The internal control procedures in Weiser Company provide that: 1. Employees who have physical custody of assets
Question:
1. Employees who have physical custody of assets do not have access to the accounting records.
2. Each month the assets on hand are compared to the accounting records by an internal auditor.
3. A prenumbered shipping document is prepared for each shipment of goods to customers. Identify the principles of internal control that are being followed.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (13 reviews)
1 Segregation of ...View the full answer
Answered By
Simon kingori
I am a tier-one market researcher and content developer who has been in this field for the last six years. I’ve run the freelancing gamut; from market research, data mining and SEO/SMM to copywriting, Content Development, you name it, I’ve done it. I’m extremely motivated, organized and disciplined – you have to be to work from home. My experience in Freelancing is invaluable- but what makes me a cut above the rest is my passion to deliver quality results to all my clients- it’s important to note, I've never had a dissatisfied client. Backed by a Masters degree in Computer Science from MOI university, I have the required skill set and burning passion and desire to deliver the best results for my clients. This is the reason why I am a cut above the rest. Having taken a Bsc. in computer science and statistics, I deal with all round fields in the IT category. It is a field i enjoy working in as it is dynamic and new things present themselves every day for research and exploration.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9780471980193
8th Edition
Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel
Question Posted:
Students also viewed these Cost Accounting questions
-
The internal control procedures in Meredith Palmer Company provide that: 1. Employees who have physical custody of assets do not have access to the accounting records. 2. Each month the assets on...
-
The internal control procedures in Naperville Company provide that: 1. Employees who have physical custody of assets do not have access to the accounting records. 2. Each month, the assets on hand...
-
The internal control procedures in Phillips Company make the following provisions. Identify the principles of internal control that are being followed in each case. (a) Employees who have physical...
-
Design a difference amplifier to have a gain of 4 and a common-mode input resistance of 20 k at each input.
-
You deposited $160,000 into an education savings plan, hoping to have $ 420,000 available 12 years later when your first child starts university. However, you did not invest very well, and two years...
-
What two major attribution errors or biases have surfaced? Give an example of each?
-
Blundell Biotech. Blundell Biotech is a U.S.-based biotechnology company with operations and earnings in a number of foreign countries. The companys profits by subsidiary, in local currency (in...
-
Competition for a new generation of computers is so intense that Micro Tech has funded three separate design teams to create the new systems. Due to varying capabilities of the team members, it is...
-
A researcher is interested in finding a 99% confidence interval for the mean number of times per day that college students text. The study included 131 students who averaged 28.2 texts per day. The...
-
A non-angler, curious to know what counts as a good day of fishing (F) at the lake and puzzled by the phenomenon that it can sometimes be a good day even when no fish are caught, decides to create a...
-
Heather Bailiff is the new owner of Ready Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Heather the four purposes of internal...
-
Knobloch Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. 1. All over-the-counter receipts are...
-
At the end of the next four years, a new machine is expected to generate net cash flows of $8,000, $12,000, $10,000, and $15,000, respectively. What are the (rounded) cash flows worth today if a 3%...
-
7. A 21.0 kg sign hangs down at an angle of 24.4 from a vertical wall by way of a cable attached at a point higher up the wall. The cable and the top of the sign are held horizontally from across an...
-
Explain what organizational rites are. What are the different types? Give one example of each. Explain the attraction-selection-attrition (ASA) framework. How does it help explain the formation of...
-
An ambulance siren that is at rest emits a sound wave of a wavelength of 1m. What is the wavelength that an observer at rest, with respect to the street, measures when the ambulance siren is moving...
-
A fast-moving hockey player, of mass 85.5 kg, runs into a stationary player of the opposing team, of mass 91.3 kg. After the collision, the two players slide together on the ice at a speed of 1.44...
-
Blossom Company is deciding whether or not to discontinue one of its divisions. The division's contribution margin is $25000 per year. The fixed costs charged to the division total $31000, but $13000...
-
If P (Bc) = 0.64, find P (B).
-
What kind of financial pressures can an LBO cause?
-
Is the following distributive law valid or invalid? Prove your answer x XOR (y + z) = (x XOR y) + (x XOR z)
-
Tom Wells claims the formula for the cash payback technique is the same as the formula for the annual rate of return technique. Is Tom correct? What is the formula for the cash payback technique?
-
Tom Wells claims the formula for the cash payback technique is the same as the formula for the annual rate of return technique. Is Tom correct? What is the formula for the cash payback technique?
-
Tom Wells claims the formula for the cash payback technique is the same as the formula for the annual rate of return technique. Is Tom correct? What is the formula for the cash payback technique?
-
Question 3 of 17
-
A business's source documents: Multiple Choice Include the chart of accounts. Must be in electronic form. Are records of all increases and decreases in a specific asset Identify and describe...
-
Tax laws are constantly trying to catch up with new revenue sources. One good recent example are cryptocurrencies (virtual digital currencies). Read the attached article and discuss the following...
Study smarter with the SolutionInn App