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WorksheetsLIQUIDATION
Total questions: 10
Worksheet time: 5mins
(a) is simply put as conversion of money to receipts.
A process that validates the attached documents of Liquidation.
Gather
Receive
Checking
Approval
A document which a liquidating employee must secure from the Treasury if the liquidation has a cash return.
Official Receipt
Request for Payment
Liquidation Form
Acknowledgment Receipt
Unreadable receipts need to be photocopied.
TRUE
FALSE
A person who authenticates the validity of each receipt from the liquidation.
(a)
Accounts which a Liquidation-in-charge should monitor are the following:
Advances to Employee and Officer
Advances to Consultants
Advances to Suppliers
Allowance Subject to Receipt
Final signatory of the Liquidation Form
President
Accounting Head
Department Head
Corporate Services Group Head
The first process of liquidation
Check all the receipts if valid
Gather data from the employee
Receive liquidation form then sign to log sheet
Request acknowledgement receipt from the Treasury
What should you do if you encountered an invalid receipt from the liquidation of an employee?
Forward the liquidation form to the Accounting Head
Seek approval of the Corporate Service Group Head
Tag as "Disallowed" then prepare Journal Voucher
Call the attention of the employee who liquidated
BONUS QUESTION:
What is black when it’s clean and white when it’s dirty?
Laundry
Marker
Chalkboard
Paper
