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
Q

What is the first step for Procedure?

A

Preparation of monthly financial reports.

2
Q

What is the Second step for Procedure?

A

Distribution of invoices to asset or expense accounts.

3
Q

What is the Third step for Procedure?

A

Year-end financial reports.

4
Q

What is the Fourth step for Procedure?

A

Daily routines carried out by employees.

5
Q

What is the Fifth step for Procedure?

A

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

6
Q

What is the Sixth step for Procedure?

A

Bookkeeping records.

7
Q

What is the first step for Control?

A

Checked against budget amounts and anticipated percentages.

8
Q

What is the Second step for Control?

A

Allocated by a senior employee in charge of bookkeeping department.

9
Q

What is the Third step for Control?

A

Audit by company auditors and report to shareholders and directors.

10
Q

What is the Fourth step for Control?

A

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

11
Q

What is the Fifth step for Control?

A

Monthly detailed reports of Accounts Receivable and Accounts Payable.

12
Q

What is the Sixth step for Control?

A

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