Discuss the case of Jolson Company

Assignment Help Accounting Basics
Reference no: EM131828348

Question: Jolson Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure.

(a) All over-the-counter receipts are entered in cash registers.

(b) All cashiers are bonded.

(c) Daily cash counts are made by cashier department supervisors.

(d) The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals.

(e) Only cashiers may operate cash registers.

Reference no: EM131828348

Questions Cloud

What should larkin do : Larkin estimates the cost of equity capital to be 12% per annum. As a small firm, Larkin Hydraulics is unable to raise funds with long-term debt.
How you prioritize it projects : What significance do IT project have within an organization? How you prioritize IT projects?
What content would you analyze : Create an original social science research question that could use content analysis to help answer that research question.
Quality of data used when analyzing risks : Chapter 11 of the PMBOK® Guide discusses examining the quality of data used when analyzing risks. How is it accomplished, and why is it so important to good ris
Discuss the case of Jolson Company : Jolson Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure.
What percentage of the computer s cpu capacity is used : What percentage of the computer s CPU capacity is used to manage data transfer from the modem to the program?
Important in most organizations in industry : Of these drivers, which one is the most important in most organizations in your industry? Why?
Explore the gender gap and gender inequality : Using these statistics, compare each country to one another in terms of gender inequality by discussing the similarities and differences.
Prepare required journal entry based upon cash count sheet : While examining cash receipts information, the accounting department determined the following information: opening cash balance $150, cash on hand $1,125.74.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd