Tracing a Sample of Remittance Advices to Entries in the Cash

question 45

Multiple Choice

Tracing a sample of remittance advices to entries in the cash receipts journal tests which of the following assertions for cash?

• A)Occurrence.
• B)Completeness.
• C)Authorization.
• D)Cutoff.

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Definitions:

Restrictive

Describing policies, practices, or measures that limit or control the actions and freedoms of individuals or groups.

Internal Control

Processes adopted by organizations to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Data Integrity

The accuracy, consistency, and reliability of data throughout its lifecycle, ensuring it remains intact and unaltered from its original state.

Operating Reserves

Funds set aside by an organization to support operations and ensure financial stability in the event of unexpected circumstances or emergencies.