FILL-IN-THE-BLANK-PRINCIPLES AND TERMINOLOGY- INSTRUCTI Answers column. ONS: Com
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FILL-IN-THE-BLANK-PRINCIPLES AND TERMINOLOGY- INSTRUCTI Answers column. ONS: Complete each of the following statements by writing the appropriate words or amounts in the Answers Scoring The notification that accompanies the check and indicates the specific invoice that is being paid is called a(n) The procedures used by a company to safeguard its assets, process information accurately and ensure compliance with laws are called. Before a voucher is prepared for the purchase of merchandise, the three documents to support the correctness of the amount of the liability are: 0. romittance advice 1. 2-4. 2. 3. 3. (2) 4. (3) 5. A fund established to avoid writing checks for small amounts is called a(n) 5. 6. A cash balance required by the bank to be maintained by a 6. business is called a(n) 7. Cash equivalents are considered "equivalent because they are highly 8. Compensating balances should be disclosed in the 8. The bank knows who is authorized to sign checks because they require a(n) If the actual cash received from cash sales is more than the amount indicated by the cash register tally, the overage would be credited to 9. 10. an account entitled 10. A business's attitude about controls is called the Hiring competent personnel, rotating duties and insisting on mandatory vacations are examples of Procedures that are designed to detect fraud and theft of cash are called 11. 12. 12. 13. 13. short and over account is reported on the income statement in the section entitle. 14.Explanation / Answer
Internal controls Material received record, Vendors Invoice, Company's Purchase Order. Petty cash Fund. Compensating Balance. Liquid Notes to the Financial Statements (Balance Sheet). Signature Authorization Card to be signed in advance. Cash Overages/Shortages Corporate Culture Internal Control - Control Procedures Internal Controls. Cash Discrepancies
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