Week 8 Tutorial Questions Solutions

Week 8 Tutorial Questions Solutions - ACCT1501 2011S1 Week...

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ACCT1501 2011S1 Week 8 Tutorial Questions Solutions Tutorial Questions: Problem 7.6, 7.18; AQ 2; PA5.3 Problem 7.6 Recommended improvements: • need for count to be done by more than one person (possibly rotating the group). • the record of the cash count should be filed and checked back to deposits by an independent person. • cash should be banked intact. • a petty cash fund should be established to pay the incidentals. • the banking should be done by someone else when the treasurer is overseas (interest is forgone if cash left in safe for long periods). • the banking and recording should be done by different people (segregation of duties).
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ACCT1501 2011S1 Problem 7.18
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ACCT1501 2011S1 AQ 2 (This is question 3, from the semester 1, 2004 final exam, worth 10 marks) On 1 st January 2003, Britney Company has a debit balance of $21,000 in Accounts Receivable and a credit balance of $1,550 in the Allowance for Doubtful Dents. During 2003 Britney sold goods for cash for $19,600, and on credit $79,500. On August 1, 2003, Britney wrote off an account as
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Week 8 Tutorial Questions Solutions - ACCT1501 2011S1 Week...

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