Match each of the following cash payment activities to the internal control principle to which it best
Question:
Transcribed Image Text:
1. The business manager has the only key to the A Establish responsibility check-signing equipment. 2. The purchasing manager orders all goods and B. Segregate duties C. D. Document procedures E. Independently verify Restrict access services for the business 3. A bank reconciliation is prepared monthly 4. Prenumbered checks are used for all payments 5. The company asks suppliers to deliver their mer- chandise to the warehouse but mail their invoices to the accounting department
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (20 reviews)
1 C ...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Question Posted:
Students also viewed these Accounting questions
-
Each situation below describes an internal control weakness in the cash payments process. Identify which of the five internal control principles is violated, explain the weakness, and then suggest a...
-
Your student club recently volunteered to go door- to- door collecting cash donations on behalf of a local charity. The charitys accountant went berserk when you said you wrote receipts only for...
-
Sunshine Health established a $ 100 petty cash fund on January 1. From January 2 through 10, payments were made from the fund, as listed below. On January 12, the fund had only $ 10 remaining; a...
-
(a) Alison has been self-employed for many years. Her profit for tax year 2020-21 is 6,380. Is she liable to pay Class 2 NICs for the year? (b) Amanda starts a business on 25 May 2020 and she is...
-
Bats emit sounds of frequencies around 35.0 kHz and use echolocation to find their prey. If a bat is moving with a speed of toward a hovering, stationary insect, (a) What is the frequency received by...
-
Derive the Time Schrodinger wave equation in reference to the general partial differential wave equation.
-
As you have seen in this chapter, international trade law is founded on the importance and benefits of removing trade barriers. However, WTO rules also recognize the need to restrain trade in certain...
-
The following types of internal controls are commonly used by organizations for property, plant, and equipment: 1. A fixed asset master file is maintained with a separate record for each fixed asset....
-
The _ _ _ _ function enables you to retrieve separate characters in a string. A . at ( ) B . char _ at ( ) C . indexof ( ) D . value _ of ( )
-
1. Discuss and debate the importance of information systems for an organization like BMW and what strategies did they apply to achieve its mission. 2. What are the enterprise IT types that are...
-
Each situation below describes an internal control weakness in the cash receipts process. Identify which of the five internal control principles is violated, explain the weakness, and then suggest a...
-
Indicate whether the following items would be added (+) or subtracted () from the companys books or the bank statement side of a bank reconciliation. Reconciling Item Bank Statement Company's Books...
-
Jim is fired from his job as a waiter and decides to take an extended trip to Europe. After touring Europe for 3 months, Jim returns to look for a new job as a waiter. Are his job-hunting expenses...
-
Discuss why strategic alliances are more frequently used in healthcare than in other fields. 2. Discuss potential pitfalls and benefits of each form of strategic alliance. Pooled service alliance...
-
company received a fixed asset as a donation and the market value of this fixed asset was$ 10,000. The depreciation rate of this asset is 20%pa. Asset was immediately put into use. The company sold...
-
Non-marketable claims Hominy's debt has a face value of S215 million. If the company had raised capital solely from its net equity capital, its value would have been S11.4 million. The company also...
-
You currently have $10,000 invested. If your goal is to increase this investment to $1,000,000 in 30 years, what annual percent growth rate would be needed?
-
During the month, services performed for customers on account amounted to $7,500 and collections from customers in payment of their accounts totaled $6,000. At the end of the month, the Accounts...
-
What is the going-concern assumption? What is a going-concern problem? What factors can contribute to such a problem?
-
How do industry practices and cost-benefit constraints impact financial reporting?
-
TechCo is a U.S. company that uses the LIFO inventory method. You plan to compare its ratios to Euroten, but you are concerned because Euroten uses IFRS. What accounting policy difference is certain...
-
a) Give examples of low, medium and high strain rate test types. [4 marks] b) A plot of log (stress) against log (strain rate) provides a straight line relationship. Based on this, provide an...
-
3- Let the density of the pyramid material be p = 2000 kg/m. Determine the average normal stress at a cross section located at x measured from the apex. Express the stress as a function of x. Assume...
-
You are designing a wing with no aerodynamic twist based on the airfoil camber given by: N C 3.1 (H-H) = 0.1 The wing will have an aspect ratio of 10, a taper ratio of 0.8, and a constant geometric...
Study smarter with the SolutionInn App