. Camera system placed behind a cash register C. Background checks on all new employee hires d. Locking doors and windows at night e. Purchasing a fire insurance policy f. Preparing reconciliations for the cash account 2. Prepare the following petty cash entries: a. Company establishes a petty cash fund with...
6) Campaign Services hired a new accounting manager. He signed a contract for 6) a new...
6) Campaign Services hired a new accounting manager. He signed a contract for 6) a new accounting information system, but his position did not specify whether he was authorized to do so or not. In the above situation, which internal control procedure needs strengthening? A) separation of duties B) documents C) competent, reliable, and ethical personnel D) assignment of responsibilities 7) 7) A deposit receipt is A) retained by the customer as proof of a deposit transaction B) used by...
Check Your Understanding 13.1 Instructions: Indicate whether the following statements are true or false (Tor F....
Check Your Understanding 13.1 Instructions: Indicate whether the following statements are true or false (Tor F. 1. Hacking is more prevalent in healthcare because of the value of patient information on the black market. 2. Internal security breaches are far more common than external breaches 3. The Identity Theft and Assumption Deterrence Act of 1998 makes it a federal crime to commit an act of identity 4. Vulnerabilities and threats are terms that can be used interchangeably. 5. Healthcare organizations...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
UA COmpany must roenny ns risRS 11. Rearranging plain-text messages by a mathematical process is known as A) password B) phishing С) encryption D) virus 12. Two or more people working together to circumvent internal controls and defraud a company is known as A) encrуption B) firewall ) collusion D) separation of duties 13. Which of the following is the last step in the daily control over cash receipts by mail? A) A mailroom employee sends all customer checks to...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
Novak Corporation sells coffee beans, which are sensitive to
price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
Identify each of the statements regarding goldsmiths and the evolution of banks as either true or false. Early traders resisted using deposit receipts from goldsmiths as money until the goldsmiths began to pay a fraction of the gold deposits, to entice depositors to keep gold in reserve with the goldsmith Answer Bank false true Because depositors receipts were fully backed by gold, there was no possibility of a bank run The earliest banks backed deposits 100% with gold Early banks'...
1. Identify each of the following controls as preventive, detective or corrective (NOTE, SOME MAY FALL INTO MORE THAN 1 CATEGORY) then, explain your answer: a. Separation of duties b. Camera system placed behind a cash register C. Background checks on all new employee hires d. Locking doors and windows at night e. Purchasing a fire insurance policy f. Preparing reconciliations for the cash account 2. Prepare the following petty cash entries: a. Company establishes a petty cash fund with...
6) Campaign Services hired a new accounting manager. He signed a contract for 6) a new accounting information system, but his position did not specify whether he was authorized to do so or not. In the above situation, which internal control procedure needs strengthening? A) separation of duties B) documents C) competent, reliable, and ethical personnel D) assignment of responsibilities 7) 7) A deposit receipt is A) retained by the customer as proof of a deposit transaction B) used by...
Check Your Understanding 13.1 Instructions: Indicate whether the following statements are true or false (Tor F. 1. Hacking is more prevalent in healthcare because of the value of patient information on the black market. 2. Internal security breaches are far more common than external breaches 3. The Identity Theft and Assumption Deterrence Act of 1998 makes it a federal crime to commit an act of identity 4. Vulnerabilities and threats are terms that can be used interchangeably. 5. Healthcare organizations...
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