Why is it a matter of good internal control to deposit all cash receipts daily a

Question

Why is it a matter of good internal control to deposit all cash receipts daily and make goods and services by check? When no paper documents are required, there is increased convenience and lower These actions control the access to cash and create an independent record of all These procedures result in a more extensive testing of a company's record. The Sarbanes-Oxley Act requires these steps be taken by each publicly traded These procedures allow management to determine if projected cash receipts and over or under budgeted amounts. The total amount of depreciation recorded against an asset over the entire time the asset owned: Is referred to as depreciation expense. Is referred to as accumulated depreciation. Is shown on the income statement of the final period. Is only recorded when the asset is disposed of. is referred to as an accrued asset. Triple Company's accountant made an entry that included the following items: debits $12,42, debit office supplies expense $27,33, credit cash over/short $2.19. If the cash is $320, how much is in petty cash before the reimbursement? $320,000 $282,44 $37.56 $39,75 $41,94 The difference between the cost of an asset and the accumulated depreciation to Depreciation Expense Uncarned Depreciation Prepaid Depreciation Depreciation Value Book Value On April 1, 2014, a company paid $1,350 premium on a three-year insurance beginning on that date. What will be the insurance expense on the annual in $1,.350 $4.50

Explanation / Answer

21. B Accumulated Depreciation

Depreciation is charged every year over the entire life of the asset. Such depreciation added over the life is termed as accumulated depreciation.

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