Primary Responsibility For Receipts And Bank Essay

Primary Responsibility For Receipts And Bank Essay

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Midterm Exam
1) Would it be okay if your AR Clerk, who handles receipts, also reconciles the bank statement at the end of the month? Why or why not?
No there should be separate responsibility for receipts and bank reconciliations. If the AR Clerk has access to both it is much easier for them commit fraud by altering the amount of the incoming receipts and then pocketing the difference. These functions should be handled by different people.

2) The company 's environment has two aspects. One is the external environment. Which of the following is not an external environment factor?

a. Economic
b. Technical
c. Social
d. Tone at the Top

3) Name two methods that are commonly used to speed up the collection of receivables.

Two methods to speed up the collection of receivables are lockboxes and automatic clearinghouse transfer. Lockboxes offer faster availability of the funds, greater security over the remittance, a reduction in processing costs, greater reliability in deposit processing, and greater reliability in capturing necessary remittance data. Automatic clearinghouse transfer is a method for the commercial banks to exchange electronic payments without the high cost of Federal Reserve wires.

4) Match the description of the controls with the financial area the control would pertain to. (some matching items may be used more than once)

Question Items
A - All check stock must be locked up when not in use.
A – Cash

B - Review all employee advances with the payroll and payables staff at least once per month.
C – Prepaid Expenses

C - Require approval of bad debt writeoffs.
B – Accounts Receivable

D - Audit shipment terms.
F - Inventory

E - Require approval of bad-debt writeoff.
B – Accounts Receivable

F- Review Uncashed ...


... middle of paper ...


...l, accounts payable, account receivable, budgeting, tax compliance, and various other analyses. The two roles I think I would enjoy working in is payroll and budgeting. Both of these areas focus on numbers. Working with numbers can be tedious but it something I have always enjoyed doing. With payroll I think the most challenging aspect will be dealing with special aspects of payroll like workmen’s compensations, healthcare benefits, and pension plans. I have always enjoyed making personal budgets and I think doing so for a company would be interesting. One challenge of budgeting is that it is time consuming especially with a large company. Both of these roles would probably require a degree in accounting or finances and strong math and computer skills. To perform these jobs, I would need to have a strong focus on accuracy. One wrong number can throw everything off.


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