Which internal control procedure is followed when storage areas are secured with limited access? a.Safeguarding assets...
Which internal control procedure is followed when storage areas are secured with limited access?
a.Safeguarding assets and records
b.Proper authorizations
c.Independent verification
d.Segregation duties
Homework Answers
Answer is Option a) Safeguarding assets and records
A firm needs to have proper internal control procedure for safeguarding its assets and records. It is responsibility of the management to have this Internal control procedure and implement it. Management might limit the access to few only with limited access as part of Internal Control. Hence answer is Option a). Others are not the right answer
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Which internal control procedure is followed when storage areas
are secured with limited access?
a.Safeguarding assets...
Which internal control procedure is followed when the work of one department acts as a check...
Which internal control procedure is followed when the work of one department acts as a check on the work of another? a.Proper authorizations b.Safeguarding assets and records c.Segregation of duties d.Independent verification
Which internal control procedure is violated when the cashier at the checkout stand also records the...
Which internal control procedure is violated when the cashier at the checkout stand also records the daily receipts in the journal? a. Segregation of duties O O b. Independent review and appraisal O c. Independent verifications O d. Proper authorizations
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will...
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will monitor internal controls. B) Electronic devices must be installed to reduce theft. C) Cashiers must not have access to accounting records. D) The invoices and other documents must be pre-numbered.
Determine whether each procedure described below is an internal control strength or weakness, then identify the...
Determine whether each procedure described below is an internal control strength or weakness, then identify the internal control violated or followed for each procedure 1. The company does not allow employees with access to cash to modify accounting records. 2. The company devotes resources towards keeping accurate accounting records for machinery 3. An employee cannot approve their own request for purchases of inventory 4. The owner does not use ID scanners to limit access to expensive merchandise Instead, the owner...
Determine whether each procedure described below is an internal control strength or weakness, then identify the...
Determine whether each procedure described below is an internal control strength or weakness, then identify the internal contre violated or followed for each procedure. 1. The company does not allow employees with access to cash to modify accounting records. 2 The company devotes resources towards keeping accurate accounting records for machinery 3. An employee cannot approve their own request for purchases of inventory 4. The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner...
Che Exercise 6-3 Internal control strengths and weaknesses LO C1 Determine whether each procedure described below...
Che Exercise 6-3 Internal control strengths and weaknesses LO C1 Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure. 1. The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner argues they hire honest employees 2. The same employee requests, records, and makes payment for purchases of inventory. 3. Several salesclerks share the same cash drawer. 4. Employees that...
Determine whether each procedure described below is an internal control strength or weakness; then identify the...
Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure. The same employee requests, records, and makes payment for purchases of inventory. The company saves money by having employees involved in operations perform the only review of internal controls. Time is saved by not updating records for use of supplies. The recordkeeper is not allowed to write checks or initiate EFTs. Each salesclerk is in charge...
The internal control procedures in Valentine Company result in the following provisions Identify the principles of...
The internal control procedures in Valentine Company result in the following provisions Identify the principles of internal control that are being followed in each case. Employees who have physical custody of assets do not have access to the accounting records. h Each month, the assets on hand are compared to the accounting records by - an internal auditor. A prenumbered shipping document is prepared for each shipment of goods to customers.
Exercise 8-05 Listed below are five procedures followed by Eikenberry Company. 1. Several individuals operate the...
Exercise 8-05 Listed below are five procedures followed by Eikenberry Company. 1. Several individuals operate the cash register using the same register drawer. 2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. 3. Joe Cockrell writes checks and also records cash payment entries. 4. One individual orders inventory, while a different individual authorizes payments. 5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Indicate whether...
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to...
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to which it applies (such as adequate documents and records or physical control over assets and records). Internal control Control activity(ies) Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the 1. employee's background, former employers, and references. Approval of department head or foreman on time records is required 2. before preparing payroll. Adequate documents and records All...
Which internal control procedure is violated when the cashier at the checkout stand also records the daily receipts in the journal? a. Segregation of duties O O b. Independent review and appraisal O c. Independent verifications O d. Proper authorizations
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will monitor internal controls. B) Electronic devices must be installed to reduce theft. C) Cashiers must not have access to accounting records. D) The invoices and other documents must be pre-numbered.
Determine whether each procedure described below is an internal control strength or weakness, then identify the internal control violated or followed for each procedure 1. The company does not allow employees with access to cash to modify accounting records. 2. The company devotes resources towards keeping accurate accounting records for machinery 3. An employee cannot approve their own request for purchases of inventory 4. The owner does not use ID scanners to limit access to expensive merchandise Instead, the owner...
Determine whether each procedure described below is an internal control strength or weakness, then identify the internal contre violated or followed for each procedure. 1. The company does not allow employees with access to cash to modify accounting records. 2 The company devotes resources towards keeping accurate accounting records for machinery 3. An employee cannot approve their own request for purchases of inventory 4. The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner...
Che Exercise 6-3 Internal control strengths and weaknesses LO C1 Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure. 1. The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner argues they hire honest employees 2. The same employee requests, records, and makes payment for purchases of inventory. 3. Several salesclerks share the same cash drawer. 4. Employees that...
The internal control procedures in Valentine Company result in the following provisions Identify the principles of internal control that are being followed in each case. Employees who have physical custody of assets do not have access to the accounting records. h Each month, the assets on hand are compared to the accounting records by - an internal auditor. A prenumbered shipping document is prepared for each shipment of goods to customers.
Exercise 8-05 Listed below are five procedures followed by Eikenberry Company. 1. Several individuals operate the cash register using the same register drawer. 2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. 3. Joe Cockrell writes checks and also records cash payment entries. 4. One individual orders inventory, while a different individual authorizes payments. 5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Indicate whether...
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to which it applies (such as adequate documents and records or physical control over assets and records). Internal control Control activity(ies) Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the 1. employee's background, former employers, and references. Approval of department head or foreman on time records is required 2. before preparing payroll. Adequate documents and records All...
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