FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 7, Problem 22Q
To determine
Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.
To state: If “the use of bank promotes a good internal
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Why is it important to have internal controls in managing and handling cash? What internal controls can you suggest?
Why does cash require some specific internal controls?a. Most transactions ultimately affect cash.b. Cash is relatively easy to steal.c. Cash is easy to convert to other forms of wealth.d. All of the above
What do you mean by bank reconciliation?
Chapter 7 Solutions
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2QCh. 7 - Prob. 3QCh. 7 - Prob. 4QCh. 7 - Prob. 5QCh. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - Prob. 10Q
Ch. 7 - Prob. 11QCh. 7 - Prob. 12QCh. 7 - Prob. 13QCh. 7 - Prob. 14QCh. 7 - Prob. 15QCh. 7 - Prob. 16QCh. 7 - Prob. 17QCh. 7 - Prob. 18QCh. 7 - Prob. 19QCh. 7 - Prob. 20QCh. 7 - Prob. 21QCh. 7 - Prob. 22QCh. 7 - Prob. 23QCh. 7 - Prob. 24QCh. 7 - Prob. 25QCh. 7 - Prob. 26QCh. 7 - Prob. 27QCh. 7 - Prob. 28QCh. 7 - Match each situation with the fraud triangle...Ch. 7 - Prob. 7.3BECh. 7 - Prob. 7.4BECh. 7 - Prob. 7.5BECh. 7 - While examining cash receipts information, the...Ch. 7 - Prob. 7.8BECh. 7 - Luke Rove is uncertain about the control features...Ch. 7 - Prob. 7.10BECh. 7 - Prob. 7.11BECh. 7 - Prob. 7.12BECh. 7 - Prob. 7.13BECh. 7 - Prob. 7.15BECh. 7 - Prob. 7.16BECh. 7 - Prob. 7.17BECh. 7 - Prob. 7.1DIECh. 7 - Prob. 7.2DIECh. 7 - Prob. 7.3DIECh. 7 - Prob. 7.4aDIECh. 7 - Prob. 7.4bDIECh. 7 - Prob. 7.1ECh. 7 - Prob. 7.2ECh. 7 - Prob. 7.5ECh. 7 - Prob. 7.6ECh. 7 - Prob. 7.7ECh. 7 - Prob. 7.9ECh. 7 - Prob. 7.10ECh. 7 - Prob. 7.11ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Prob. 7.16ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.1APCh. 7 - Prob. 7.2APCh. 7 - Prob. 7.1EYCTCh. 7 - Prob. 7.2EYCTCh. 7 - Prob. 7.3EYCTCh. 7 - Prob. 7.4EYCTCh. 7 - Prob. 7.5EYCTCh. 7 - Prob. 7.6EYCTCh. 7 - Prob. 7.7EYCTCh. 7 - Prob. 7.8EYCTCh. 7 - Prob. 7.9EYCTCh. 7 - Prob. 7.1IECh. 7 - Prob. 7.2IE
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Why is it critical to have internal controls in place when it comes to managing and handling cash? What internal controls would you recommend? Asaparrow_forwardConsider how an organization must manage cash and receivables. Which of the two is the most important to manage? Is one more susceptible to fraud and errors than the other? Explain your answer. How would a misstatement in each affect an organization?arrow_forwardWhy is careful management of accounts receivable and accounts payable so essential to ensuring positive cash flow?arrow_forward
- What are the controls needed to secure the petty cash fund?arrow_forwardQ. Define cash equivalents, and explain methods of controlling cash, including bank reconciliations.arrow_forwardCash may be a small itemon the financial statements. Nevertheless, internal control over cash is very important. Why isthis true?arrow_forward
- The determination of cash requirements is closely associated with a bank’s liquidity requirements. Explain why.arrow_forward1. What is the purpose of internal controls? 2. What will happen if companies do not impose internal controls? 3. Think of possible controls over cash, receivables and inventories. Explainarrow_forwardWhat is a bank reconciliation?arrow_forward
- Which of the following would likely not be considered a Cash Equivalent? Savings account Money market account O Credit card receivables from banks O Investment in Common Stockarrow_forward7) What is meant by Bank Reconciliation? Who made it and when was it made? 8) Explain the basic assumptionsarrow_forwardWhy is liquidity risk inherent to the business of banking? How can a bank seek to minimize its liquidity risk?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License