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Catt Company has the following internal control procedures over cash disbursements. Identify the internal control principle that is applicable to

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Catt Company has the following internal control procedures over cash disbursements. Identify the internal control principle that is applicable to each procedure.
(a) Company checks are prenumbered.
(b) The bank statement is reconciled monthly by an internal auditor.
(c) Blank checks are stored in a safe in the treasurer’s office.
(d) Only the treasurer or assistant treasurer may sign checks.
(e) Check-signers are not allowed to record cash disbursement transactions.

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a Company checks are pre numbered Documentation procedures b The bank statement is re…View the full answer


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Accounting Tools for Business Decision Making

Accounting Tools for Business Decision Making

ISBN: 978-1118128169

5th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: April 07, 2014 10:19:21
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