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Match Each of the Following Transactions 1 Through 10 with the Applicable

Question 192

Matching

Match each of the following transactions 1 through 10 with the applicable internal controlprinciple listed in "a" through "g" (some answers refer to more than one principle).

Premises:
A company uses a computerized point of sale system.
No two clerks share the same cash drawer.
A company uses a voucher system.
A company buys an insurance policy to protect against employee theft.
A company has separate departments for purchasing,receiving,and accounts payable.
A company uses a check protector.
The bookkeeper prepares and signs checks.
A company hires CPAs to perform an audit.
Cashier does not have access to the cash register recorded tape or file.
A company has an internal auditor on staff.
Responses:
Perform regular and independent reviews
Separate recordkeeping from custody of assets
Insure assets and bond employees
Establish responsibility
Divide responsibility for related transactions
Maintain adequate records
Apply technological controls

Correct Answer:

A company uses a computerized point of sale system.
No two clerks share the same cash drawer.
A company uses a voucher system.
A company buys an insurance policy to protect against employee theft.
A company has separate departments for purchasing,receiving,and accounts payable.
A company uses a check protector.
The bookkeeper prepares and signs checks.
A company hires CPAs to perform an audit.
Cashier does not have access to the cash register recorded tape or file.
A company has an internal auditor on staff.
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