Problem B (28 points) mcres FILL-IN-THE-BLANK-PRINCIPLES AND TERMINOLOGY- INSTRU
ID: 2586182 • Letter: P
Question
Problem B (28 points) mcres FILL-IN-THE-BLANK-PRINCIPLES AND TERMINOLOGY- INSTRUCTIONS: Complete each of the following statements by writing the appropriate words or amounts in the Answers column. For Scoring Answers 0. The notification that accompanies the check and indicates the specific invoice that is being paid is called a(n)....... remittance advice 0. 1. The procedures used by a company to safeguard its assets, process information accurately and ensure compliance with laws are called...... Before a voucher is prepared for the purchase of merchandise, the three documents to support the correctness of the amount of the liability are: 2-4. 2. 3. 4. 3. (2) 5. A fund established to avoid writing checks for small amounts is called a(n) 6. A cash balance required by the bank to be maintained by a 6. business is called a(n) 7. Cash equivalents are considered 'equivalent" because they are highly. 8. Compensating balances should be disclosed in the.. 7 The bank knows who is authorized to sign checks because they require a(n If the actual cash received from cash sales is more than the amount indicated by the cash register tally, the overage would be credited to an account entitled. 9. 10. 10. 11. A business's attitude about controls is called the. 12. Hiring competent personnel, rotating duties and insisting on mandatory 12. vacations are examples of Procedures that are designed to detect fraud and theft of cash are cailed 13. 13. A debit balance in the cash short and over account is reported on the income statement in the section entitled 14. 14.Explanation / Answer
1. Internal Financial Control. It is a process which provide a system and a procedure that safeguard the company's asset and also ensure the compliance with law and regulations.
2 (1) Purchase Order.
3 (2) Suppliers Invoice
4 (3) Receiving Report
5 Petty Cash Fund.
6 Compensating Balance. It is a balance bank use to offset any cost incurred by bank to set up a business loan.
7 liquid. Liquid means can be easily sold in market and have a maturity less than a year.
8 Notes to Financial Statements.
9 Signature Authorization Card
10 Cash Short and Over
11 Business risk management
12 Control procedures
13 Internal control - Cash Control over payments and receipts
14 Other expenses
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.