Matching
Match of the following cases with the principle of internal control.
Premises:
Employees’ time is tracked using a time clock.
Only the treasurer of the company can sign checks.
Employees who receive shipments of goods do not have access to the accounting records for merchandise.
Shipping documents are prenumbered.
The bookkeeper does not have physical custody of assets.
Responses:
Accountability for assets
Establishment of responsibility
Physical controls
Segregation of duties
Documentation procedures
Correct Answer:
Premises:
Responses:
Employees’ time is tracked using a time clock.
Only the treasurer of the company can sign checks.
Employees who receive shipments of goods do not have access to the accounting records for merchandise.
Shipping documents are prenumbered.
The bookkeeper does not have physical custody of assets.
Premises:
Employees’ time is tracked using a time clock.
Only the treasurer of the company can sign checks.
Employees who receive shipments of goods do not have access to the accounting records for merchandise.
Shipping documents are prenumbered.
The bookkeeper does not have physical custody of assets.
Responses:
Related Questions
Q4: Notification by the bank that a deposited
Q31: Deposits in transit<br>A) have been recorded on
Q53: The cash records of Morris Company show
Q77: All of the following would involve a
Q80: Match the internal control principle below with
Q94: A credit balance in Cash Over and
Q124: Blank checks<br>A) should be safeguarded.<br>B) should be
Q201: Two individuals at a retail store work
Q212: Identify which principle of internal control is
Q214: The size of the petty cash fund