In Poletti Co s financial statements, the management makes an assessment of the companys internal controls The company produces the assessment every year in its annual financial statements Who else must make a report on the effectiveness of internal controls The passing of Sarbanes Oxley caused companies to strengthen their internal controls Which of the following relate to internal controls Ensuring compliance with local laws and regulations Processing information accurately Safeguarding the liabilities Sarbanes Oxley attempts to do which of the following Reduce fraud and theft Increase bonuses for employees Restore investor and creditor confidence To which of the five elements of internal controls does each of the following relate Investigating missing documents or gaps in transaction numbers Separating responsibilities for related operations Personnel policies To which of the five elements of internal controls does each of the following descriptionsrelate Taking necessary actions to minimize risks Hiring employees with the necessary skills required for the job Using pronouncements from the FASB to prepare financial statements Which of the following relate to the control procedures a business should possess Looking for unusual increases in cash disbursements, such as customer refunds Using proofs and other security measures Separating responsibilities for collecting cash payments from customers from recording the cash payments The purchasing director of a manufacturer works to find materials at the best prices Although the directors responsibilities are adequately separated to avoid theft and fraud, he mistakenly writes down the wrong discount taken by a supplier To which limitation of internal controls does thisrelate Stop a Second is preparing its assessment of internal controls for the annual financial statements The managers verify the employees have sufficient segregation of duties and supervision However, because the company is quite large, all lower level employees cannot be supervised at all times to ensure that theft and fraud does not occur To which limitation of internal controls does this relate ASC requires that all cashiers receive a cash drawer with exactly $40 before each shift During each sale, the cashier is prompted to input the type and amount of each payment The cash registers screen is usually visible to customers, but the cashier on shift likes to face it toward him due to his bad eyesight He also has a bad memory, which causes him to forget to give customers their receipts at times ASC is a small store with many regular customers, so they all trust the cashier is giving them the correct change Identify any problems in the cash receipts controls that ASC may have After opening the mail and stamping checks For Deposit Only, an employee delivers the cash and money orders to the Cashiers Department, where he prepares a bank deposit ticket After preparing and delivering the bank deposit ticket, the employee also records the cash receipts and posts amounts to the customer accounts Does the process to record the cash receipts received in the mail have any weaknesses Since ASC is a small retail business, the supervisor on duty usually collects the cash from the registers and deposits the cash sales on his way home The next day, he brings the deposit slips to the Accounting Department so the cash sales for the previous day can be recorded How could ASC strengthen its cash receipts controls On October 8, 20Y5, a companys cash receipts from sales totaled $62,392, while the cash register total for cash sales equaled $62,379 Calculate the shortage or overage and prepare the journal entry to record the cash receipts, sales, and overage or shortage Williams Supply Co s cash receipts from sales totaled $54,470 on August 12, 20Y5 The cash register total for cash sales for the day was $54,493 How much under or over are the companys cash receipts for the day Prepare the journal entry to record the cash receipts, sales, and overage or shortage On January 23, 20Y5, a company received $32,629 for the days cash sales The companys register showed total sales of $45,000, of which 73 were paid for using cash Calculate the cash shortage or overage Prepare the journal entry to record the cash receipts, cash sales, and overage or shortage Titan Coolers creates documents that must be submitted for approval before being recorded in the accounts payable When approving the document, the employee checks the amounts to the suppliers invoice, purchase order, and receiving report Which type of cash payment system does Titan Coolers use

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In Poletti Co.s financial statements, the management makes an assessment of the companys internal controls. The company produces the assessment every year in its annual

In Poletti Co.s financial statements, the management makes an assessment of the companys internal controls. The company produces the assessment every year in its annual financial statements. Who else must make a report on the effectiveness of internal controls? _____________________
The passing of Sarbanes-Oxley caused companies to strengthen their internal controls. Which of the following relate to internal controls?
1. Ensuring compliance with local laws and regulations _____
2. Processing information accurately _____
3. Safeguarding the liabilities _____
Sarbanes-Oxley attempts to do which of the following?
1. Reduce fraud and theft _____
2. Increase bonuses for employees _____
3. Restore investor and creditor confidence _____
To which of the five elements of internal controls does each of the following relate?
1. Investigating missing documents or gaps in transaction numbers
2. Separating responsibilities for related operations
3. Personnel policies

To which of the five elements of internal controls does each of the following descriptionsrelate?
1. Taking necessary actions to minimize risks
2. Hiring employees with the necessary skills required for the job
3. Using pronouncements from the FASB to prepare financial statements
Which of the following relate to the control procedures a business should possess?
1. Looking for unusual increases in cash disbursements, such as customer refunds
2. Using proofs and other security measures
3. Separating responsibilities for collecting cash payments from customers from recording the cash payments
The purchasing director of a manufacturer works to find materials at the best prices. Although the directors responsibilities are adequately separated to avoid theft and fraud, he mistakenly writes down the wrong discount taken by a supplier. To which limitation of internal controls does thisrelate?
Stop-a-Second is preparing its assessment of internal controls for the annual financial statements. The managers verify the employees have sufficient segregation of duties and supervision. However, because the company is quite large, all lower-level employees cannot be supervised at all times to ensure that theft and fraud does not occur. To which limitation of internal controls does this relate?
ASC requires that all cashiers receive a cash drawer with exactly $40 before each shift. During each sale, the cashier is prompted to input the type and amount of each payment. The cash registers screen is usually visible to customers, but the cashier on shift likes to face it toward him due to his bad eyesight. He also has a bad memory, which causes him to forget to give customers their receipts at times. ASC is a small store with many regular customers, so they all trust the cashier is giving them the correct change. Identify any problems in the cash receipts controls that ASC may have.
After opening the mail and stamping checks For Deposit Only, an employee delivers the cash and money orders to the Cashiers Department, where he prepares a bank deposit ticket. After preparing and delivering the bank deposit ticket, the employee also records the cash receipts and posts amounts to the customer accounts. Does the process to record the cash receipts received in the mail have any weaknesses?
Since ASC is a small retail business, the supervisor on duty usually collects the cash from the registers and deposits the cash sales on his way home. The next day, he brings the deposit slips to the Accounting Department so the cash sales for the previous day can be recorded. How could ASC strengthen its cash receipts controls?
On October 8, 20Y5, a companys cash receipts from sales totaled $62,392, while the cash register total for cash sales equaled $62,379. Calculate the shortage or overage and prepare the journal entry to record the cash receipts, sales, and overage or shortage.
Williams Supply Co.s cash receipts from sales totaled $54,470 on August 12, 20Y5. The cash register total for cash sales for the day was $54,493. How much under or over are the companys cash receipts for the day? Prepare the journal entry to record the cash receipts, sales, and overage or shortage.
On January 23, 20Y5, a company received $32,629 for the days cash sales. The companys register showed total sales of $45,000, of which 73% were paid for using cash. Calculate the cash shortage or overage. Prepare the journal entry to record the cash receipts, cash sales, and overage or shortage.
Titan Coolers creates documents that must be submitted for approval before being recorded in the accounts payable. When approving the document, the employee checks the amounts to the suppliers invoice, purchase order, and receiving report. Which type of cash payment system does Titan Coolers use?