Majaan Company has the following internal control procedures over cash receipts.Instruction: Identify the internal control principle that is applicable to each procedure. All over-the-counter receipts are registered on cash registers.All cashiers are bonded.Daily cash counts are made by cashier department supervisors.The duties of receiving cash, recording cash, and custody of cash are assigned to differentindividuals.5. Only cashiers may operate cash registers

Internal controls are the controls that are implemented for the purpose of maintaining operational…

Answered: Majaan Company has the following…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 27CYBK

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Majaan Company has the following internal control procedures over cash receipts.

Instruction: Identify the internal control principle that is applicable to each procedure.

All over-the-counter receipts are registered on cash registers.
All cashiers are bonded.
Daily cash counts are made by cashier department supervisors.
The duties of receiving cash, recording cash, and custody of cash are assigned to different

individuals.

5. Only cashiers may operate cash registers

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