Homework Answers
c)cashier must not have access to accounting records.
explanation: As per internal control procedure- separation of duties mean a person should not have authority of physical custody and recording a transaction it should be separated.For example a Cashiers must not have access of accounting records otherwise he can manipulate records for its own benefits.
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19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will...
6) Campaign Services hired a new accounting manager. He signed a contract for 6) a new...
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10. Which of the following describes the environment in internal control? A) Internal auditors monitor company con...
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Requirement a. For each control, identify which element of the five categories of control activities is...
Requirement a. For each control, identify which element of the five categories of control activities is applicable (separation of duties, proper authorization, adequate documents or records, physical control over assets and records, or independent checks on performance). Internal Controls Control Activity 1. Approved purchase orders are required for all acquisitions of goods. Prenumbered receiving reports are prepared as support for acquisitions and 2. numerically accounted for. Dates on receiving reports are compared with vendors' invoices before entry 3. into the...
E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these...
E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: • Assignment of responsibilities • Separation of duties • Audits • Electronic devices • Other controls (specify) a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and Thursday nights. To reduce expenses, the business decides not to use a ticket...
5. Which of the following statements about maintaining a strong system of internal control is true?...
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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...
Learning Objective 1 E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control...
Learning Objective 1 E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: • Assignment of responsibilities • Separation of duties • Audits • Electronic devices Other controls (specify) Internal Control and a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and siness decides not to use a ticket taker...
L ULUULWCARIIESS DJI Interna control, and give your reason for each answer. E8-13 Identifying internal controls...
L ULUULWCARIIESS DJI Interna control, and give your reason for each answer. E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: • Assignment of responsibilities • Separation of duties • Audits • Electronic devices • Other controls (specify) d a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and...
Which internal control procedure is followed when storage areas are secured with limited access? a.Safeguarding assets...
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Wong has the following internal controls over cash receipts and cash payments. Identify the control activity...
Wong has the following internal controls over cash receipts and cash payments. Identify the control activity that is applicable to each item in the table shown below: All cash is deposited intact, in the bank account, daily. Segregation of Duties/Independent checks of performance/Documentation procedures/Physical and it control/ Establishment of responsibility/Human Resource Controls Blank cheques are stored in a safe in the controller’s office. Segregation of Duties/Independent checks of performance/Documentation procedures/Physical and it control/ Establishment of responsibility/Human Resource Controls All cashiers...
6) Campaign Services hired a new accounting manager. He signed a contract for 6) a new accounting information system, but his position did not specify whether he was authorized to do so or not. In the above situation, which internal control procedure needs strengthening? A) separation of duties B) documents C) competent, reliable, and ethical personnel D) assignment of responsibilities 7) 7) A deposit receipt is A) retained by the customer as proof of a deposit transaction B) used by...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
Requirement a. For each control, identify which element of the five categories of control activities is applicable (separation of duties, proper authorization, adequate documents or records, physical control over assets and records, or independent checks on performance). Internal Controls Control Activity 1. Approved purchase orders are required for all acquisitions of goods. Prenumbered receiving reports are prepared as support for acquisitions and 2. numerically accounted for. Dates on receiving reports are compared with vendors' invoices before entry 3. into the...
E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: • Assignment of responsibilities • Separation of duties • Audits • Electronic devices • Other controls (specify) a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and Thursday nights. To reduce expenses, the business decides not to use a ticket...
5. Which of the following statements about maintaining a strong system of internal control is true? a. The individual who receives cash is also responsible for entering the collection of cash into the accounting records. b. Internal controls are easy to administer and achieve with a small company. c. Numeric controls such as pre-numbered documents d. Bank reconciliations prepared by the same person who writes checks to vendors
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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L ULUULWCARIIESS DJI Interna control, and give your reason for each answer. E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: • Assignment of responsibilities • Separation of duties • Audits • Electronic devices • Other controls (specify) d a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and...
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