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ankoles [38]
4 years ago
5

Explain the Charachteristics and the internal controlfeatures of an imprest fund.

Business
1 answer:
aalyn [17]4 years ago
4 0

Answer:

the Same; cash in the fund; total of the tickets; clearly identifies.

Explanation:

Okay, let us first fill in the gap in the question above. Please note that the capitalized words are the missing words.

"An imprest fund has THE SAME balance at all​ times, which equals the sum of CASH IN THE FUND accounts receivable cash in the bank cash in the fund deposits in transit plus the TOTAL OF THE TICKETS check stubs credit memos total of the tickets that support payments from the fund. The internal control feature of an imprest fund is that it CLEARLY IDENTIFIES (decreases increases) the amount of money for which the fund custodian is responsible."

IMPREST FUND can simply be defined as the money that one can keep in order to be able to pay for little-little day-by-day expenses. IMPREST fund is one of the powerful tools that is been used in accounting. IMPREST fund is generally kept with a custodian.

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1. Why didn’t a planet form here?
schepotkina [342]

Answer:

Hi!
so if you mean earth and I just have to guess about your question,

I think Earth is a planet so it would have needed to form.

Explanation:

it needed to form.

8 0
2 years ago
Apr. 8 Sold merchandise for $9,500 (that had cost $7,021) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4%
padilas [110]

Answer and Explanation:

The journal entries are shown below:

On April 8  

Cash   $9,120

Credit card expense   $380 ($9,500 × 0.04)

             To Sales  $9,500

(Being sale is recorded)

Costs of goods sold  $7,021

       To Merchandise inventory    $7,021

(Being the cost of goods sold is recorded)

On April 12

Cash   $7,215

Credit card expense   $185 ($7,400 × 2.5%)

             To Sales  $7,400

(Being sale is recorded)

Costs of goods sold  $4,795

       To Merchandise inventory    $4,795

(Being the cost of goods sold is recorded)

4 0
3 years ago
If a company's current ratio increases from 1.2 to 1.4 from one year to the next, and its acid test ratio decreases from 0.20 to
Trava [24]

Answer:

The inventory has been reportedly increased and it should be checked.

Inventory management should be further examined.

Explanation:

Current Ratio = Current Assets/ Current liabilities

An increase in the current ratio means that there is an increase in the current assets or decrease in the current liabilities.

Acid test  Ratio=  Current Assets - Inventory / Current liabilities

If the acid test ratio is decreased it means that there is an increase in current liabilities or the current assets have decreased.

If we carefully look at the two formulas we find that inventory has increased and deduction of inventory from current assets reduces the amount of current assets and increases the current liabilities giving a bigger acid test ratio.

The inventory has been reportedly increased and it should be checked.

Inventory management should be further examined.

5 0
3 years ago
Use the following chart to explain how the loan repayment period affects the total cost of the loan.
FromTheMoon [43]

Loan 1 and Loan 2 have the same principal and interest rate but different monthly payments and total loan costs, therefore, the loan repayment periods would be different.

<h3>What is the loan repayment period?</h3>

The loan repayment period refers to the time it takes to repay a loan.

When the amount being repaid is smaller, the loan repayment period tends to be longer, and vice versa.

Data and Calculations:

           Loan Repayment   Principal    Interest Rate    Monthly     Total cost

             Period                                                              Payment    of the loan

Loan 1    5 years                  $5,000    6.47 percent       $98         $5,866

Loan 2  10 years                 $5,000     6.47 percent       $57         $6,804

Thus, the loan repayment periods are affected by the monthly payments and total costs to reflect the loan terms.

Learn more about loan repayments at brainly.com/question/25599836

#SPJ1

6 0
2 years ago
Stor Manufacturing stores hazardous and volatile chemicals in its warehouse. The warehouse has state-of-the-art equipment to mak
Dima020 [189]

Answer:

liable for Williams injuries

Explanation:

Hello! Astor, being a possessor of dangerous products for the organism, has to take precautions so that in unexpected cases such as a meteorological incident his merchandise does not harm anyone. In this case, he is totally responsible for William's injuries for not preventing before.

Thanks for your question!

7 0
3 years ago
Read 2 more answers
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