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 Independent Internal Verification 2. The treasurer compares the total cash receipts to the bank deposit daily. 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.
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 Independent Internal Verification 2. The treasurer compares the total cash receipts to the bank deposit daily. 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.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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