Homework Answers
a. Segregation of Duties
b. Independent Internal Verification
c. Documentation Procedures
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The internal control procedures in Valentine Company result in the following provisions Identify the principles of...
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...
ste checks in the amount of $28,000. In 32. In the month of May, Kijak Company...
ste checks in the amount of $28,000. In 32. In the month of May, Kijak Company Inc. wrote checks in the amount of June, checks in the amount of $38,000 were written. In May, $25.000 were presented to the bank for payment, and $33,000 in June. What is the am outstanding checks at the end of May? A) $3,000 B) $5,000 C) $8,000 D) $10,000 33. Cash equivalents include each of the following except A) bank certificates of deposit. B)...
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...
Internal Control Procedures 1.) Identify and explain the potential internal control weaknesses for each of the...
Internal Control Procedures 1.) Identify and explain the potential internal control weaknesses for each of the following situations. Consider each situation separately. 2.) Suggest and explain a potential internal control for each identified internal control weakness. a) While reviewing the records of Discount Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b) After the physical count, the storeroom supervisor matches quantities counted against a predetermined reorder level. If the count for a given part...
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...
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...
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...
1. Identify the five components of a good internal control system. 2. "Internal control is concerned...
1. Identify the five components of a good internal control system. 2. "Internal control is concerned only with enhancing the accuracy of the accounting records." Do you agree? Explain. 3. Discuss how the Sarbanes-Oxley Act has increased the importance of internal control to top managers of a company. 4. What principles of internal control apply to most organizations? 5. How do documentation procedures contribute to good internal control? 6. What internal control objectives are met by physical controls? in internal...
Chester Company has established internal control policies and procedures in order to achieve the following objectives:...
Chester Company has established internal control policies and procedures in order to achieve the following objectives: 1) Effective evaluation of management performance. 2) Assure that the accounting records contain reliable information. 3) Safeguard the company's assets. 4) Assure that employees comply with company policy. Which of these objectives are achieved by accounting controls?
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...
ste checks in the amount of $28,000. In 32. In the month of May, Kijak Company Inc. wrote checks in the amount of June, checks in the amount of $38,000 were written. In May, $25.000 were presented to the bank for payment, and $33,000 in June. What is the am outstanding checks at the end of May? A) $3,000 B) $5,000 C) $8,000 D) $10,000 33. Cash equivalents include each of the following except A) bank certificates of deposit. B)...
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...
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...
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...
1. Identify the five components of a good internal control system. 2. "Internal control is concerned only with enhancing the accuracy of the accounting records." Do you agree? Explain. 3. Discuss how the Sarbanes-Oxley Act has increased the importance of internal control to top managers of a company. 4. What principles of internal control apply to most organizations? 5. How do documentation procedures contribute to good internal control? 6. What internal control objectives are met by physical controls? in internal...
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