None 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.5.6.All payments, except for petty cash transactions, are made by cheque.Cheque signers are not allowed to record cash payment transactions.Documentation ProceduresEstablishment of ResponsibilityHuman Resource ControlsIndependent Checks of PerformancePhysical and IT ControlsSegregation of Duties7.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 ofcash are assigned to different individuals.く

The list you've provided outlines a variety of internal control procedures that companies typically…

Answered: 1. All cash is deposited intact, in the…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.1P

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Similar questions

There are several elements to internal controls. Which of the following would not address the issue of having cash transactions reported in the accounting records? A. One employee would have access to the cash register. B. The cash drawer should be closed out, and cash and the sales register should be reconciled on a prenumbered form. C. Ask customers to report to a manager if they do not receive a sales receipt or invoice. D. The person behind the cash register should also be responsible for making price adjustments.
What is the advantage of using technology in the internal control system? A. Passwords can be used to allow access by employees. B. Any cash received does not need to be reconciled because the computer tracks all transactions. C. Transactions are easily changed. D. Employees cannot steal because all cash transactions are recorded by the computer/cash register.
Identify the internal control procedures applicable to cash receipts for Ferguson Company in each of the following cases. 1. All cashiers are bonded. Documentation Procedures Physical Controls Segregation of Duties Establishment of Responsibility Human Resource Controls 2. The treasurer compares the total cash receipts to the bank deposit daily. Independent Internal Verification 3. The bookkeeper records cash receipts, which are held by the treasurer. 4. Only the treasurer holds cash receipts. 5. Deposit slips are completed for each deposit.
For proper segregation of duties in cash disbursements, the person who signs checks also a. reviews the monthly bank reconciliation b. is denied access to the supporting documents c. returns the cheques to accounts payable d. is responsible for mailing the cheques
1- Majaan Company has the following internal control procedures over cash receipts. Instruction: Identify the internal control principle that is applicable to each procedure. 1. All over-the-counter receipts are registered on cash registers. 2. All cashiers are bonded. 3. Daily cash counts are made by cashier department supervisors. 4. The duties of receiving cash, recording cash, and custody of cash are assigned to different individuals. 5. Only cashiers may operate cash registers.
A petty cash system is designed to a. encash checks of selected employees. b. handle cash sales. c. account for all cash receipts and payments of minimal amounts. d. pay small and immediate miscellaneous expenses
Which of the following reflects a weak internal control system? Oa. All employees must take their vacations. Ob. A single employee is responsible for collecting and recording cash. Oc. A single employee is responsible for comparing a receiving report to an invoice. Od. All employees are well supervised.
Which of the following is an internal control guideline for better management of cash receipts? a.Endorse checks immediately upon receipt with the stamp "For Receipt Only". b.Maintain separation of duties between cash handling and cash recording. c.A bookkeeper should be designated to open all the mail in a company. d.Post cash receipts to the Accounts Payable account as soon as possible.
Rolling Hills Ltd. has the following internal controls over cash payments. Identify the control activity that is applicable to each procedure. 1. 2. 3. 4. 5. 6. Company cheques are prenumbered. The bank statement is reconciled monthly by the assistant controller. Blank cheques are stored in a safe in the controller's office. Both the controller and the assistant controller are required to sign cheques or authorize electronic payments. Cheque signers are not allowed to record cash payments. All payments are made by cheque or electronic transfer. Assignment of responsibility Review and reconciliation Segregation of duties Physical controls Documentation
3 Nolan Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. (a) All over-the-counter receipts are entered in cash registers. (b) The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals. (c) Daily cash counts are made by cashier department supervisors. (d) All cashiers are bonded. (e) Only cashiers may operate cash registers.
Which is not a key element of internal control over cash receipts? a. daily recording of all cash receipts in the accounting records b. daily entry in a voucher register c. immediate counting by the person opening the mail or using the cash register. d. daily deposit intact
Which of the following reflects a weak internal control system? Please explain with full explanation. a. All employees are well supervised. b. A single employee is responsible for comparing a receiving report to an invoice. c. All employees must take their vacations. d. A single employee is responsible for collecting and recording cash.

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