Controls Specific to the Recording of Cash Payments Include Which

question 37

Multiple Choice

Controls specific to the recording of cash payments include which of the following?

• A) an independent check by the accounting supervisor of the agreement of the amounts authorized and posted to accounts payable with the cheque summary received from the general accounts department
• B) an independent check of the agreement of the total of cheques issued with a batch total of the vouchers processed for payment.
• C) limits on access to blank cheques
• D) all of the above

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Definitions:

Years

A unit of time used in various financial calculations, such as the amortization of assets or the term of investments.

Retired

Indicates assets taken out of service or policies terminated.

Unamortized Discount

The portion of the bond discount that has not yet been expensed in the income statement over the bond's life.

Gain or Loss

The financial result that occurs when the selling price of an asset differs from its purchase price or adjusted basis, could be positive (gain) or negative (loss).