Solved

Match the Following Cases to the The Principle of Internal

Question 247

Matching

Match the following cases to the the principle of internal control

Premises:
Employees’ time is tracked using a time clock.
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.
Only the treasurer of the company can sign checks.
Responses:
Establishment of responsibility
Segregation of duties
Accountability for assets
Documentation procedures
Physical controls

Correct Answer:

Employees’ time is tracked using a time clock.
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.
Only the treasurer of the company can sign checks.
Related Questions

Q221: Medaid is a medical office management franchise.

Q222: Cash equivalents under GAAP
A) may be required

Q239: Match the statements below with the appropriate

Q240: Listed below are items that may be

Q241: indicate how each of the items listed

Q242: Match the cash disbursements procedure described with

Q243: Match the cash receipts procedure described below

Q244: Listed below are seven errors or problems

Q245: Below are descriptions of internal control problems

Q246: Match each description to the following principles

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents