Question: a. What internal accounting control principles are applicable to the custody of assets in the revenue cycle? b. Indicate two applications of each principle.

a. What internal accounting control principles are applicable to the custody of assets in the revenue cycle?

b. Indicate two applications of each principle.

Step by Step Solution

★★★★★

3.52 Rating (152 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Internal accounting control principles applicable to the custody of assets in the revenue cycle include 1 Segregation of Duties This principle involves separating key duties and responsibilities to ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Auditing 12th Questions!

Nora Abbey, eighteen years old, is overjoyed to have received her first paycheck from her first employer, Nightingale Fashions, Inc. The check is in the amount of $542.00, and is drawn on the Bank of...

What internal accounting control principles are applicable to (a) executing and (b) recording securities transactions?

1. Which of the following is the most important element of internal control relating to the raw materials inventory of a manufacturing company? a. The physical inventory count should be made by...

1. Whole Fruits Market took the following actions to improve internal controls. For each of the following actions, select the internal control principle the company followed. 2. Determine whether...

Hi can u pls help me to find out the auditing MCQ questions answer .I attach a file.please.My email id is (ruhin_1986@yahoo.com) 1 Marks: 1 When an auditor calculates the gross margin as a percent of...

Question 1 The Sales Returns and Allowances A. on the income statement as an addition to Sales. B. on the income statement as a deduction from Sales. C. on the balance sheet as a deduction from...

It is important that companies assess their risks of workplace fraud. Managers/owners must also possess the skills to identify workplace fraud and consequently establish INTERNAL CONTROLS to...

Chapter Four MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Expressing an opinion on whether the financial reports are prepared in...

Professor Diane gave her chemistry class a test consisting of three questions. There are 21 students in her class, and every student answered at least one question. Five students did not answer the...

You are the manager of a manufacturing company that produces custom-made clothing. Critically evaluate the advantages and disadvantages of using job costing and batch job costing systems for tracking...

As an epidemiologist, you have been tracking the rates of death from COVID from 2 0 2 0 to 2 0 2 2 in high - risk populations. Which rate would you use? Question 1 1 Answera.Cause - specific...

Job satisfaction has a moderate positive relationship with job performance and a strong positive relationship with organizational commitment. It also has a strong positive relationship with life...

You are the auditor of Davidson Electronics Ltd a manufacturer of a variety of electronic gadgets for industry and home use. They have a factory where all the products are manufactured and maintain a...

You are about to complete the planning stage of the audit of Stack Print Ltd and you are considering your approach to several events that have occurred during the year. Stack Print Ltd's revenue for...

You are an audit senior and your firm audits Miningwell Ltd, a large mining company that operates all over Australia. Consider the following situations that have arisen during the audit. 1....

7-25 Bond Prices and Interest Rate Changes A 5.75 percent coupon bond with 10 years left to maturity is priced to offer a 6.5 percent yield to maturity. You believe that in one year, the yield to...

Question #2 - Accounting for cash dividends Kashin Consulting, Inc, has 9,000 shares of $6.00, no par, preferred stock (dividend stated as flat rate in this instance) and 60,000 shares of no-par...

PROBLEM 12-16 Net Present Value Analysis LO12-20 Windhoek Mines, Ltd., of Namibia, is contemplating the purchase of equipment to exploit a mineral deposit on land to which the company has mineral...