题目内容
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other cash receipts relating to investing activities可以表示投资支付的现金。()
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更多“other cash receipts relating t…”相关的问题
A.cash receipts from the sale of goods and the rendering of services
B.receipts of tax refunds
C.other comprehensive income
D.other cash receipts relating to operating activities
A、Operating activities.
B、Financing activities.
C、Investing activities
D、Selling activities.
Which of the following is not true？______.
A．GAAP requires that businesses use accrual-basis accounting.
B．In accrual-basis accounting, when the business performs a service, makes a sale, or incurs an expense, the accountant should record the transaction, whether or not cash has been received or paid.
C．In cash-basis accounting, cash receipts are treated as revenues and cash payments are handled as expenses.
D．Accrual-basis accounting records only noncash transactions such as sales on account, depreciation expense, accrual of interest and other expenses incurred but not yet paid.
Section B – TWO questions ONLY to be attempted
(a) You are a manager in Lark & Co, responsible for the audit of Heron Co, an owner-managed business which operates a chain of bars and restaurants. This is your firm’s first year auditing the client and the audit for the year ended 31 March 2012 is underway. The audit senior sends a note for your attention:
‘When I was auditing revenue I noticed something strange. Heron Co’s revenue, which is almost entirely cash-based, is recognised at $5·5 million in the draft financial statements. However, the accounting system shows that till receipts for cash paid by customers amount to only $3·5 million. This seemed odd, so I questioned Ava Gull, the financial controller about this. She said that Jack Heron, the company’s owner, deals with cash receipts and posts through journals dealing with cash and revenue. Ava asked Jack the reason for these journals but he refused to give an explanation.
‘While auditing cash, I noticed a payment of $2 million made by electronic transfer from the company’s bank account to an overseas financial institution. The bank statement showed that the transfer was authorised by Jack Heron, but no other documentation regarding the transfer was available.
‘Alarmed by the size of this transaction, and the lack of evidence to support it, I questioned Jack Heron, asking him about the source of cash receipts and the reason for electronic transfer. He would not give any answers and became quite aggressive.’
Required:
(i) Discuss the implications of the circumstances described in the audit senior’s note; and (6 marks)
(ii) Explain the nature of any reporting that should take place by the audit senior. (3 marks)
(b) You are also responsible for the audit of Coot Co, and you are currently reviewing the working papers of the audit for the year ended 28 February 2012. In the working papers dealing with payroll, the audit junior has commented as follows:
‘Several new employees have been added to the company’s payroll during the year, with combined payments of $125,000 being made to them. There does not appear to be any authorisation for these additions. When I questioned the payroll supervisor who made the amendments, she said that no authorisation was needed because the new employees are only working for the company on a temporary basis. However, when discussing staffing levels with management, it was stated that no new employees have been taken on this year. Other than the tests of controls planned, no other audit work has been performed.’
Required:
In relation to the audit of Coot Co’s payroll:
Explain the meaning of the term ‘professional skepticism’, and recommend any further actions that should be taken by the auditor. (6 marks)
Cash is more susceptible to theft than any other asset. Furthermore, a large portion of the total transasctions of a business involves the reccip or disbursement of cash. For both these reasons, intermal control over cash is of great importance to management and also to the cemployees of a busines An Adequate system of intermal control over cash would include the following features:
(1)Cash is handled separately form. the recording of crash transactions. Employees who handle cash should not have access to the accounting records except for cash journal and hank deposit journal, and accounting personnel should not have access to crash.
(2) Prepare for cach department within the organization a cash budget of planned cash receipts cash payments, and cash balance, scheduled month-by-month for the coming year.
(3) All cash rceipts are deposited intact in the bank each day.
(4) Make all the payment by check The only conception should be for small payment to be made in cash from a petty cash fund.
(5) Promptly reconcile bank statements with the accounting records.
短文理解
听力原文： In the United States, even if you decide that you do not want to borrow in order to go on vacation, it is still a good idea for you to have several major credit cards. These provide positive identification when renting an automobile and can be used for the deposit. The credit card receipts will serve as an accurate record of all hotel, plane, train, and restaurant expenses. The use of credit cards avoids the necessity of carrying large amount of cash, purchasing large amounts of traveler's cheeks and keeping track of them, or attempting to use personal checks in places other than your own locality.
Many major credit cards provide an instant cash service in case you run out of money. American Express, for example, has set up machines in major airports in which you can purchase traveler's checks using your American Express card.
21. The credit card receipts will serve as accurate record for all but which of the following choices？
22.Which of the following is not true about the use of credit card？
23.Concerning the advantages of credit cards, which of the following is true？
24.According to the passage, which card has set up machines in major airports？
(21)
A．hotel expenses
B．stock exchange
C．plane expenses
D．restaurant expenses
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