Immediately upon receipt of cash a responsible employee should A Record the

Immediately upon receipt of cash a responsible

This preview shows page 52 - 55 out of 71 pages.

59.Immediately upon receipt of cash, a responsible employee should A. Record the amount in the cash receipts journal.B.Prepare a remittance listing.C. Update the subsidiary accounts receivable records.D. Prepare a deposit slip in triplicate.Reference: Question also found in textbookAACSB: AnalyticAICPA BB: LegalAICPA FN: Risk AnalysisBlooms: RememberDifficulty: 1 EasyLearning Objective: 06-04 Describe the control activities over the receipt and disbursement of cash.Source: AICPATopic: Internal Controls60.Each morning the controller gets the prior day's listing of remittances, a copy of the payment report, and a copy of the deposit slip returned from the bank. When comparing these items, the controller would be able to determine that
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Learning Objective: 06-04 Describe the control activities over the receipt and disbursement of cash.Source: OriginalTopic: Internal Controls 61.Upon receipt of customers' checks in the mail room, a responsible employee should prepare a remittance list that is forwarded to the cashier. A copy of the listing should be sent to the Reference: Question also found in textbookAACSB: AnalyticAICPA BB: LegalAICPA FN: Risk AnalysisBlooms: RememberDifficulty: 2 MediumLearning Objective: 06-04 Describe the control activities over the receipt and disbursement of cash.Source: AICPATopic: Internal Controls62.Cash receipts from sales on account have been misappropriated. Which of the following acts would conceal this defalcation and be least likely to be detected by an auditor?
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Reference: Question also found in textbookAACSB: AnalyticAICPA BB: LegalAICPA FN: Risk AnalysisBlooms: ApplyDifficulty: 2 MediumLearning Objective: 06-06 Discuss actual cash fraud cases and describe how the schemes were uncovered.Source: OriginalTopic: Fraud Schemes
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  • Financial audit, AICPA FN

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