Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Classiring Internal Control Activities Match each of the control activities listed below with the most closely releted type of control activity 1. Only the cashier

image text in transcribed
image text in transcribed
Classiring Internal Control Activities Match each of the control activities listed below with the most closely releted type of control activity 1. Only the cashier assigned to the cash register is alioned to perform transactions. 2. Division managers are evaluated annually on the basss of their division's profitability. 3. Invoices received from outside suppliers are filed with purchase orders. 4. Emplovees with access to the accounting records are hot permitted to open the mail because it contans many payments by check from customers 5. The extent of access to the many segments of the company's compoter syutem is tightiy controled by indwidual identylcation cards and passinords that change at regular intervals: 6. Each shipment to customers from inventory is recorded on a specially printed form bearing a sequential number; these forms are the basis for entries into the computer system, which makes entries to inventory records and produces penodic reports of sales and shipments. 7. At regular intervals, internal audit reviews a sample of expenditure transactions to determine that puyment has been made to a bona fide supplier and that the relote goods or services were received and appropriately used. 8. A construction company stores large steel girders in an open yard surrounded by a 5-foot fence and stores weiding supplies in a controlled-access, tightly secoured concrete bulliding 9. Cash registers display the price of each item purchased to the customer as it is recorded and produce a customer receipt that describes each item and gives its price. 10. The person in the controller's office who prepares and ma s checks to suppliers cannot make entries in the general ledger system

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

Finance And Accounting For Business

Authors: Bob Ryan

1st Edition

9781861529930

More Books

Students also viewed these Accounting questions

Question

which statement is true about TTL value of an ipv 4 packet header

Answered: 1 week ago