Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 4-41 Classifying Internal Control Procedures Match each of the control procedures listed below with the most closely related control procedures type. 1. Only the

image text in transcribed
image text in transcribed
Exercise 4-41 Classifying Internal Control Procedures Match each of the control procedures listed below with the most closely related control procedures type. 1. Only the cashier assigned to the cash register is allowed to perform transactions 2. Division managers are evaluated annually on the basis of their division's profitability 3. Invoices received from outside suppliers are filled with purchase orders. 4. Employees with access to the accounting records are not permitted to open the mail because it contains many payments by check from customers 5. The extent of access to the many segments of the company's computer system is tightly controlled by individual identification cards and passwordt that change at regular intervals. 6. Each shipment to customers from inventory is recorded on a specially printed form bearing a sequential number; these formt we the basis for entries into the computer system, which makes entries to inventory records and produces periodic reports of sates and shipments 7. At regular intervals, internal audit reviews a sample of expenditure transaction to determine that payment has been made to pena vide suppler and that the related goods or services were received and appropriately used. eBook 4. Employees with access to the accounting records are not permitted to open the mail because it contains many payments by check from customers. 5. The extent of access to the many segments of the company's computer system is lightly controlled by individunt identification cards and passwords 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 periodic reports of sales and soments, 7. At regular Intervals, internal audit reviews a sample of expenditure transactions to determine that payment has been made to a bona fide supeller and that the related poods or services were received and appropriately used,

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

Step: 3

blur-text-image

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

Fraud Casebook Lessons From The Bad Side Of Business

Authors: Joseph T. Wells

1st Edition

0470134682, 978-0470134689

More Books

Students also viewed these Accounting questions