Answer:
Items of Cash : Cash and Till float
Risks : Fraud and Theft
Controls : Segregation of duties over the receipt and recording of money and Every cashier should only be responsible for his own funds.
Test of Controls : Do a surprise cash count and Enquire about and observe the controls over cash by management
Explanation:
Bank and cash transactions occur on a daily basis in all businesses. Although the cash and bank balances may not individually be significant, annually the volume of cash and payment transactions and bank deposits can be significant to the entity.
Items of Cash
Cash balances comprise the following:
Risks
Cash is highly susceptible to fraud and theft by employees, often in collusion with third parties.
To mitigate this risk related to cash balances, management will usually implement strict control policies and procedures for cash handling and recording.
Controls in the bank and cash cycle can be divided into 2 categories:
Basic Controls
- Segregation of duties over the receipt and recording of money.
- Different forms of cash (sales, petty cash, cash loans) should be kept separately and recorded separately.
- Proper stationery control. Receipts, cash sales slips/invoices must be numerically recorded
- Safeguarding of money. Cash must be locked in a Volt and deposited as soon as possible. You would also need control over the key to the Volt.
Control over Cash
- Cashier must balance cash on a daily basis and must compare it with the source documents (receipt, cash invoices, cash register totals) and record it on a cash receipt summary. The Cash Receipt Summary must be Signed by the Cashier, Independently reviewed by the Senior Official.
- Every cashier should only be responsible for his own funds. Usually during lunch. Cash registers must be locked away.
- Every cashier should be responsible for his own float. They should lock in Cash Drawer.
- Supervision over cashiers. Through the use of Cameras.
- Cash must be banked as soon as possible.
Audit approach for testing these accounts
- Enquire about and observe the controls over cash by management.
- Do a surprise cash count (also attend on a surprise basis the daily balancing of cash). In the presence of a Cashier who signs back of the receipt, agree the cash with the supporting documentation (receipts, cash invoices, cash register total) and follow the float through to the balance in the ledger.
- At a later stage follow the cash counted through to deposit slip, and agree it with the cash counted, ensure they are banked timeously and follow the total of the deposit slip through to the cash book and bank statement.
Answer:
Globalization has led to the influx of multinationals in many developing and under developed countries. With the advancement of technology this process has increased and influenced many industries.
Uber is providing convenience to its users to fill the gap between the service provider and service user through a platform
This platform has led to bridge the gap between the user and seller of service.
This convenience can be used not only in the transportation of consumer but can also be used in carrier pick ups. Delivery of foods and mails etc.
It can also be used across industries like in medical industry to provide emergency ambulances. Bridging the gap between medical assistance by providing medical services through apps connecting doctors and patients.
It is being used in freelancing industry as well. To provide a platform for provider of service and consumer.
However in entering into different industries the legal aspects are to be considered to avoid any backlash.
Answer:
D. A predominately capitalist approach toward achieving economic goals, but the current pressures it faces suggest it is likely to adopt a more socialist approach in the future.
Explanation:
Goldinia applied a capitalist approach based on low taxes, almost no regulation in business activities and implementing only modest social programs. The goal was to let capitalist activity (market, production, business, etc.) be and let it develop. It is not pure capitalist but predominately capitalist approach, as taxes do exist, there are regulations for businesses and there are social programs, although modest.
However, the government now is receiving pressure to introduce more regulations for cleaning up the environment and reduce the inequalities in income and wealth, which are socialist measures... so it could adopt a more socialist approach in the future.
Answer:
Their debt ratio is about 0.039.
Explanation:
Given information:
liabilities = $16700
Assets = $433,000
We need to find their debt ratio.
Substitute the given values in the above formula.
Therefore, their debt ratio is about 0.039.
Answer:
d. It provided organizational incentives; now it provides individual incentives
Explanation:
Group viewer have the profit-sharing plan that could be provided the incentive of an organziation to the employees. This plan should be applied sometimes. Now if the commission is changed for each and every employee so it should be an individual incentive
Also the profit-sharing plan should not be either an individual or group incentive but the same should be the part of the organization
Therefore the option d is correct
