Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
1. Match each of the following transactions (1) through (10) with the applicable internal control principle a through g (some answers refer to more than one principle). (a) Establish responsibility b) Maintain adequate records. (c) Insure assets and bond employees. (d) Separate recordkeeping from custody of assets (e) Divide responsibility for related transactions. (t) Apply technological controls. (g) Perform regular and independent reviews. (I) Cashier does not have access to the cash register recorded tape or file (2) A company uses a voucher system. (3) No two clerks share the same cash drawer. (4) The bookkeeper prepares and signs checks. (5) A company uses a computerized point of sale system. (6) A company hires CPAs to perform an audit. (7) A company buys an insurance policy to protect against employee theft. (8) A company has separate departments for purchasing, receiving, and accounts payable. (9) A company has an internal auditor on staff. (10) A company uses a check protector

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Walter B. Meigs, Robert F. Meigs, Mark Bettner, Ray Whittington

9th Edition

0070434360, 978-0070434363

More Books

Students also viewed these Accounting questions

Question

What is exchange rate risk?

Answered: 1 week ago