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internal control of cash payments eBook Calculator Print Item Internal Control of...

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Accounting

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eBook Calculator Print Item Internal Control of Cash Payments Abbe Co. is a small merchandising company with a manual accounting system. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash discounts had been lost because of failure to make timely payments. In addition, it was discovered that the invoices for several purchases had been paid twice. Indicate whether the procedures listed below for the payment of vendors' invoices would reduce the possibility of losing available cash discounts and of paying an invoice a second time. 1. Each voucher should be approved for payment by a designated official before verifying price, quantities, and terms. 2. Each voucher should be filed by the last day of the discount period or the due date of the invoice is not subject to a cash discount 3. Each day, the vouchers should be removed from the appropriate section of the file and checks issued by the disbursing official 4. At the time of payment, all vouchers and supporting documents should be stamped or perforated "Pald". Previous Next > Check My Work 2 more Check My Work uses remaining

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