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Leviafan [203]
2 years ago
13

How monthly bank cash reconciliation, an internal control practice, could be useful in identifying cash embezzlement?

Business
1 answer:
scZoUnD [109]2 years ago
3 0

Bank cash reconciliation, an internal control practice, could be useful in identifying cash embezzlement as because in order to prevent and detect fraud, bank reconciliations are a crucial internal control tool.

<h3>What is Bank cash reconciliation?</h3>

A bank reconciliation statement compares an entity's bank account to its financial records and describes banking and commercial activity. Statements of bank reconciliation attest to the processing of payments and the depositing of cash earnings into a bank account.

Some characteristics of bank cash reconciliation are-

  • By explaining the discrepancies between the cash balances in the accounting record and the bank balance position according to the bank statement, they also assist in identifying accounting and banking problems.
  • The likelihood of errors in the data used to produce accounts is decreased by the bank reconciliation process, which makes sure that all transactions that have been recorded on the bank statements have been examined and verified.
  • By confirming that all payments and transactions that have passed through the bank account have likewise been noted in the accounting records, bank statements also serve to assure completeness.
  • Any variations are noted and explained.

All reconciling discrepancies must be noted, and any journal entries required to correct them must be recorded no later than 90 days after the reconciliation has been completed.

To know more about the bank reconciliation and bank statement, here

brainly.com/question/15525383

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Tally Company uses job costing. The job cost record for Job A61 on March 1 showed a balance of $5,200. The job was completed on
Gemiola [76]

Answer:

Total cost= $15,100

Explanation:

Giving the following information:

The job cost record for Job A61 on March 1 showed a balance of $5,200.

Job A61:

March:

Direct materials= $2,300.

Direct Labor= $4,000.

Manufacturing overhead is allocated based on direct labor cost. The rate is 90% of direct labor cost.

MOH= 4000*0.9= $3,600

Total cost= 5,200 + 2,300 + 4,000 + 3,600= $15,100

8 0
3 years ago
What is the difference between a Chronological Resume and a Skills Resume? How are they similar, and how are they different?
erastovalidia [21]

A chronological resume lists your work experience in order of time, usually starting with the newest job and working your way backward. Skills resume lists the skills you have acquired from each job and groups them together. For instance, "leadership" may be a skill, so you would have a section entitled "Leadership" and then you would list all the leadership skills and tasks you have done.

These are similar because you will still list all your previous work history, skills, accomplishments, etc but the difference is in how you categorize and list them.

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Where should you keep your personal papers during driving your Uber shift
Savatey [412]
I would say hide it under your seat or between your seat. or your trunk
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lack of property rights diminish economic growth. diminish economic growth. increases productivity. increases productivity. enco
nikdorinn [45]

The answer is diminish economic growth.

  • The lack of property rights will produce difficulties in the daily lives of the people, and they will not be rectified unless the government intervenes with some property rights, because everyone would grab the property with power because the property rights are not there to claim the rights.
  • Negative growth is defined as a drop in a company's revenues or earnings, or a drop in an economy's GDP in any quarter. Negative growth is characterized by declining wage growth and a decline of the money supply, and economists consider negative growth as a precursor to a future recession or depression.
  • Economists usually believe that four variables drive economic development and growth: human resources, physical capital, natural resources, and technology.

Thus this is the meaning of diminish economic growth.

To learn more about economic growth, refer: brainly.com/question/18964806

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5 0
1 year ago
On January 1, 2019, Sheffield Corp. had the following stockholders' equity accounts. Common Stock ($12 par value, 81,300 shares
Whitepunk [10]

Answer:

In attachment.

Explanation:

In attachment.

Download docx
6 0
3 years ago
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