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What are the five key control objectives of the cash payment system?
The five key control objectives of the cash payment system are: Authorization: Ensure that all cash payments are properly authorized to prevent unauthorized disbursements. Segregation of Duties: Differentiate responsibilities among personnel to reduce the risk of fraud or errors, ensuring no single individual has control over all aspects of cash handling. Record Keeping: Maintain accurate and timely records of all cash transactions to facilitate reconciliation and accountability. Physical Controls: Implement safeguards, such as secure storage and access controls, to protect cash assets from theft or loss. Reconciliation: Regularly compare cash records with bank statements and other documentation to identify discrepancies and ensure accuracy.
What is the system called The system of preparing financial statements based on recognizing revenues when the cash is received and reporting expenses when the cash is paid?
i don't now [Jabirshah] The system for recognizing revenues influenced with payment and receipt of cash is called "Cash base accounting system".
Accounting and its functional objectives?
There are many objectives to accounting. A systematic accounting system will should have the following objectives: to maintain cash account balances, to detect fraud, and maintain ledger account balances.
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
An application of good internal control over cash disbursements is...?
following payment, the approved invoice should be stamped "paid"
What are the 5 key control objectives in cash payment system?
list 5 key control objectives in a cash payment system
What are the 5 key control objectives in cash payments?
list 5 key control objectives in a cash payment system
What is the system called The system of preparing financial statements based on recognizing revenues when the cash is received and reporting expenses when the cash is paid?
i don't now [Jabirshah] The system for recognizing revenues influenced with payment and receipt of cash is called "Cash base accounting system".
Payment by check or payment by cash?
cash payment limited for budget 2010-2011
Accounting and its functional objectives?
There are many objectives to accounting. A systematic accounting system will should have the following objectives: to maintain cash account balances, to detect fraud, and maintain ledger account balances.
How does objectives of cash management differ from goals of cash of management?
A goal is to accomplish the objectives. They are co-dependent.
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
An application of good internal control over cash disbursements is...?
following payment, the approved invoice should be stamped "paid"
Why is the cheque system particular useful to a business?
The cheque system is particularly useful to businesses because it provides a secure and traceable method of payment, reducing the risk of theft and fraud compared to cash transactions. Cheques also facilitate easier record-keeping and reconciliation, as they create a paper trail that helps businesses track expenses and manage cash flow. Additionally, using cheques can improve payment scheduling and allow for more flexible timing in cash management. Overall, the cheque system enhances financial control and accountability for businesses.
If a company will not take your cash payment do you still owe the money?
Yes, but it's strange they won't take cash. Try to find out what form they want payment in, and then try to make payment that way. If cash is the only way you can do it, call them and ask how to make a payment in cash.
What is journal entry for fluctuating fund system?
establishment of fund: petty cash fund xx cash in bank xx payment of expenses out of the petty cash fund: expenses xx petty cash fund xx
What is the journal entry for down payment of cash?
[Debit] Down payment xxxx [Credit] cash xxxx
