Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 11, Problem 9RQ
To determine
Identify the physical control for each of activities to look after the assets and records.
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For each of the following, give an example of a physical controlthe client can use to protect the asset or record:1. Petty cash2. Cash received by retail clerks3. Accounts receivable records4. Raw material inventory5. Perishable tools6. Manufacturing equipment7. Marketable securities
For each of the following, give two examples of physical control that the client can use to protect the asset or the record:1. Small Tools Inventory2. Blank Checks or checkbooks3. Previous years transaction, accounting records and documents
Which of the following assets require the strongest of internal controls?
Group of answer choices
inventory
credit cards
computer equipment
cash
Chapter 11 Solutions
Auditing And Assurance Services
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - Prob. 5RQCh. 11 - Prob. 6RQCh. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQ
Ch. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. 16RQCh. 11 - Prob. 17RQCh. 11 - Prob. 18RQCh. 11 - Prob. 19RQCh. 11 - Prob. 20.1MCQCh. 11 - Actions, policies, and procedures that reflect the...Ch. 11 - Prob. 20.3MCQCh. 11 - Prob. 21.1MCQCh. 11 - Prob. 21.2MCQCh. 11 - Prob. 21.3MCQCh. 11 - Prob. 22.1MCQCh. 11 - Prob. 22.2MCQCh. 11 - Which of the following correctly describes an...Ch. 11 - Prob. 23DQPCh. 11 - Prob. 24DQPCh. 11 - The following are misstatements that have occurred...Ch. 11 - Prob. 26DQPCh. 11 - Prob. 27DQPCh. 11 - Prob. 28DQPCh. 11 - Prob. 29DQPCh. 11 - Prob. 30DQPCh. 11 - Prob. 31DQPCh. 11 - Prob. 32C
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Similar questions
- which of the following assets require the strongest of internal controls a. inventory b. credit card c. computer equipment d. casharrow_forwardFor each of the following, give two examples of physical control that the client can use to protect the asset or the record:1. Petty Cash2. Cash received by cashiers in a grocery3. Accounts receivable recordsarrow_forwardWhich of the following assets require the strongest of internal controls? Group of answer choices 1.credit cards 2.computer equipment 3.inventory 4.casharrow_forward
- All records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting, identify the primary key for the following types of accounting records. To illustrate, the first record is done for you.Record Type Primary KeyAccounts Receivable Customer Number Accounts Payable Inventory Customer Sales Orders Purchase Orders to vendors Cash Receipts (checks) from customers Cash Disbursements (checks) to vendors Employee Payroll Earnings recordsarrow_forward1. Which of the following is an example of an input control in the expenditure cycle? a. Physical controls over inventory b. Reconciling the bank statement c. Document sequencing d. Access controls over the purchasing system 2. A control procedure that helps prevent duplicate payments is: a. Performing physical inventory counts b. Matching purchase orders, receiving reports, and vendor invoices c. Reconciling bank statements d. Conducting vendor audits 3.Which of the following is an example of an independent verification control in the expenditure cycle? a. Document sequencing b. Reconciling the bank statement c. Segregation of duties d. Physical controls over inventoryarrow_forwardAn effective revenue security system will help you accomplish the following important tasks: a) Verification of product issues b) Verification of guest charges c) Verification of sales receipts d) Verification of sales deposits e) All of the abovearrow_forward
- What type of internal controls are job rotation, preparation of bank reconciliations, segregation of duties, use of passwords, and use of a security guard?arrow_forwardWhat 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.arrow_forwardWhich of the following is most likely to be a general ledger control account? Select one: O a. Prepaid Rent O b. Petty Cash O c. Owners Equity O d. Sundry Debtorsarrow_forward
- Below are descriptions of internal control problems. In the space to the left of each item, enter the code letter of th best internal control principle that is related to the problem described. Internal Control Principles A. Establishment of responsibility B. Segregation of duties C. Physical control devices D. Documentation procedures E. Independent internal verification F. Human resource controls 1.The same person opens incoming mail and records the cash receipts. 2. Three people handle cash sales from the same cash register drawer. 3. A clothing store is experiencing a high level of inventory shortages because people try on clothing and walk out o the store without paying for the merchandise. 4. The person who is authorized to sign checks approves purchase orders for payment 5. Some cash payments are not recorded because checks are not pre-numbered. 6. Cash shortages are not discovered because there are no daily cash counts by supervisors. 7. The treasurer of the company has not…arrow_forwardGood internal controls include upon receiving checks from customers by mail, a responsible employee should A. Add the checks to the daily cash summary B. Verify that check is supported by prenumbered sales invoices C. Prepare a duplicate listing of checks received D. Record the checks in the cash receipts journalarrow_forwardWhich of the following controls will help prevent skimming? a. The accounts receivable bookkeeper’s duties are separated from preparing the bank deposit b. The accounts receivable bookkeeper has access to collections from customers. c. The accounts receivable bookkeeper is responsible for preparing the bank deposit. d. The accounts receivable bookkeeper makes all entries in the cash receipts book.arrow_forward
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