Match the following internal controls with the categories of control activities. Internal Controls a. Separate handling cash
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Match the following internal controls with the categories of control activities.
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Internal Controls a. Separate handling cash (receipt and deposit) func- tions from recordkeeping functions (recording trans- actions in the accounts receivable subsidiary ledger). b. Require purchases, payroll, and cash disbursements to be authorized by a designated person. c. Require accounting department employees to take vacations. d. Separate purchasing functions from payables functions. e. Ensure that the same person isn't authorized to write and sign a check. f. When opening mail, endorse or stamp checks "For Deposit Only." g. Periodically reconcile the incoming check log against deposits. h. Require supervisors to approve employees' time sheets before payroll is prepared. i. List customer checks on a log before turning them over to the person responsible for depositing receipts. Control Activities i. Authorization ii. Segregation of duties iii. Supervision iv. Accounting docu- ments and records v. Access control vi. Independent verification
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Related Book For
Accounting Information Systems
ISBN: 9781266370373
4th Edition
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
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