Homework Answers
| Situtions | Principal violated |
|
As a result of significant internal
control weakness , the company lost millions and was forced to
close. Two year prior the company stopped paying for regualr Audits of internal control to save for renovation of exective offices |
Performance regular and independent Reviews |
|
The recoredkeeper left the town after
the owner discovered a larger sum of money had disappeared. An audit found that the recored keeper had written and signed served check made payable to his finance and recoreded the checks as salaries payable |
Separate recordkeeping form custody of assests |
|
An employee was put in charge of
handling cash.That employee later stole cash from the business
. The company incurred an uninsured loss $184,000 |
Insure Assets and bonde key employee |
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Che Identify the internal control principle that was violated in each of the following separate situations...
Choices are Establish responsibilities Insure assets and bond key employees Separate record keeping from custody of...
Choices are
Establish responsibilities
Insure assets and bond key employees
Separate record keeping from custody of assets
Choices
Apply technological controls
Establish responsibilities
Insure assets and bond key employees
Maintain adequate records
Perform regular and independent reviews
Separate record keeping from custody of asset
Identify the internal control principle that was violated in each of the following separate situations. Situations Principle Violated The recordkeeper left town after the owner discovered a large sum of money had disappeared. An audit found...
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...
Identify the principle of internal control that is violated in the following situation: Alexis Company is...
Identify the principle of internal control that is violated in the following situation: Alexis Company is a very small business. Alexis Bailey, one of the two office clerks, opens the mail each day and removes the cash receipts that come in the mail. Alexis then records the receipts in the cash records and the customer's account and deposits the cash in the bank. Select one: A. Maintain adequate records B. Divide responsibility for related transactions C. Perform regular and independent...
7. For each of the independent cases below, identify the principle of internal control that is...
7. For each of the independent cases below, identify the principle of internal control that is violated. (Not all letters will be used. Some may be used more than once.) A. Establish responsibilities B. Maintain adequate records C. Insure assets and bond key employees D. Separate recordkeeping from custody of assets E Divided responsibility for related transactions F. Perform regular and independent reviews In order to save money, Indigo Company has decided to drop its property insurance on assets and...
For each of these five separate cases, identify the principle(s) of internal control that is violated....
For each of these five separate cases, identify the principle(s) of internal control that is violated. Recommend what the business should do to ensure adherence to principles of internal control. 1. Latisha Tally is the company's computer specialist and oversees its computerized payroll system. Her boss recently asked her to put password protection on all office computers. Latisha has put a password in place that allows only the boss access to the file where pay rates are changed and personnel...
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 eac tify the internal contro 1. The same employee re each procedure described below...
Determine whether eac tify the internal contro 1. The same employee re each procedure described below is an internal control strength or weakness, then iden- ontrol principle violated or followed for each procedure. me employee requests, records, and makes payment for purchases of inventory. many saves money by having employees involved in operations perform the only review of Exer Inter and 2. The company saves money internal controls. Time is saved by not updating records for use of supplies. The...
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...
Problem 6-1A Analyzing internal control LO C1 O C1 Following are five separate cases involving internal...
Problem 6-1A Analyzing internal control LO C1 O C1 Following are five separate cases involving internal control issues. Required: 1. For each case, identify the principle(s) of internal control that is violated. Chi Han receives all incoming customer cash receipts for her employer and posts the customer payments to their respective accounts. At Tico Company, Julia and Trevor alternate lunch hours. Julia is the petty cash custodian, but if someone needs petty cash when she is at lunch, Trevor fills...
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...
Choices are
Establish responsibilities
Insure assets and bond key employees
Separate record keeping from custody of assets
Choices
Apply technological controls
Establish responsibilities
Insure assets and bond key employees
Maintain adequate records
Perform regular and independent reviews
Separate record keeping from custody of asset
Identify the internal control principle that was violated in each of the following separate situations. Situations Principle Violated The recordkeeper left town after the owner discovered a large sum of money had disappeared. An audit found...
7. For each of the independent cases below, identify the principle of internal control that is violated. (Not all letters will be used. Some may be used more than once.) A. Establish responsibilities B. Maintain adequate records C. Insure assets and bond key employees D. Separate recordkeeping from custody of assets E Divided responsibility for related transactions F. Perform regular and independent reviews In order to save money, Indigo Company has decided to drop its property insurance on assets and...
For each of these five separate cases, identify the principle(s) of internal control that is violated. Recommend what the business should do to ensure adherence to principles of internal control. 1. Latisha Tally is the company's computer specialist and oversees its computerized payroll system. Her boss recently asked her to put password protection on all office computers. Latisha has put a password in place that allows only the boss access to the file where pay rates are changed and personnel...
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 eac tify the internal contro 1. The same employee re each procedure described below is an internal control strength or weakness, then iden- ontrol principle violated or followed for each procedure. me employee requests, records, and makes payment for purchases of inventory. many saves money by having employees involved in operations perform the only review of Exer Inter and 2. The company saves money internal controls. Time is saved by not updating records for use of supplies. The...
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...
Problem 6-1A Analyzing internal control LO C1 O C1 Following are five separate cases involving internal control issues. Required: 1. For each case, identify the principle(s) of internal control that is violated. Chi Han receives all incoming customer cash receipts for her employer and posts the customer payments to their respective accounts. At Tico Company, Julia and Trevor alternate lunch hours. Julia is the petty cash custodian, but if someone needs petty cash when she is at lunch, Trevor fills...
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...
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