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TEA [102]
2 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]2 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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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporati
lisov135 [29]

Answer:

$(52)

Explanation:

Calculation to determine the net pension asset/liability reported in the balance sheet at the end of the year

First step is to calculate the Ending PBO using this formula

Ending PBO=(Asset Beginning balance)+(Service cost)+(Interest cost)+(Loss on PBO)+Retiree benefits

Let plug in the formula

Ending PBO = $(880) + ($78) + ($44) + ($8) + $81

Ending PBO= $(929)

Now let calculate the Net pension liability

Using this formula

Net pension liability=(Ending PBO)+Ending balance

Let plug in the formula

Net pension liability = $(929) + $877

Net pension liability= $(52)

Therefore the net pension liability reported in the balance sheet at the end of the year is $(52)

5 0
2 years ago
Mr. wilkes has difficulty hearing sounds in the range of 20 to 40 decibels, but he has no difficulty hearing sounds above that r
Ede4ka [16]

Answer:

<u>more audible</u>

Explanation:

Note that <em>decibels</em> means the level of volume or loudness of sound. Therefore sounds higher than 20 to 40 decibels would be louder for Mr Wilkes.

It is important to note also that today's Hearing aids are used to correct hearing loss in patients. A device that could assist Mr Wilkes is a customized <u>In the ear aids (ITE)</u> device fitted to his outer ear bowl.

6 0
3 years ago
"America has forged this success while utilizing, in large part, only half of the country’s talent. For most of our history, wom
saw5 [17]

Answer:

Drawing talent from a larger and more diverse pool allows a business to attract and retain the best talent available

Explanation:

Around half of the world's population are women, and that applies to all countries. Buffet believes that American businesses have overlooked women's talent and therefore have missed half of America's talent.

It makes mathematical sense. If you are given the opportunity to choose 5 team members from a pool of 20 people, you will have double the chance of selecting a better team than if your pool were only 10 people.

Besides that mathematical fact, women also have different views than men over most issues, and they are also half of the nation's customers. So it is possible that during the last 200 years, businesses have been addressing half of their customers the wrong way.

6 0
2 years ago
Demands differ from wants because:______.
elena55 [62]

Answer:

The correct answer is:

demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good. (d)

Explanation:

Let me first try to define what demand and want are:

want: want is a desire for a product or service. It is said that wants are unlimited, however, the resources to actualize such wants are in a limited supply.

Demand: Demand is the quantity of good or service that a person is willing and able to pay for because of the availability of resources to do so, at a given price and time.

For a clearer understanding, demand can be seen as a subset of want that a consumer takes a further step to acquire, not just desire. There is a specific plan to acquire such wants.

5 0
2 years ago
1. What steps should one take to build confidence?
lisov135 [29]

Answer:

can you plz give me multiple thanks

plz ??

Worldview refers to the way one interprets the world around him.

❥❥❥❥╬٨ـﮩ❤️itzmrsshayar❤️ـﮩﮩـ╬❥❥❥❥

8 0
3 years ago
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