Homework Answers
Ans. A. Segregation of duties is correct Answer
Explanation:
Cash counting and Spending , and recording in the books of accounts should not be a same person as it may lead to misappropriation or misuse of cash....etc because same person is controlling all relating to cash which leads to taking up of cash positions and may show the cash delays even it is received from the borrowers or debtors etc..
Segregation of duties of internal control procedure is violated when the cashier at the checkout stand also records the daily receipts in the journal
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Which internal control procedure is violated when the cashier at the checkout stand also records the...
Which internal control procedure is followed when the work of one department acts as a check...
Which internal control procedure is followed when the work of one department acts as a check on the work of another? a.Proper authorizations b.Safeguarding assets and records c.Segregation of duties d.Independent verification
Which internal control procedure is followed when storage areas are secured with limited access? a.Safeguarding assets...
Which internal control procedure is followed when storage areas are secured with limited access? a.Safeguarding assets and records b.Proper authorizations c.Independent verification d.Segregation duties
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...
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...
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...
1. The programmed verification of a customer number is a ____ control. a. preventive b....
1. The programmed verification of a customer number is a ____ control. a. preventive b. detective c. corrective d. application 2. In general, material irregularities perpetrated by which of the following are most difficult to detect? a. cashier b. key-punch operator c. internal auditor d. controller 3. Which of the following is least likely to be evidence the auditor examines to determine whether operations are in compliance with the internal control systems? a. records documenting usage of EDP programs...
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...
Which of the following is an internal control for checks received through the mail? Multiple Choice...
Which of the following is an internal control for checks received through the mail? Multiple Choice ) The accounting department counts the cash, prepares the deposit slip and deposits the cash in the bank. O The mai es gives che The mail clerk gives checks to the person who makes the bank deposit. The accounting department register with the cash count sheet. The Cashier prepares a journal quantity sold, and cash received. Comparing the cash in the register with the...
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...
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will...
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will monitor internal controls. B) Electronic devices must be installed to reduce theft. C) Cashiers must not have access to accounting records. D) The invoices and other documents must be pre-numbered.
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...
Which of the following is an internal control for checks received through the mail? Multiple Choice ) The accounting department counts the cash, prepares the deposit slip and deposits the cash in the bank. O The mai es gives che The mail clerk gives checks to the person who makes the bank deposit. The accounting department register with the cash count sheet. The Cashier prepares a journal quantity sold, and cash received. Comparing the cash in the register with the...
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...
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will monitor internal controls. B) Electronic devices must be installed to reduce theft. C) Cashiers must not have access to accounting records. D) The invoices and other documents must be pre-numbered.
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