Pennington Company has the following internal control procedures over cash disbursements. Identify the internal control principle that

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

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Related Book For  answer-question

Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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