Homework Sourse43Which one of the following is not an objective of a system
43.)Which one of the following is not an objective of a system of internal controls?
D.) Enhance the accuracy and reliability of accounting records.
128.) Vaughn Manufacturing had checks outstanding totaling $33000 on its June bank reconciliation. In July, Vaughn Manufacturing issued checks totaling $238100. The July bank statement shows that $161000 in checks cleared the bank in July. A check from one of Vaughn Manufacturing\'s customers in the amount of $1800 was also returned marked \"NSF.\" The amount of outstanding checks on Vaughn Manufacturing\'s July bank reconciliation should be?
129.)Metlock, Inc. had checks outstanding totaling $30600 on its May bank reconciliation. In June, Metlock, Inc. issued checks totaling $191500. The June bank statement shows that $142600 in checks cleared the bank in June. A check from one of Metlock, Inc.\'s customers in the amount of $1400 was also returned marked \"NSF.\" The amount of outstanding checks on Metlock, Inc.\'s June bank reconciliation should be?
151.)A check written by the company for $242 is incorrectly recorded by a company as $224. On the bank reconciliation, the $18 error should be
| A.) Reduce the risks of errors. |
Solution
If any doubt please comment
| ans 43 | ||
| B.) All of these are objectives of internal control. | ||
| As reducing of risk of errors is a part of main objective which is to enhance realiability and accuracy of records | ||
| ans128 | ||
| Outstanding checks | 110100 | ans |
| 33000+238100-161000 | ||
| ans 129 | ||
| Outstanding checks | 79500 | ans |
| 30600+191500-142600 | ||
| ans 151 | ||
| B.) deducted from the balance per books. | ||
| As the check written was correct but recorded in the books | ||
| at lesser amount hence the cash balance increased so | ||
| to make correct cash balance it shouls be deducted |
