Tene Ltd. has the following internal controls over cash receipts. Identify the control activity that is applicable
Question:
Tene Ltd. has the following internal controls over cash receipts. Identify the control activity that is applicable to each procedure.
1. All over-the-counter receipts are recorded on cash registers.
2. All cashiers are bonded.
3. Daily cash counts are performed by the accounting supervisor.
4. The duties of receiving cash, recording cash, and maintaining custody of cash are assigned to different individuals.
5. Only cashiers may operate cash registers.
6. All cash is deposited intact in the bank account every day.
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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