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TEA [102]
3 years ago
10

The following procedures were recently installed by Raspberry Creek Company: After necessary approvals have been obtained for th

e payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. Along with petty cash expense receipts for postage, office supplies, etc., several postdated employee checks are in the petty cash fund. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers. At the end of each day, all cash receipts are placed in the bank's night depository. At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank. All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.
Required:
Indicate whether each of the procedures of internal control over cash represents (1) A strength or (2) A weakness. For each weakness, indicate why it exists.
Business
1 answer:
Citrus2011 [14]3 years ago
3 0

Answer:

a. Strength

b. Strength

c. Weakness

d. Weakness

e. Strength

f. Strength

g. Weakness

h. Weakness

All the reasons of weakness are written in the explanation section below.

Explanation:

Solution:

Note: we are only asked to state the reasons of weaknesses only if exists. And in order to facilitate the reader I am breaking the question into parts.

a.

Comment : It represents a Strength

b.

Comment: It represents a strength

c.

Comment: It represents a Weakness

Reasons: In any case, post dated personal checks of employees are not permissible from the petty cash. It will showcase the advancing of funds from the petty cash for the employees. And it is a weakness.

d.

Comment:  It represents a weakness.

Reasons: It is a weakness, because it will create cash shortage of customers in the long run and it will lead to more and more complaints from the customers. Cash shortages should be dealt with proper procedure.

e.

Comment: It represents a strength

f.

Comment: It represents a strength.

g.

Comment: It represents a Weakness

Reasons: because it will create the accountability issues. Here, first step is that the mail clerk should list all the remittances and then send them forward. Furthermore, he/she must send duplicate copy account clerk for proper recording.

h.

Comment: It represents a Weakness

Reasons: It is not acceptable to prepare a bank reconciliation by people who are handling cash.

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Answer:

fire & natural distaster.

Explanation:

homeowners insurance covers things that can't be prevented. :)

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The director’s collaborator who has various tasks such as taking notes, keeping track of blocking, and communicating with all the members of the production team is the <u> Stage Manager </u>.

<h3>What is a Stage Manager ?</h3>

A Stage Manager supports and organizes all the different teams involved in the day-to-day running of a theatre production from rehearsals right through to performances and then post-show.

They liaise and communicate with the full company and organize each team to ensure the smooth running of a production.

During the rehearsal process the stage manager is responsible for:

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He _____ provides a basis for creating the project schedule and performing earned value management for measuring and forecasting
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Purchase investment in bonds for $115,000. Sell land costing $40,000 for only $31,000, resulting in a $9,000 loss on sale of lan
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Answer:

net cash flow  26,800

Explanation:

NOTE: missing information attached.

Operating

net income                 104,000

removal of non-monetary terms

depreciation expense 37,000

loss on sale of land       9,000

adjusted net income        150,000

<u>Changes in working capital:</u>

Increase in AR                  (22,000)

Decrease in Inventory       40,000

Prepaid increase                 (7,200)

Decrease in AP                 (16,000)

decrease interest paayble (5,000)

increase in tax payable         1,000

net change in working capital     (9,200)

net cash generated from operating     140,800

investing

sale of land 31,000

purchase of debt securities (115,000)

cash used in investing activities 84,000

financing

cash dividends (30,000)

cash used in financing activites 30,000

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