Requiring that an employee with no access to cash do the accounting is an example of which

Question:

Requiring that an employee with no access to cash do the accounting is an example of which characteristic of internal control?

a. Separation of duties

b. Assignment of responsibility

c. Competent and reliable personnel

d. Monitoring of controls

Answer each question by selecting the best choice from among the options given.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0134725987

12th edition

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

See More Books

Question Posted: May 22, 2020 09:36 AM

See More Questions

Multiple Choice Questions 1. All of the following are objectives of internal control except a. To comply with legal requirements. b. To maximize net income. c. To ensure accurate and reliable...
(Multiple Choice) 1. All of the following are objectives of internal control except a. To safeguard assets b. To maximize net income c. To ensure accurate and reliable accounting records d. To comply...
In the left column below, four different internal control procedures are described. In the right column, the four basic types of internal control activities are listed. Match the procedures with the...
XYZ Co. It is currently trading at $5 per share and has announced a $0.50 per share dividend payable next year. Using historical information, one analyst estimates XYZ Co.'s dividend growth rate is...
To better position itself in the competitive college admissions field, your college or university is planning to launch a public relations campaign to encourage more highly-qualified high school...
In accordance with the assignment technique and comparison group, discuss the various control techniques that will be used with this specific design. Develop a hypothetical research scenario that...
Define the following terms: (i) Toughness, (ii) Hardness, (iii) Normalizing, and (iv) Case hardening.
Noble Manufacturing recorded the following amounts in its inventory accounts in 2014: Required Determine the dollar amounts for (a), (b), (c), (d), and (e). Assume that underapplied and overapplied...
If information is reliable, does that guarantee its credibility as well?
Armin Production produces cookies for resale at grocery stores throughout the country. The company is currently in the process of establishing a master budget on a quarterly basis for this coming...
All of the following are internal control procedures except a. Sarbanes-Oxley reforms. b. Assignment of responsibilities. c. Adequate records. d. Internal and external audits. Answer each question by...
All of the following are controls for cash received over the counter except a. A printed receipt must be given to the customer. b. The cash drawer should open only when the sales clerk enters an...
Your portfolio is 200 shares of Callahan, Inc. The stock currently sells for $93 per share. The company has announced a dividend of $1.43 per share with an ex-dividend date of April 19. Assuming no...
Als will provides, I, Al, leave all my computer equipment to my good friend, Ray. When Al dies, the personal representative gives Ray the computer equipment. Ray is a. a devisee. b. a legatee. c. a...
Joan, a nurse, cares for Ted for one year before Teds death. Joan is named the sole beneficiary under Teds will, to the exclusion of Teds family members. Teds family may challenge the will on the...
Hadji executes a will that leaves all his property to Dave. Two years later, Hadji executes a will that leaves all his property to Nora. The second will does not expressly revoke the first will....
A new state law allows pharmacists to prescribe and dispense oral contraceptive drugs from a licensed pharmacy. Clinic Pharmacy placed an ad that it would furnish a one month supply of a particular...
The FDA has decided to switch an OTC drug to prescription only. The manufacturer has sued the FDA to prevent the switch. What must the FDA prove in court in order to prevail in this lawsuit?
You are driving down a two-lane country road, and a truck in the opposite lane is traveling toward you. Suppose that the speed of light in a vacuum is c = 65 m/s. Determine the speed of the truck...
Calculate I, , and a for a 0.0175 m solution of Na 3 PO 4 at 298 K. Assume complete dissociation. How confident are you that your calculated results will agree with experimental results?
Anderson Cabinets began operations during 2005. During the initial years of operations, the company invested primarily in fixed assets to promote growth. During 2011, H. Hurst, the company president,...
On October 18, 2011, Daley Inc, purchased 100 shares of Orthon at $32 per share. The investment was classified as available-for-sale securities. The shares were held throughout the remainder of 2011...
Levy Company and Guyer Books made the same equity investment-200 shares of Watson Manufacturing at a cost of $12 per share-on November 18. On December 31, the market value of Watson had risen to $45...
Discuss the incident response steps and the recovery strategy and phases.
Compare and contrast planning and innovation with citation and references.
How are the tools used for planning, monitoring, and reporting in Six Sigma?

Requiring that an employee with no access to cash do the accounting is an example of which

Question:

Step by Step Answer:

Answer separation of duties Se...View the full answer

Financial Accounting

Students also viewed these Business questions