4. Employees who receive shipments of goods do not have access to the accounting records for merchandise. Which of the f

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4 Employees Who Receive Shipments Of Goods Do Not Have Access To The Accounting Records For Merchandise Which Of The F 1 (40.52 KiB) Viewed 12 times

4. Employees who receive shipments of goods do not have access to the accounting records for merchandise. Which of the following principles of internal control does the company follow/not follow:? A. D. Physical controls B. C. Establishment of responsibility Segregation of duties Documentation procedures E. Independent internal verification F. Human resource controls 1 1. Involves the review, comparison, and reconciliation of data prepared by other employees. Which of the following principles of internal control does the company follow/not follow: D. Physical controls A. Establishment of responsibility B. Segregation of duties E. Independent internal verification F. Human resource controls C. Documentation procedures 2. Three people handle cash sales from the same cash register drawer. Which of the following principles of internal control does the company follow/not follow: D. Physical controls A. Establishment of responsibility B. Segregation of duties E. Independent internal verification C. Documentation procedures F. Human resource controls
Q3 Match the principle of internal control to each of the following cases. a) Establishment of responsibility b) Segregation of duties c) Accountability for assets d) Documentation procedures e) Physical controls 1. Cash is locked in a safe overnight. 2. Employees who receive shipments of goods do not have access to the accounting records for merchandise. 3. Shipping documents are prenumbered. 4. The bookkeeper does not have physical custody of assets. 5. Only the treasurer of the company can sign checks. Q4 Match each of the following principles of internal control with the appropriate description below. A. Establishment of responsibility B. Segregation of duties D. Physical controls E. Independent internal verification F. Human resource controls C. Documentation procedures 1. Involves the review, comparison, and reconciliation of data prepared by other employees. 2. Provide evidence that transactions and events have occurred. 3. Includes the authorization and approval of transactions. 4. Rotating employees' duties and requiring employees to take vacations. 5. Related activities should be assigned to different individuals. 6. Using garment sensors to deter theft.