Matching
Match each of the following terms with the appropriate definitions.
Premises:
A report that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement.
An internal document used to report that ordered goods are received and to describe the quantity and condition.
The ability of a company to pay for its short-term obligations.
An internal business document (or file) used to accumulate information to control cash disbursements and to ensure that the transaction is properly recorded.
A fund used for disbursements related to small items such as postage.
A document used by the purchasing department to place an order with a vendor purchase.
A measure of the liquidity of receivables computed by taking the current balance of receivables and dividing by periods credit sales and then multiplied by 365.
An income statement account used to record cash overages and cash shortages arising from missing petty cash receipts or from errors in making change.
A method of recording purchases at the full invoice price without deducting any cash discounts.
Principles requiring management to establish responsibility, maintain adequate records, insure assets, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls, and perform reviews.
Responses:
Gross method
Liquidity
Petty Cash
Bank reconciliation
Days' sales uncollected
Purchase order
Receiving report
Principles of internal control
Cash Over and Short
Voucher
Correct Answer:
Premises:
Responses:
A report that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement.
An internal document used to report that ordered goods are received and to describe the quantity and condition.
The ability of a company to pay for its short-term obligations.
An internal business document (or file) used to accumulate information to control cash disbursements and to ensure that the transaction is properly recorded.
A fund used for disbursements related to small items such as postage.
A document used by the purchasing department to place an order with a vendor purchase.
A measure of the liquidity of receivables computed by taking the current balance of receivables and dividing by periods credit sales and then multiplied by 365.
An income statement account used to record cash overages and cash shortages arising from missing petty cash receipts or from errors in making change.
A method of recording purchases at the full invoice price without deducting any cash discounts.
Principles requiring management to establish responsibility, maintain adequate records, insure assets, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls, and perform reviews.
Premises:
A report that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement.
An internal document used to report that ordered goods are received and to describe the quantity and condition.
The ability of a company to pay for its short-term obligations.
An internal business document (or file) used to accumulate information to control cash disbursements and to ensure that the transaction is properly recorded.
A fund used for disbursements related to small items such as postage.
A document used by the purchasing department to place an order with a vendor purchase.
A measure of the liquidity of receivables computed by taking the current balance of receivables and dividing by periods credit sales and then multiplied by 365.
An income statement account used to record cash overages and cash shortages arising from missing petty cash receipts or from errors in making change.
A method of recording purchases at the full invoice price without deducting any cash discounts.
Principles requiring management to establish responsibility, maintain adequate records, insure assets, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls, and perform reviews.
Responses:
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