Business, 12.07.2019 20:50 syed13

Q7.25: why are payments through checks and/or electronic fund transfers (efts) the best method for expenses that are not incidental?

Answers: 1

Show answers

Answers

Payments through checks and/or electronic fund transfers (efts) the best method for expenses that are not incidental because they are trained marble on your bank statement, your checkbook is your ledger

Answer from: cynthiagutierrez65

The checks and electronic fund transfers are the best methods of payment for not incidental expenses because it ensures better internal control over cash disbursement.

Further Explanation:

Internal control: It is a process of establishing control over organization activities. Business deals with different kinds of activities. The management of the company should control and manage the activities to ensure the effective performance of every activity. The control over these activities is known as an internal control. The internal controls over cash disbursement are:

•Segregation of Duties

•Authorization and Processing of Disbursements

•Managing Restricted Funds

•Check Signing

•Internal Accounting Controls Checklist

Incidental expenses refer to small expenditures that are associated with the business. Since the expenses are of small amount related to the these can be paid by cash. If expenses are of large amount and are not incidental, it is better to pay them with electronic fund transfer or check to have better authenticity of the transaction. It states better control over cash activities.

Therefore, the checks and electronic fund transfers are the best methods of payment for not incidental expenses as they ensure better internal control.

Learn more:

1.Learn more about the ethical dilemma

2.Learn more about the recording of bank-related transactions

3.Learn more about the national retail bank

Answer details:

Grade: High School

Subject: Auditing

Chapter: Internal control

Keywords: Checks and electronic fund transfers, best methods of payment, not incidental expenses, internal control, cash disbursement.

Answer from: Quest

females are

explanation:

Answer from: Quest

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23

Another question on Business

Business, 21.06.2019 12:30

Diener and wallbom (1976) found that when research participants were instructed to stop working on a problem after a bell sounded, 71 percent continued working when left alone. how many continued to work after the bell if they were made self-aware by working in front of a mirror?

Answers: 2

Answer

Business, 22.06.2019 08:00

Companies in the u.s. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. in 2011 hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. the following data show the number of cars in service (1000s) and the annual revenue ($ millions) for six smaller car rental companies (auto rental news website, august 7, 2012). excel file: data14-09.xls if required, enter negative values as negative numbers. a. select a scatter diagram with the number of cars in service as the independent variable. b. what does the scatter diagram developed in part (a) indicate about the relationship between the two variables? c. use the least squares method to develop the estimated regression equation (to 3 decimals). ŷ = + x d. for every additional car placed in service, estimate how much annual revenue will change. by $ e. fox rent a car has 11,000 cars in service. use the estimated regression equation developed in part (c) to predict annual revenue for fox rent a car. round your answer to nearest whole value. $ million hide feedback partially correct

Answers: 1

Answer

Business, 22.06.2019 12:20

Alarge university wanted to study the relationship between completing an internship during college and students' future earning potential. prom the same graduating class, they selected a random sample of 80 students who completed an internship and 100 students who did not complete an internship and examined their salaries five years after graduation. they found that there was a statistically higher mean salary for the internship group than for the noninternship group. which of the following interpretations is the most appropriate? a. there could be a confounding variable, such as student major, that explains the difference in mean salary between the internship and no internship groups.b. we cannot infer anything from these data since the distribution of salaries is likely right skewed.c. you cannot draw any valid conclusions because the sample sizes are different.d. more students should complete internships because having an internship produces a higher salary.

Answers: 1

Answer

Business, 22.06.2019 12:50

Salaries are $4,500 per week for five working days and are paid weekly at the end of the day fridays. the end of the month falls on a thursday. the accountant for dayton company made the appropriate accrual adjustment and posted it to the ledger. the balance of salaries payable, as shown on the adjusted trial balance, will be a (assume that there was no beginning balance in the salaries payable account.)

Answers: 1

Answer

You know the right answer?

Q7.25: why are payments through checks and/or electronic fund transfers (efts) the best method for...

Questions