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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.

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he support manager at Universal Containers wants a dashboard that shows the number of cases that remain open as of 5:00 p.m. eac
erma4kov [3.2K]

Answer:

A. Report based on a reporting snapshot that runs daily at 5:00 p.m.

Explanation:

Since the support manager needs a dashboard in the given situation that reflects the number of cases that stay open at 5:00 p.m every day at Universal Containers and in this case, every day at Universal Containers, he likes to work on a reporting snapshot running daily at 5:00 p.m. because it shows the real-time status or we may say that the current status is really required.

hence, the correct option is a.

7 0
3 years ago
Explain how the basic economic problems are solved under capitalism?​
Brums [2.3K]

Answer:

Under capitalistic economy, allocation of various resources takes place with the help of market mechanism. Price of various goods and services including the price of factors of production are determined with help of the forces of demand and supply. Free price mechanism helps producers to decide what to produce.

The goods which are more in demand and on which consumers can afford to spend more, are produced in larger quantity than those goods or services which have lower demand. The price of various factors of production including technology helps to decide production techniques or methods of production. Rational producer intends to use those factors or techniques which has relatively lower price in the market.

Factor earnings received by the employers of factors of production decides spending capacity of the people. This helps producers to identify the consumers for whom goods could be produced in larger or smaller quantities. Price mechanism works well only if competition exists and natural flow of demand and supply of goods is not disturbed artificially.

Explanation:

7 0
3 years ago
Utopia Corporation provides $6,000 worth of lawn care on account during the month. Experience suggests that about 3% of net cred
photoshop1234 [79]

Answer:

The answer is C.

Explanation:

Credit sales is $6,000

Bad debt is 3% of net credit sales which is $180($6,000 x3%)

Creating allowance for doubtful debt entry is one of the prudent method and it tells us that some customers won't pay part of what they are owing. And it is also a contra account that offset bad debt.

According to the accounting rule, debit increases asset and expenses and vice-versa while credit decreases liability, equity, income and vice versa.

So we have have:

Dr Bad debt expense $180

Cr Allowance for Doubtful Accounts $180

6 0
3 years ago
The _____________ define(s) what the system does.
labwork [276]
1.A.The mission of the System
2.C.Losses
3.B.Operational Characteristics
6 0
3 years ago
Do anybody know how to do the mega mogul project on knowledge matters ? Make over 30 million dollars pls help
ziro4ka [17]

Based on the business management analysis, to do the mega mogul project on knowledge matters requires following specific steps, which begin with "<u>detecting the opportunity."</u>

<h3>What is the Mega Mogul Project?</h3>

Mega Mogul Project is a business project whereby individual starts with one location and continue to grow and expand their entrepreneurial conglomerate to numerous businesses and several locations.

<h3>Some other steps to take when conducting a mega mogul project on knowledge matters are:</h3>
  • Market Research
  • Creating a Business Plan
  • Raising Money & Financials
  • Building a Team
  • Acquiring Resources
  • Going to Market
  • Operations & Feedback
  • Shark Project
  • Business Plan Project
  • Mega-Mogul Project.

Hence, in this case, it is concluded that various steps are involved when carrying out a mega mogul project on knowledge matters.

Learn more about Mega Mogul Project here: brainly.com/question/9961724

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