Liz Kelso is reviewing the principle of segregation of duties. What are the two common applications of this principle?
Answer to relevant QuestionsThe management of Nickle Company asks you, as the company accountant, to explain (a) The concept of reasonable assurance in internal control (b) The importance of the human factor in internal control.Anna Korte is confused about the lack of agreement between the cash balance per books and the balance per bank. Explain the causes for the lack of agreement to Anna, and give an example of each cause.The cash register tape for Bluestem Industries reported sales of $6,871.50. Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $50.75. ...Gary Stanten is concerned with control over mail receipts at Gary’s Sporting Goods. All mail receipts are opened by Al Krane. Al sends the checks to the accounting department, where they are stamped “For Deposit Only.” ...Setterstrom Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results.June 1: Cash in fund $1.75. Receipts: delivery expense ...
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