Describe the features of voucher system in handling cash disbursements. What is voucher register? What purpose does it serve?

Q: Describe about petty cash fund.

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Q: What is the purpose of the cash receipts journal?

A: MEANING : PURPOSE: It is used to track the sales of items while cash is being received, by…

Q: Which one of the following statements related to the control of cash disbursement is true? Payment…

A: Internal control procedures are those controls framed and implemented by a business to safeguard its…

Q: Describe the operations of petty cash systems

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Q: Which of the following is not an internal control procedure for cash receipts? A. comparing actual…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: a) Prepare Cash Book

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Q: Describe and use the cash receipts journal. List theree items of information about each cash receipt…

A: Cash Receipts Journal:   It is a special book where only cash receipts transactions that are…

Q: Define what is meant by internal control and describe some key elements of an internal control…

A: Internal Control: Internal control can be defined as a process to ensure achievement of the…

Q: Why should cash receipts be deposited on the day of receipt?

A: Cash receipts refers to the money received in the form of cash on a specific date or during a…

Q: where would borrowed cash go on transaction worksheet

A: The borrowed cash is the amount of cash received by the entity through many ways - like from banks,…

Q: On a bank reconciliation. Deposit in transit is.....?

A: Bank reconciliation is a method of reconciliation of balance in bank book with the total of balance…

Q: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

Q: Why should cash receipts be deposited on the same day they are received?

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: pare Journal Entry to establish Petty Cash Fund

A: Meaning of Petty Cash book: It is the subsidiary book of main cash book where all the small day to…

Q: Applying internal control over cash receipts by mail Review the internal controls over cash receipts…

A: Internal control is organisational plan and all the related measures adopted by an entity to…

Q: "recorded cash sales" what accounts are used

A: When we sell anything to the customer in cash then cash account debits and revenue of an entity will…

Q: How can a proof of cash reveal unrecorded cash deposit and cash payment transactions?

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Q: Define cash receipts journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: How do businesses control cash receipts by mail?

A: Cash Receipts by Mail: Cash receipts are those payments that customer receives from the sales made.…

Q: The discount column of a threecolumn cash book records?

A: A three-column cash book is an exhaustive form that records cash receipts on the debit side and cash…

Q: How do businesses control cash receipts over the counter?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What are the common internal controls over cash receipts and cash disbursements?

A: Introduction: Internal control relates to a company's policies and plans, as well as extra efforts…

Q: To establish a petty cash fund, which account is debited

A: The petty cash fund is the fund maintained by the company in order to pay for the small expenses of…

Q: Explain the posting process of the cash payments journal.

A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…

Q: 1. Prepare the journal entry to establish the petty cash fund.

A: Journal Entries are as follows:

Q: Which of the following is true of a voucher system? A. All major expenditures, including cash…

A: A voucher is prepared for protecting the cash of business by eliminating any false payment. It is a…

Q: Using the following information, prepare a bank reconciliation.

A: “Since you have posted multiple questions, we will be answering the first question. In order to…

Q: Why should the person in charge of cash receipts not also be in charge of keeping accounts…

A: Here is the answer :

Q: Identify each of the following statements as either true or false. A voucher system of control is a…

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Q: Prepare Cash Disbursement for  purchases

A: Cash disbursement can be defined as the outflow of cash from the business. It arises due to…

Q: Using the following information and prepare a bank reconciliation.

A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…

Q: What internal control functions are performed by a cashregister and point-of-sale system? How are…

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Q: The sales journal is used to record______.      cash      sales on account      debit…

A: Sales journal is used to record all the account sales entries but it does not includes cash sales…

Q: Explain briefly how proof cash affect the balance in book and bank balances?

A: Bank reconciliation is the statement showing the balances of cash as per company’s books and as per…

Q: cash receipt journal

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Q: What's the entry for the cash receipt journal?

A: Journal entry is the entry which the business records normally on the journal but as there are…

Q: Required Prepare the CASH RECEIPTS JOURNAL  Prepare the CASH DISBURSEMENTS JOURNAL

A: Accounting cycle. It can be defined as the process which involves identification, analysis,…

Q: ould be recorded using the Bank Deposit form?

A: Transaction types should be recorded using the Bank Deposit form are :  A. Cash received from loans.…