Question: Internal Control Procedures E3A. A list of control procedures follows. a. Authorization b. Recording transactions c. Periodic independent verification c. Documents and records f. Separation
Internal Control Procedures E3A. A list of control procedures follows. a. Authorization b. Recording transactions c. Periodic independent verification c. Documents and records f. Separation of duties d. Physical controls g. Sound personnel practices Real Video Store maintains the following policies with regard to purchases of new DVDs at each of its branch stores: 1. Once each month a person from the home office visits cach branch store to cxamine the receiving records and to compare the imventory of DVDs with the accounting records. 2. Employees are required to take vacations, and the duries of cmployees are rotated periodically. 3. Purchases of new DVDs must be authorized by purchase order in the home office and paid for by the treasurer in the home office. Receiving reports are prepared in each branch and sent to the home office. 4. All new personnel receive one hour of training in how to receive and catalogue new DVDs. 5. The company maintains a perpetual inventory system that keeps track of all DVDs purchased, sold, and on hand. Match the control procedures to each of the policies listed. (Hinr: Some may have more than one answer.)
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