The internal control procedures in Naperville Company provide that: 1. Employees who have physical custody of assets
Question:
1. Employees who have physical custody of assets do not have access to the accounting records.
2. Each month, the assets on hand are compared to the accounting records by an internal auditor.
3. A prenumbered shipping document is prepared for each shipment of goods to customers.
Identify the principles of internal control that are being followed.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
Internal controls are the procedures followed by the management an...View the full answer
Answered By
Balveer Singh
i completed my secondary education from a school where i was unable to get what teacher was teaching so, in my forthcoming journey i decided to help students as i had felt the situation and was aware of where it lacks from the students point of view.
i completed my graduation from a recognised university and along with it i thought of being a chartered accountant, i am in the finals stage but still following my passion to teach & help students as much as i can
i just wanted to change the way of teaching so that everyone can feel it and can apply it wherever necessary and that's what i am doing in the current scenario too
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
The internal control procedures in Meredith Palmer Company provide that: 1. Employees who have physical custody of assets do not have access to the accounting records. 2. Each month the assets on...
-
The internal control procedures in Weiser Company provide that: 1. Employees who have physical custody of assets do not have access to the accounting records. 2. Each month the assets on hand are...
-
The internal control procedures in Phillips Company make the following provisions. Identify the principles of internal control that are being followed in each case. (a) Employees who have physical...
-
Austin and Anya Gould are a middle-aged couple with two childrenRusty, age 13, and Sam, age 11whom they adopted this year. They also bought a new home in the area to give the children a yard in which...
-
To install an overhead crane (Figure CS-29) in one bay of the Strom Manufacturing Company, an assembly plant, brackets for the rails of the crane are to be mounted on eight columns, four on each side...
-
A sample of argon of mass 6.56 g occupies 18.5 dm3 at 305 K. (a) Calculate the work done when the gas expands isothermally against a constant external pressure of7.7 kPa until its volume has...
-
A 38.1-mm-diameter, \(0.0245-\mathrm{N}\) table tennis ball is released from the bottom of a 4-m-deep swimming pool. Assuming that the ball has reached its terminal velocity within \(1 \mathrm{~m}\),...
-
Here is the income statement for Eberle, Inc. Additional information: 1. Common stock outstanding January 1, 2014, was 32,000 shares, and 40,000 shares were outstanding at December 31, 2014. 2. The...
-
When Liam Cote decided to help his cousin Felix Cote turn around his business, he had no idea that things were as bad as they were. Liam knew that the bank's loan was coming due and the company could...
-
Figure 9-26 illustrates a partial class diagram for a property management company. Using the data in the class diagram, create a database schema.
-
Emily Cooper is the new owner of Preferred Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Emily the four purposes of internal control...
-
Syracuse Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. 1. All over-the-counter receipts are...
-
According to an ad in the newspaper for the local cafe, their Bagel Sandwiches can be "made your way" with "100s of choices for you!" They advertise 7 flavors of bagels, 5 kinds of meat, 3 kinds of...
-
Which of the following is an activity not usually associated with forensic accounting and fraud examination consulting and litigation support? 1. A. Assessing fraud risk associated with internal...
-
Washington Tennis & Education Foundation, Inc. (WTEF) is a nonprofit organization operating in the District of Columbia that provides athletic and academic programs for children from low-income...
-
Stone Brewing Co. is a San Diego brewer that has sold its beers for over two decades. Stone has maintained its trademark and brand from the beginning, registering the STONE mark in 1998. Stone has...
-
In a contract dispute between a US company and a Canadian company, the contract itself referred to provisions of the Uniform Commercial Code. Do these references alone preempt the contract from being...
-
Lynn Goldsmith is a photographer known for her photographs of famous musicians. In 1981, Goldsmith had a photography session with the singer Prince. Three years later, Vanity Fair obtained a license...
-
Show how URLs are loaded dynamically using applets.
-
Suppose that a company has 10.000 outstanding shares in the beginning of the year. On April 1st, the company increases its shares by 6.000. On July 1st, the company increases its shares again, but...
-
In Problems 21-38, guess the requested limits. \(\lim _{n ightarrow \infty} \frac{n-5}{3 n}\)
-
You are comparing two companies in the same industry. You have determined that May Corp. depreciates its plant assets over a 40-year life, whereas Won Corp. depreciates its plant assets over a...
-
What classifications and amounts are shown in PepsiCos Note 4 to explain its total property, plant, and equipment (net) of $11,228 million?
-
Tatum Refrigeration Company trades in an old machine on a new model when the fair market value of the old machine is greater than its book value. The transaction has commercial substance. Should...
-
java code ReadFile Create-a linked list from an input file (input.txt) that contains an even number of first names. The number of items in the file is unknown. Split Create-a split function that...
-
Complete a method named findValue which accepts an IntArray and an Int value and returns whether the array contains the passed value. Your method should not modify the passed array. However, you...
-
Write program Sum.java that just prints the strings that it is given at the command line, one per line. If nothing is given at the command line, print "No arguments". Modify your program (Make a copy...
Study smarter with the SolutionInn App