Financial & Managerial Accounting (15th Edition)

Chapter 7

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The control environment is an element of internal ... more

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Adding the $90 would overstate the cash balance of... more

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The outstanding checks should not be added to the ... more

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The additions to the cash balance according to the... more

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A petty cash fund is used to pay relatively small ... more

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The control environment deals with the setting up ... more

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20Y3 - 353.2 days20Y2 - 276.6 days ; Calculate the... more

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A person who handles cash receipts should not be ... more

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Separation of duties ; Control procedure is ... more

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In every organization, there must be checks and ... more

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The fraud could have been prevented if There was ... more

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invoice, purchase order, receiving report ; These ... more

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These are errors made by the company or bank or ... more

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The purpose of preparing a bank reconciliation ... more

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Hiring of external auditors to review the adequacy... more

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20Y9 - 262.8 days20Y8 - 234.9 days ; Calculate the... more

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It requires that all financial reports must state ... more

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Disagree. Large loans are more susceptible to risk... more

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Custody of assets, separation of duties and no ... more

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There was collusion between the employees of ... more

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Control procedures ; Purchases must be made by one... more

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Separation of responsibilities was not observed. ... more

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The journal entry to record the actual cash ... more

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The journal entry to record the actual cash ... more

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The company must implement a voucher system.... more

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Receiving reports must be completed for all ... more

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Deposits in transit and any error by the bank that... more

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The book reconciling items in a bank ... more

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The journal entry for the book reconciling items ... more

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The journal entry for the collection from ... more

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1.)StrengthTreasures is obtaining necessary ... more

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Company W have the following transactions recorded... more

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Strengths: 1, 2, 6, and 7.Weaknesses:3. An ... more

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In establishing a petty cash fund, cash balance is... more

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Tehra and her supervisor are not acting in an ... more

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J is not behaving in a professional manner. Once ... more

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To: All StaffFrom: Owner, Wholesome and Happy ... more

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Approving and payments of cash should not be done ... more

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