Match each of the following control activities with its appropriate description. 1. Authorization of transactions and activities
Question:
Match each of the following control activities with its appropriate description.
1. Authorization of transactions and activities
2. Segregation of duties
3. Documentation
4. Physical controls
5. Independent checks of performance
6. Human resource controls
(a) _____ All transactions should include original, detailed receipts.
(b) _____ Undeposited cash should be stored in the company safe.
(c) _____ Employees must take their full vacation allotment each year.
(d) _____ Surprise cash counts are performed by internal audit.
(e) _____ Responsibility for related activities should be assigned to specific employees.
(f) _____ Cheque signers are not allowed to record cash transactions.
Step by Step Answer:
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