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.
The amount that the non-smoker pays per month for premium is $31.25.
<h3>What is the determinant of the premium?</h3>
Generally, in an insurance, the person that smokes will pay higher premiums for life insurance than a non-smoker.
Now, it is given that the non-smokers pays a 25% lower premium for life insurance, that is, 1/4 of the normal premium he is suppose to pay.
Because the smoker present a high risk, he will pay the full premium to cater for high risk situation on the policy.
Premium payable = $125 * 1/4
Premium payable = $31.25
Therefore, the answer is $31.25 for the non-smoker.
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<em>brainly.com/question/25280754</em>
Poor time management and poor observational skills
Good luck with future problems m8
Answer:
5.01%
Explanation:
The bond nominal yield to call is 5.01%
<span>Michael Porter and Mark Kramer are economists and researchers who proposed theory that explains the relationship between economics ans society. According these economists an "essential test" for the worthiness of any additional social initiative is to determine whether it presents an opportunity to create shared value. The term shared value defines a meaningful benefit for society that is also valuable to the business.</span>
