there-are-several-elements-to-internal-controls-which-of-the-following-would-not-address-the-issue-o

Question

There are several elements to internal controls. Which of the following would not address the issue of having cash transactions reported in the accounting records?
A. One employee would have access to the cash register.
B. The cash drawer should be closed out, and cash and the sales register should be reconciled on a prenumbered form.
C. Ask customers to report to a manager if they do not receive a sales receipt or invoice.
D. The person behind the cash register should also be responsible for making price adjustments.

Puneet Prajapati · Accepted Answer

we&#x27;ll get him. Let&#x27;s understand the current solution. Crumbs from the rules. So we have diamond roots of company, okay? And buy diamond rules of accounting. Before that, they will understand why the diamond was by the by. We have diamond rules. Okay? These rules are are to regard General Yankee in the books of the problems of the company. Okay, so first of all, meeting right, increasing a sex queasiness there&#x27;s on expenses will always be there to die like men. We will have when we will have increasing a sect and expenses with these type of accounts. Then be left debit and three of those items. Okay. However, if they will be decrees and asset and expenses accounts, so they will be credited on Lee that. But we will be considering that. Okay, So sorry for the disruption. So, in easing liabilities, cabinet and live in you, we&#x27;ll always be credit. You need to write it down. So that didn&#x27;t any case. If you will encounter with some problems so that given so that you&#x27;ll get to revise it before the exams. So forget it. Who so degrees in liability? Capital revenue for peace. David, Now in the current question What we have been given that what will be that? Gotta spending which of the falling tarnishing questioned, evident and tried to cash. It means, David every means. So get cash is what gashes consider under six. Okay, what is gang minutes like this? Being your first cash is nothing but the balance maintained by the entity. Okay, The balance maintained by the entity for day to day for the directive. It isn&#x27;t in any business entity. Okay, so balance, mundane a d and D. So that is considered as an insect. Okay, so what, you&#x27;re saying that whenever they will be increased in a sex, so they will be a debit. Who guess? Okay and credit. Do the party from which be receiving the guests. Okay. From which we are receiving cash. Okay. No. So, John, they&#x27;re falling. So? So the correct choice expert, that detail, unless is we have just done. But it Joyce problem 37 for Colin Techniques. Heaviness. See? And how Howard will we see? Because we have collector balance. Really? That&#x27;s tomorrow. What is balance? That&#x27;s understandable. Let&#x27;s say suppose we have sold some goods or services or select city have sold some foods and beverages to our customers. But the customer is saying that pay you off after a certain period of time. Lex. Detective Hayes. Now, in that case, the balance becomes recovered from the customer. Now, whenever we will recover the balance of the customer, it will become s inform off cash into our cash reserves into our cash holdings. Okay, so that is why so we will have increasingly sex because cash is considered as an insect. Therefore daily, they will be adapted to the guess. Okay, so that&#x27;s all for the solution. Thank you.

Puneet Prajapati · Answer

Okay, so we are going to understand being meaning financial. Okay, forward by that, we&#x27;ve been in this time there, ho or what is the purpose of recording such financial protection? Okay, in respect of a business entity, it first. Who? The transaction involving exchange off worse and services against money. Okay, so differential. Grandage, is there transaction which bods exchange off goods and services against the cash? Okay, whatever we get. Okay. No, let&#x27;s stick. In example, let&#x27;s suppose there is Mr Always dealing in business off fans nowadays. And most, most of the people use it in business. OK, so let&#x27;s begin with So Mr A is a business owner off fans. Now what happens? They deserve Mr B. So there is so Mr B. Is that customer who? Mr. Now what happens, Mr. Lee? Believers just be friends. Okay, Photocopies $100 each. Okay, so the total value will be $5000. Okay, now Mr B has transport through banking. Jennings How much? $5000. Who missed it? A. Against the received off 50 secs off fans. Ok, now this is a your example. Financial transaction. Okay. So often in Children&#x27;s fiction can also be understood as many financial transaction. Okay. Okay, so that&#x27;s what we have in terms of example. Make understand. What is the meaning? Often until transaction. Okay. No. So we have derived our solution from this example. That financial transaction will be mostly frequently okay, Mostly as the less frequently in case of a business entity. Because in business entity, the owner has to deal with more people, number of suppliers, medical number of customers. You&#x27;re in the business. Okay, so these type of financial transactions will be in numerous will be in huge numbers, Okay. In huge number. So that is why in that guest such financial transaction, Well, we will also be referred to us ordinary financial damages okay? Or letting religion entry. Okay, so for the current portion that that matches with choice, See? Okay, The ordinary transaction entry so in a content will be employed in the business entity. Okay. Bye. Mr E. Who regard such financial connections? Okay, so that will be and all of those transactions will be there for us or any directions. Okay, that&#x27;s all for dissolution and choices. Choice E is the correct

Puneet Prajapati · Answer

Okay, so we will understand nights off, but just on a chip. Okay, So we everyone know. Okay, Everyone knows that to how many mediums weekend conduct our apologies off any day. Okay, so out off those who are most popular that oneness. Okay, so one off. Not the most popular, however, most no matter to everyone that this gash basis party storage, like ve vill lame that supported there will be a transaction with Mr A and Mr B. So Mr even supply goods okay, on Mr B will be dollars, $1,000,000 cash injured ALOF words. Okay against the Kurds delivered to Mr B. Okay, this is the catch my sister now in this direction, what happens there are who respects off this under chip. Okay, because off financial transaction will always have who respects or we can see a double effect. So? So the first effect is the moment off cash from Mr B two mystery and second bonus stop that is being moved from Mr A. Mr B. Okay. However, when we come to of a second type of production, that was the most popular one matter. Okay, I did basis replaces what happens in credit basis. However, Mr Able deliver groups. Okay, that is obvious. But what will happen, Mr Beaven say that mystery. I will pay you at a later point in time like within one month. Okay, But then one month, $1000 Good people. Now, in this transaction, there are also due respects because I have said that often. And Children ricin will always have a prolific. So it will be, of course, stark effect because the goods are being moved from his tip. Mr B. No, there is a second respect. Okay, on that set second inspectors prettiness. So craters are the are the persons or the entities which are to be here by the persons who have received goods and services from the craters. So in the Given kids, Mr B has received gentle business from mystery. So he has to pay $1000 with environment. So Mr B will be greater So you can draw Adaline so that you will be. And you would be able to understand that in this case we will be right. So the f I didn t fight that type of accounts we will need. They will be needed to the court The been recording deputies. Okay, so now that matches without Joyce. So I see. Because then recording approaches. They can be medical matters our better, Most important method. Sorry, who Most important methods are cash basis and created basis and the falling type of house we can use. However, in place off straight as we can use accounts people. Okay, so craters and accounts people can be used interchangeably. However, choice is the correct answer, okay?

Puneet Prajapati · Answer

Okay, So letters understand the medium&#x27;s through which beacon a quiet or initiate the jays tradition, you know, business. And okay, so everyone knows. And most of us knows that there are only two mediums through which we can purchase or acquired any lipo from a TV and 56. Okay, so first is cash business, okay. And 2nd 1 is credit business. So Engadget bases what happens? That&#x27;s a supposed is this and that Offer goods and be departure. So a very transport or delivered Ingles. Okay. And be with make deep in it. Okay, let&#x27;s suppose $100. So this is that this is the trial of change, which will involve transfer of goods against depend away, but in case so credit basis transaction. What happens? Evil Deliver the goods. OK, that is very obvious, because otherwise transaction will not be considered to be happened. But be Bill be who? Mr A at a little boy. Let is opposed treatments. Okay. It means the purchase has been made on credit. Okay, now what happens? There is a system which being know as the Arctic your dick invented system. Okay, now what happens in this case if we purchase any item, or we can say any under D applying this this typical mattered if Jesus, Any item, Then it&#x27;s Children Car, the journal entry in the falling minute leg. First of all, it really Deborah deeper cheeses, but Jesus, let&#x27;s see, actually singular. So purchase account debit. Who Cash? Who gets it by there. So let&#x27;s suppose then you meet Is purchasing di item in cash? Okay, so entity is being the supplier in cash phone who punches. So purchase is to denote the items are raw material that has been purchased from the supplier. Okay. And cash has been done to denote that cash cash is being paid open cheese a property so we can understand that they deserve the full effect off the production. Right? Didn&#x27;t like this. The full effect. Oh, every fine and shipped on it. Okay, so we have I didn&#x27;t defied that. What are the accounts? That will be effective, you know, in games off entity, applying periodic in rental system. So that is so that matches with Joyce. Okay. Okay, that this cash and purchase Okay, So we will write. Have a choice. So I say is the correct answer. However, you can drive down angry. So okay, who get a better future difference? I have a choice is the correct answer.

Alexander Cheng · Answer

The question here basically gives a scenario of accounting where accounting staff processes payments of about 120 orders a day. So, um, the question here wants us to propose a sampling strategy for the supervisors. So what we can do is known as a a cluster sample technique through which we&#x27;d essentially, if we know that we take about 120 orders per day here and we want to recheck 10 of these particular orders, we can essentially just do a random number calculator, for example in this particular case, So every for example, um, one every state, 12th order. So let&#x27;s say we tell you good 12th order and then 24th and then 36 etcetera. So this is going to give us a pretty good representative of this particular, uh, check for part B here. It asks us to answer how we modify this tragedy if the company makes both wholesale and retail sales. So what we can do is to use a stratified a random sample. So what a stratified random sample is, of course, is going to be random sample based on various factors. So we&#x27;re gonna take each individual categories and we take a sample from there

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A company is trying to set up proper internal con…

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Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting

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Principles of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon CooperPrinciples of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting