Ken Deangelo Company internal contorols over cash disbursements provide for the treasurer to sign checks imprinted...
Homework Answers
The internal control principles that are present in these controls are:
- Voucher control system – There is a voucher control system present here as the treasurer signs the checks only after comparing the details with the approved invoice.
- Use of indelible ink – This ensures that no fraud can take place and the signature cannot be altered in any way once the check has been signed.
- Segregation of duties - Here the treasurer is responsible for signing the checks. In other words treasurer is responsible for disbursement of payments. The duty of approving the invoice is not a duty of the treasurer and this task is being done most probably by the accounts manager. This segregation of duties ensures that one individual does not have all the responsibilities and so it becomes difficult to commit a fraud.
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Deangelo Company internal contorols over cash disbursements provide
for the treasurer to sign checks imprinted...
Ken Deangelo Company's internal controls over cash disbursements provide for the treasurer to sign checks imprinted...
Ken Deangelo Company's internal controls over cash disbursements provide for the treasurer to sign checks imprinted by a check-writing machine in indelible ink after comparing the check with the approved invoice. Identify the internal control principles that are present in these controls. Procedure Principle (1) Treasurer signs checks. (2) Checks imprinted by a machine in indelible ink. (3) Comparing check with approved invoice before signing.
CALCULATOR PRINTER VERSION NEXT 4ВАСK Problem 8-01A Bolz Office Supply Company recently changed its system of...
CALCULATOR PRINTER VERSION NEXT 4ВАСK Problem 8-01A Bolz Office Supply Company recently changed its system of internal control over cash disbursements. The system includes the following features. Instead of being unnumbered and manually prepared, all checks must now be prenumbered and prepared by using the new accounts payable software purchased by the company. Before a check can be issued, each invoice must have the approval of Kathy Moon, the purchasing agent, and Robin Self, the receiving department supervisor. Checks must...
principles P7.1A (LO 1,2) Bolz Office Supply Company recently changed its system of internal control over cash di...
principles P7.1A (LO 1,2) Bolz Office Supply Company recently changed its system of internal control over cash disbursements. The system includes the following features. Instead of being unnumbered and manually prepared, all checks must now be prenumbered and prepared by using the new accounts payable software purchased by the company. Before a check can be issued, each invoice must have the approval of Kathy Moon, the purchasing agent, and Robin Self the receiving department sunervisor. Checks must be signed by...
3. Six internal control principles related to cash transactions are discussed in the textbook. These principles,...
3. Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are: Establishment of responsibility Segregation of dutics Documentation procedures Physical, mechanical, and clectronic controls Independent internal verification Other controls Instructions Match the above principles to the following applications related to cash receipts and cash disbursements by placing the code in the space provided. Each code letter can be used once, more than once, or not at all 1. The duties of...
Instructions (a) List the weaknesses in internal control over cash disbursements. (b) Identify improvements for correcting...
Instructions (a) List the weaknesses in internal control over cash disbursements. (b) Identify improvements for correcting these weaknesses. E7-6 ation is shown here. weakses January 31 Sally Rice is unable to reconcile the bank balance at January 31. Sallys $3,677.20 450.00 28.00 Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per banlk Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $4,099.20 $3,975.20 590.00 770.00 $4,155.20 Instructions (a) What...
18-26 (Objectives 18-3, 18-4) In testing cash disbursements for the Jay Klein Company, you obtained an...
18-26 (Objectives 18-3, 18-4) In testing cash disbursements for the Jay Klein Company, you obtained an understanding of internal control. The controls are reasonably good, and no unusual audit problems arose in previous years. Although there are not many individuals in the accounting department, there is a reasonable separation of duties in the organization. There is a separate purchasing agent who is responsible for ordering goods and a separate receiving department that counts the goods when they are received and...
18-26 (Objectives 18-3, 18-4) In testing cash disbursements for the Jay Klein Company, you obtained an...
18-26 (Objectives 18-3, 18-4) In testing cash disbursements for the Jay Klein Company, you obtained an understanding of internal control. The controls are reasonably good, and no unusual audit problems arose in previous years. Although there are not many individuals in the accounting department, there is a reasonable separation of duties in the organization. There is a separate purchasing agent who is responsible for ordering goods and a separate receiving department that counts the goods when they are received and...
The following control procedures are used in Bunny's Boutique Shoppe for cash disbursements. (a) For each...
The following control procedures are used in Bunny's Boutique Shoppe for cash disbursements. (a) For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. Procedure Weakness Principle Violated 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. 2. The store manager personally approves all payments before she signs and issues checks. The store purchases used goods for resale from people that bring...
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts....
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day's receipts. 4. At...
Can somebody help me answer this questions? Question 1 View Policies Current Attempt in Progress The...
Can somebody help me answer this questions?
Question 1 View Policies Current Attempt in Progress The internal control procedures in Dayton Company result in the following provision Identify the principles of internal control that are being followed in each case. (a) Employees who have physical custody of assets do not have access to the accounting records (b Each month the assets on hand are compared to the accounting records by an internal auditor d! Aprenumbered shipping document is prepared for...
Ken Deangelo Company's internal controls over cash disbursements provide for the treasurer to sign checks imprinted by a check-writing machine in indelible ink after comparing the check with the approved invoice. Identify the internal control principles that are present in these controls. Procedure Principle (1) Treasurer signs checks. (2) Checks imprinted by a machine in indelible ink. (3) Comparing check with approved invoice before signing.
CALCULATOR PRINTER VERSION NEXT 4ВАСK Problem 8-01A Bolz Office Supply Company recently changed its system of internal control over cash disbursements. The system includes the following features. Instead of being unnumbered and manually prepared, all checks must now be prenumbered and prepared by using the new accounts payable software purchased by the company. Before a check can be issued, each invoice must have the approval of Kathy Moon, the purchasing agent, and Robin Self, the receiving department supervisor. Checks must...
principles P7.1A (LO 1,2) Bolz Office Supply Company recently changed its system of internal control over cash disbursements. The system includes the following features. Instead of being unnumbered and manually prepared, all checks must now be prenumbered and prepared by using the new accounts payable software purchased by the company. Before a check can be issued, each invoice must have the approval of Kathy Moon, the purchasing agent, and Robin Self the receiving department sunervisor. Checks must be signed by...
3. Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are: Establishment of responsibility Segregation of dutics Documentation procedures Physical, mechanical, and clectronic controls Independent internal verification Other controls Instructions Match the above principles to the following applications related to cash receipts and cash disbursements by placing the code in the space provided. Each code letter can be used once, more than once, or not at all 1. The duties of...
Instructions (a) List the weaknesses in internal control over cash disbursements. (b) Identify improvements for correcting these weaknesses. E7-6 ation is shown here. weakses January 31 Sally Rice is unable to reconcile the bank balance at January 31. Sallys $3,677.20 450.00 28.00 Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per banlk Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $4,099.20 $3,975.20 590.00 770.00 $4,155.20 Instructions (a) What...
The following control procedures are used in Bunny's Boutique Shoppe for cash disbursements. (a) For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. Procedure Weakness Principle Violated 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. 2. The store manager personally approves all payments before she signs and issues checks. The store purchases used goods for resale from people that bring...
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day's receipts. 4. At...
Can somebody help me answer this questions?
Question 1 View Policies Current Attempt in Progress The internal control procedures in Dayton Company result in the following provision Identify the principles of internal control that are being followed in each case. (a) Employees who have physical custody of assets do not have access to the accounting records (b Each month the assets on hand are compared to the accounting records by an internal auditor d! Aprenumbered shipping document is prepared for...
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