Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer question number 1 A? MOH Connect Question 3 - Chapter CA () - Co 1-K) Help Exercise 6-2 Applying Internal control principles LO

please answer question number 1 A?
image text in transcribed
MOH Connect Question 3 - Chapter CA () - Co 1-K) Help Exercise 6-2 Applying Internal control principles LO C1 Whole Fruits Market took the following actions to improve internal controls. For each of the following actions, select the Internal control principle the company followed . Cash registers contain locked electronic files that keep records of each sale b. Employees requesting purchases of inventory cannot approve payment for that inventory c. Each cashier in designated a specific cash drawer and is solely responsible for cash in that drawer d. Preprinted forms are used to reduce the chance of missing transaction details .. The company's internal auditors frequently assess the performance of internal control Prohibit the recordkeeper from having control over cash [Divide responsibility for related transactions Establish responsibilities Maintain adequate records Perform regular and independent reviews Separato recordkeeping from custody of assets

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

Accounting, Chapters 1-13

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

25th Edition

1285069625, 9781285069623

More Books

Students also viewed these Accounting questions