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algol [13]
3 years ago
12

Cash receipts should be deposited on the day of receipt or the following business day. What is the most appropriate audit proced

ure to determine that cash is promptly deposited?
A. Review cash register tapes prepared for each sale.
B. Review the functions of cash handling and maintaining accounting records for proper segregation of duties.
C. Compare the daily cash receipts totals with the bank deposits.
D. Review the functions of cash receiving and disbursing for proper segregation of duties.
Business
1 answer:
BartSMP [9]3 years ago
4 0

Answer:

The correct answer to the following question is option C) compare the daily cash receipts totals with the bank deposits.

Explanation:

When cash receipts are received by a company, it is often deposited in bank on the bank the same day they are received or they should be deposited the following business day. If a auditor or a manger or owner wants to make sure that the cash is promptly deposited everyday, then one way in which he or she can make sure that this is happening promptly is by comparing the daily cash deposits with the bank deposits or bank statements, through this procedures a person comparing them would come to know of any discrepancy in cash deposit, if it exist.

You might be interested in
The nations of Pamland and Lillytonia can produce two goods, DVD
vampirchik [111]

Answer:

The best deal would be option B) that is

Lillytonia sells 1/4 bushels of wheat to Pam land and gets 1 DVD player in return.

Explanation:

STEP 1

The output of DVD per unit of labor for Pamland = 150.

The output of Bushels of wheat per unit of labor for Pamland= 300.

The output of DVD per unit of labor for Lillytonia = 200.

The output of Bushels of wheat per unit of labor for Lillytonia= 600.

STEP 2

To calculate the comparative advantage, we use the following formula:

Comparative Advantage = DVD Output / Wheat Output

STEP 3

In Pamland, the opportunity cost, or the comparative advantage, of DVD is

300 / 150 = 2 bushels of wheat.

The opportunity cost of wheat in Pamland is 120/ 300 = 0.5 DVDs.

In Lillytonia the opportunity cost, or comparative advantage, of DVD is 600/200 = 3 bushels of wheat, while

The opportunity cost of wheat in Lillytonia is 200/600 = 1/3 or 0.33333 DVDs

STEP 4

As is clear from the calculations, Pamland should produce more wheat because it has the lower opportunity cost during production 2 against 3 for Lillytonia. Conversly, Lillytonia has the lowest opportunity cost for the production of DVD clocking 1/3 against a higher 1/2 for Pamland.

The countries should therefore trade in such a way that Pamlan is selling it's Wheat while Lillytonia is selling it's DVDs.

STEP 5

Given that Pamland's 2 bushels of wheat will cost it 0.5 DVDs, 4 bushels will thus cost it 1 DVD. It is impracticable (in any case) to have 1/2 of a DVD player.

Cheers

7 0
3 years ago
Anne has chosen how many bagels and how many units of cream cheese she would buy this month. She has $20 to spend on these two g
Colt1911 [192]

Answer:

The correct answer is:  her marginal benefit per dollar for bagels will decrease, and her marginal benefit per dollar for cream  cheese will increase.

Explanation:

Anne has $20 to spend on two goods bagels and cream cheese.

The marginal benefit per dollar for bagels is $6.

The marginal benefit per dollar for cream cheese is $10.

If she decides to buy more bagels and less cream cheese, the marginal benefit per dollar for bagels will decrease and marginal benefit per dollar for cream cheese will increase.

The marginal benefit per dollar for a commodity is the ratio of marginal utility derived from consuming the last unit of the commodity upon price of the commodity.

As more and more quantity of a commodity is consumed the marginal benefit per dollar for it will go on declining. This is because the marginal utility derived from each additional unit will go on declining while price will remain the same. The less the commodity is consumed, the marginal benefit per dollar for it will increase.

5 0
3 years ago
When a large supply of a product is available for sale, the price of the product will often
ankoles [38]

Answer:A

Explanation:When supply of a product goes up, the price of a product goes down and demand for the product can rise because it costs less.

5 0
3 years ago
Read 2 more answers
If Track Changes is used in a document, what steps are critical to perform before sharing the final version of a document?
Tpy6a [65]

Answer:

Review all the Markups and make the requiered changes

Explanation:

Track changes permits to edit a text before the final version its complete, then reviewing all the Markups made in the editing process is critical to define the final version of the text that then will be share.

3 0
3 years ago
Read 2 more answers
At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubt
Wewaii [24]

Answer:

  • (a) Prepare the entries to record sales and collections during the period.

Dr Accounts Receivable  $ 800,000  

Cr Sales  $ 800,000

Dr Cash   $ 763,000  

Cr Accounts Receivable   $ 763,000

  • (b) Prepare the entry to record the write-off of uncollectible accounts during the period

Dr Allowance for Uncollectible Accounts $ 7,300  

Cr Accounts Receivable   $ 7,300

  • (c) Prepare the entries to record the recovery of the uncollectible account during the period.

Dr Accounts Receivable  $ 3,100  

Cr Allowance for Uncollectible Accounts  $ 3,100

Dr Cash $ 3,100  

Cr Accounts Receivable   $ 3,100

  • (d) Prepare the entry to record bad debt expense for the period.

Dr Bad Debt Expense $ 20,200  

Cr Allowance for Uncollectible Accounts  $ 20,200

Explanation:

  • Initial Balance  

Dr Accounts Receivable   $ 200.000

Cr Allowance for Uncollectible Accounts  $ 9.000

  • During the period, it had net credit sales of $800,000  

Dr Accounts Receivable  $ 800.000  

Cr Sales  $ 800.000

  • Collections of $763,000  

Dr Cash $ 763.000  

Cr Accounts Receivable   $ 763.000

  • It wrote off as uncollectible accounts  

Dr Allowance for Uncollectible Accounts $ 7.300  

Cr Accounts Receivable   $ 7.300

  • A $3,100 account previously written off as uncollectible was recovered  

Dr Accounts Receivable  $ 3.100  

Cr Allowance for Uncollectible Accounts  $ 3.100

Dr Cash $ 3.100  

Cr Accounts Receivable   $ 3.100

  • Assuming 5% of accounts receivable, the journal entry:  

Dr Bad Debt Expense $ 20.200  

Cr Allowance for Uncollectible Accounts  $ 20.200

  • FINAL Balance  

Dr Accounts Receivable  $ 229.700  

Cr Allowance for Uncollectible Accounts  $ 25.000

Bad accounts are those credits granted by the company and there is no possibility of being charged.

When customers buy products on credits but the company cannot collect the debt, then it's necessar to cancel the unpaid invoice as uncollectible.

One way is to directly cancel bad debts at the time it was decided that the credit is bad, the total amount reported as bad debt expenses negatively affect the income statement and the accounts receivable are reduced by the same amount, less assets

The other way is to determine a percentage of the total amount of accounts receivable as bad debts, there are many ways to analyze accounts receivable and calculate the value of bad debts.

When the company has the percentage of uncollectible accounts, the required journal entry is Bad Expenses (debit) with Reserve for Bad Accounts (credit)

At the time of cancellation, since the expenses were recognized before, we only use the Allowance for Uncollectible Accounts (Debit)  with accounts receivable (credit), with this we are recognizing the bad credit of the company.

8 0
3 years ago
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