Homework Answers
1. Internal Control Strength. Separate bookkeeping from assets custody
2.Internal Control Strength. Keeping accurate records for machinery
3.Internal Control Strength. Higher one should approve. Can't approve their own request.
4.Internal Control Weakness Even they hire honest employess there must be some tools for control
5.Internal Control Strength. Establishment of responsibilities
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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...
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...
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...
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness...
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...
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness...
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...
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each...
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure Weakness Principle Violated Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. 2. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. To minimize the risk of robbery,...
ACCT2110 Financial Accounting Chapter Seven Internal Control and Cash Homework Problem 1. The following control procedures...
ACCT2110 Financial Accounting Chapter Seven Internal Control and Cash Homework Problem 1. The following control procedures are used at Feliz Company fo 1. All over-the-counter receipts are registered by four clerks who use a cash register with a single cash d r over-the-counter cash receipts 2. To minimize the risk of robbery, cash in excess of $200 is stored in an unlocked drawer in a desk in th . Each clerk counts his/her own receipts at the end of the...
Current Attempt in Progress The following control procedures are used in Keaton Company for over-the-counter cash...
Current Attempt in Progress The following control procedures are used in Keaton Company for over-the-counter cash receipts (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Weakness Procedure Principle Violated 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. Cashiers are not bonded and background checks are not conducted Cash is not adequately protected from theft Inability to establish...
can someone help me? thank u The following control procedures are used in Keaton Company for...
can someone help me? thank u
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated, Procedure Weakness Principle Violated 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy All over the counter receipts are registered by three clerks who share a cash register with a single...
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...
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...
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...
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...
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure Weakness Principle Violated Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. 2. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. To minimize the risk of robbery,...
ACCT2110 Financial Accounting Chapter Seven Internal Control and Cash Homework Problem 1. The following control procedures are used at Feliz Company fo 1. All over-the-counter receipts are registered by four clerks who use a cash register with a single cash d r over-the-counter cash receipts 2. To minimize the risk of robbery, cash in excess of $200 is stored in an unlocked drawer in a desk in th . Each clerk counts his/her own receipts at the end of the...
Current Attempt in Progress The following control procedures are used in Keaton Company for over-the-counter cash receipts (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Weakness Procedure Principle Violated 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. Cashiers are not bonded and background checks are not conducted Cash is not adequately protected from theft Inability to establish...
can someone help me? thank u
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated, Procedure Weakness Principle Violated 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy All over the counter receipts are registered by three clerks who share a cash register with a single...
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