Matching
Match each definition to its term
Premises:
A fund used for disbursements related to small items such as postage
Principles requiring management to establish responsibility, maintain adequate records, insure assets, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls and perform reviews
A measure of the liquidity of receivables computed by taking the current balance of receivables and dividing by periods credit sales and then multiplied by 365
A document used by the purchasing department to place an order with a vendor purchase
An internal business document (or file) used to accumulate information to control cash disbursements and to ensure that the transaction is properly recorded
A method of recording purchases at the full invoice price without deducting any cash discounts
An income statement account used to record cash overages and cash shortages arising from missing petty cash receipts or from errors in making change
A report that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement
The ability of a company to pay for its short-term obligations
An internal document used to report that ordered goods are received and to describe the quantity and condition
Responses:
Bank reconciliation
Voucher
Principles of internal control
Days' sales uncollected
Liquidity
Gross method
Petty Cash
Purchase order
Receiving report
Cash Over and Short
Correct Answer:
Premises:
Responses:
A fund used for disbursements related to small items such as postage
Principles requiring management to establish responsibility, maintain adequate records, insure assets, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls and perform reviews
A measure of the liquidity of receivables computed by taking the current balance of receivables and dividing by periods credit sales and then multiplied by 365
A document used by the purchasing department to place an order with a vendor purchase
An internal business document (or file) used to accumulate information to control cash disbursements and to ensure that the transaction is properly recorded
A method of recording purchases at the full invoice price without deducting any cash discounts
An income statement account used to record cash overages and cash shortages arising from missing petty cash receipts or from errors in making change
A report that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement
The ability of a company to pay for its short-term obligations
An internal document used to report that ordered goods are received and to describe the quantity and condition
Premises:
A fund used for disbursements related to small items such as postage
Principles requiring management to establish responsibility, maintain adequate records, insure assets, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls and perform reviews
A measure of the liquidity of receivables computed by taking the current balance of receivables and dividing by periods credit sales and then multiplied by 365
A document used by the purchasing department to place an order with a vendor purchase
An internal business document (or file) used to accumulate information to control cash disbursements and to ensure that the transaction is properly recorded
A method of recording purchases at the full invoice price without deducting any cash discounts
An income statement account used to record cash overages and cash shortages arising from missing petty cash receipts or from errors in making change
A report that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement
The ability of a company to pay for its short-term obligations
An internal document used to report that ordered goods are received and to describe the quantity and condition
Responses:
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