Supplement - Procedures to Guarantee Accuracy Flashcards Preview

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Flashcards in Supplement - Procedures to Guarantee Accuracy Deck (12)
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1

What is the first step for Procedure?

Preparation of monthly financial reports.

2

What is the Second step for Procedure?

Distribution of invoices to asset or expense accounts.

3

What is the Third step for Procedure?

Year-end financial reports.

4

What is the Fourth step for Procedure?

Daily routines carried out by employees.

5

What is the Fifth step for Procedure?

Entering of amounts owing to the company or by the company.

6

What is the Sixth step for Procedure?

Bookkeeping records.

7

What is the first step for Control?

Checked against budget amounts and anticipated percentages.

8

What is the Second step for Control?

Allocated by a senior employee in charge of bookkeeping department.

9

What is the Third step for Control?

Audit by company auditors and report to shareholders and directors.

10

What is the Fourth step for Control?

Setting up checks and balances so that the work of one person checks and verifies the work of another.

11

What is the Fifth step for Control?

Monthly detailed reports of Accounts Receivable and Accounts Payable.

12

What is the Sixth step for Control?

All records kept up-to-date and entered on a daily basis, with procedures to produce monthly reports on a timely basis.