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Match each of the following cash receipt activities to the internal control principle to which it best relates. Enter the appropriate letter in the space provided.
1. A list of checks received in the mail is prepared.
2. Total cash receipts are compared to the amount on the bank deposit slip.
3. A password is required to open the cash register.
4. Price changes at the checkout require a manager’s approval.
5. Cashiers are required to count the cash in their register at the beginning and end of each shift.
A. Establish responsibility B. Segregate duties C. Restrict access D. Document procedures E. Independently verify
Ramirez Corporation sells two types of computer chips. The sales mix is 30% (Q-Chip) and 70% (Q-Chip Plus). Q-Chip has variable costs per unit of $36 and a selling price of $60. Q-Chip Plus has variable costs per unit of $42 and a selling price of $7..
Discuss the fairness and reasonablennes of paula accounting policies - revenue was recognized when cash was reveived from customers. most customers paid in cash but fer customers purchased and were allowed to pay in 30 days.
question 1please answer the followingsa. what is the maximum price that you are willing to pay for a machine if it is
The following inventory note appears in General Electric’s 2011 annual report. General Electric Company Edited Inventory Note 2011 2010 (millions of dollars) Raw materials and work in process $ 4,894 $ 4,708 Finished goods 4,379 3,951 Unbilled shipme..
create a questionnaire checklist that will be used to determine controls for each of the basic activities in the
Evaluate the economic order quantity for the spice in terms of 10 pound bags and If the company works 250 days per year, on average how many bags of spice are used per working day?
question bennett corporation is authorized to issue 1000000 shares of 1 par value general stock in 2012. starting in
Students who study accounting are expected to be aware of current events that impact upon the profession and be able to interpret financial and other information that companies prepare and present to the public.
Prepare an analysis detailing whether the investment in Welendtoanyone Inc. may be classified into the following categories in terms of IAS 39, Financial instruments: recognition and measurement.
“The flex in the flexible budget relates solely to variable costs.” Do you agree? Explain. “We want a flexible budget because costs are difficult to predict. We need the flexibility to change budgeted costs as input prices change.” Does a flexible bu..
Phyllis invested 57000 dollars, a portion earning a simple interest rate of 5 percent per year and the rest earning a rate of 7 percent per year. After one year the total interest earned on these investments was 3290 dollars. How much money did she i..
Prepare an amortization schedule for the Note Receivable using the subsequent columns
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