Question

Delfi Movie has established the following policies for purchases of new DVDs at each of its branch stores:
1. Employees are required to take vacations, and the duties of employees are rotated periodically.
2. Once each month a person from the home office visits each branch store to examine the receiving records and to compare the inventory of DVDs with the accounting records.
3. Purchases of new DVDs must be authorized by purchase order in the home office and paid for by the treasurer in the home office. Receiving reports are prepared in each branch and sent to the home office.
4. All new personnel receive one hour of training in how to receive and catalogue new DVDs.
5. The company maintains a perpetual inventory system that keeps track of all DVDs purchased, sold, and on hand.
Match the following control procedures to each of the above policies. (Some may have more than one answer.)
a. Authorization
b. Recording transactions
c. Documents and records
d. Limited access
e. Periodic independent verification
f. Separation of duties
g. Sound personnel policies



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  • CreatedSeptember 10, 2014
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