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21 cancelled checks are checks the bank has paid and deducted from the customer 39 s 4299126


21. Cancelled checks are checks the bank has paid and deducted from the customer's account during the period. 

22. A check involves 3 parties: the maker who signs the check, the payee who is the recipient, and the bank on which the check is drawn. 

23. Internal control devices for banking activities include signature cards, deposit tickets, checks, and bank statements. 

24. On a bank statement, deposits are listed as debits because the bank increases its cash account when the deposit is made. 

25. The days' sales uncollected ratio measures a company's ability to manage its debt. 

26. The days' sales uncollected ratio measures the liquidity of accounts receivable. 

27. When evaluating the days' sales uncollected ratio, generally the less time that money is tied up in receivables the better. 

28. Internal control of cash receipts aims to ensure that all cash received is properly recorded and deposited. 

29. A voucher system is a set of procedures and approvals designed to control cash disbursements and the acceptance of obligations. 

30. Control of cash disbursements is important for companies as most large thefts occur from payment of fictitious invoices. 


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