Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Identify the control activity that is applicable to each item in the table shown below: Activity 1 All cash is deposited intact, in the bank
Identify the control activity that is applicable to each item in the table shown below: Activity 1 All cash is deposited intact, in the bank account, daily. 2 Blank cheques are stored in a safe in the controller's office. 3 All cashiers are bonded. 4 All over-the-counter receipts are recorded on cash registers. 5 All payments, except for petty cash transactions, are made by cheque. 6 Cheque signers are not allowed to record cash payment transactions. 7 Company cheques are pre-numbered. 8 Daily cash counts are made by cashier department supervisors. 9 Only cashiers may operate cash registers. 10 Only the controller or assistant controller may sign cheques. 11 The bank statement is reconciled monthly by an internal auditor. 12 The duties of receiving cash, recording cash, and maintaining custody of cash are assigned to different individuals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started