G If duties are properly segregated, the authorization function is performed by, the recordingfunction is performed by, and cash processing is performed by the 1) accounts payable;purchasing; cashier 2) purchasing; accounts payable; cashier 3) purchasing; cashier;accounts payable 4) purchasing; accounts payable; treasurer

The question is related to the segregation of duties within an organization's internal control…

Answered: If duties are properly segregated, the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Identification. Write the correct answer in each statement. 1. A check merely drawn and recorded but not given to the payee before the end of the reporting period. 2. A check drawn, recorded, and already given to the payee but it bears a date subsequent to the end of reporting period.3. Two accounts having equal or same balances that when one account is debited, the other account is credited or vice versa. 4. These are items not representing deposits credited by the bank to the account of the depositor but not yet recorded by the depositor as cash receipts.5. These are checks deposited but returned by the bank because of insufficiency of fund.6. Examples of these are bank service charges, technically defective checks, and NSF checks.7. A document prepared by the bank detailing the transaction history of the account over the reporting period.8. A document or instrument evidencing time deposit.9. A bank account where the depositor is given a passbook upon the initial deposit.10. A bank…
As the COO of Iron Chef Co., Peter has to evaluate the “On-time delivery” rate of Rocky Carrier to decided whether Chef Co. should continue its contract with Rocky Carrier. The “on-time delivery” of 98.10% ______ Assume that Rocky Carrier's "billing accuracy rate" is 99.7% Group of answer choices is “low” because 99% is considered “high”. is “high” because 90% is considered “low”. is “below average” because it is lower than the billing accuracy rate of 99.70% depends on its relative information such as the industry average or its competitorsʻ rates to know whether it is “high” or “low”. is not as important as billing accuracy rate.
Lena, Carrie, and Margaret work for a family physician. The doctor is knowledgeable about office management practices and has segregated the cash receipt duties as follows: Lena opens the mail and prepares a triplicate list of money received. Lena sends one copy of the list to Carrie, the cashier, who deposits the receipts daily in the bank. Margaret, the recordkeeper, receives a copy of the list and posts payments to the patients' accounts. About once a month, the office clerks have an expensive lunch they pay for as follows. First Carrie endorses a patient's check in the doctor's name and cashes it at the bank. Lena then destroys the remittance advice accompanying the check. Finally, Margaret posts payment to the customer's account as a miscellaneous credit. The three justify their actions by their relatively low pay and knowledge that the doctor will likely never miss the money. What went wrong with the doctor's internal controls? Would a bank reconciliation uncover this office…
Proper authorization of write-offs of uncollectible accounts should be approved inwhich of the following departments?(1) Accounts receivable (3) Accounts payable(2) Credit (4) Treasurer
Under the operating method, each rental receipt of the lessor is recorded as generally when payments are received, i.e., performance obligation is satisfied. The underlying leased asset is still recognized on the balance sheet of the lessor and In addition to , any other related costs to the lease arrangement, such as insurance, maintenance, taxes, etc. are recorded Under a sales-type lease, lessors report in the income statement, in the order of the sequence shown on the multiple-step income statement, and thus at commencement of the lease. During the lease term, is reported. on
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The Production Manager in collaboration with other Senior Management officials has developed a bonus scheme which serves as guide to operational officers who meet their target at the end of every accounting year. This information was circulated to all the operational members through their official emails for their attention. Kojo, an operational officer of the Production Unit had a ride from the Production Manager on his way home. In the absence of any conversation for the first five minutes while enjoying the ride with his Production Manager, Kojo decided to seek further clarification on the new bonus scheme developed by Management. Explain the type and category of organizational communication structure adopted by management in disseminating information to the operational officers, highlighting the importance of the category of organizational communication structure? Determine the type of organizational communication structure adopted by Kojo?
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