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11 Cards in this Set
- Front
- Back
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Michelle Darby relieves cash from her customers. Her other assigned job is to post the collections to customer accounts receivable. Her company has weak |
Separation of duties |
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Payment by check is an important control over cash payments because |
The check must be signed by an official. Before signing the check, the official reviews the invoice supporting the payment. |
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A $100 petty cash fund contains petty cash tickets of 94$ and $4 in cash. In recording the activity and replenishment the company should |
Debit Cash Over and Short for $2 |
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In a bank reconciliation, deposits in transit |
are added to the bank balance. |
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The reconciling item in a bank reconciliation that will result in an adjusting entry by the depositor is |
Bank service charges |
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The direct write off method often recognize s bad debt expense |
After the period of original sale |
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The direct write off method often violates what accounting principal |
Matching principal |
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The allowance method recognizes bad debt expense |
In the period of original sale |
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Units of production method formula |
(cost- residual value) x actual units/ total est value |
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Straight line method formula |
(cost- residual value) x 1/useful life |
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Double declining balance formula |
(cost-accum depreciation) x 2/ UL |
