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Define what is meant by a control and weakness in internal control. Give two examples of each in sales and collection cylce.
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts Salesclerks are not required to enter the sale in the register after each transaction. Instead, the company gives employees flexibility to enter sales at the end of the day or week. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. One employee with many years of experience is solely in charge of opening cash receipts...
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts 1. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. 2. One employee with many years of experience is solely in charge of opening cash receipts received by mail. 3. All sales transactions, even those for less than $1, are recorded on a cash register. 4. Two employees are tasked with opening mail that contains...
For each of the following independent situations, indicate whether there is an apparent internal control weakness, and, if one exists, suggest alternative procedures to eliminate the weakness. 1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits to his supervisor a list of all accounts and amounts to be charged, along with supporting documentation....
What is the difference between an objective and subjective strength and weakness? Give examples of each type of strength and weakness in a health care organization. OR •Why are some strengths and weaknesses that are not competitively relevant deserving of attention by health care strategists? Provide one example of a strength or weakness that is not competitively relevant but is deserving of attention.
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 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...
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...
Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register.The store manager personally approves all payments before she signs and issues checks.The store purchases used goods for resale from people that bring items to the store. Since that can occur anytime that the store is open, all employees are authorized to purchase goods for resale by disbursing cash from the register.The purchase is documented by having the store employee write on a...
Define Asset, Liabilities and Equity and give two examples of each of these account types. 2. Define Normal Balance, list the 6 types of accounts mentioned in class (AEDLRC), and list the normal balance for each of those 6. 3. Create a sample T Account with several debit and credit amounts and then calculate the balance of the account and explain the balancing process.
1. Define internal control. 2. Internal control provides reasonable assurance. Explain. 3. What are the objectives of a system of internal control? 4. Enumerate, and explain briefly, the components of an internal control. 5. What is the control environment? What are the elements that comprise the control environment? 6. What is meant by risk assessment process? 7. What is an information system? 8. What are control activities? 9. Give the different types of control activities. 10. Why is it necessary...