Requiring that an employee with no access to cash do the accounting is an example ofwhich characteristic of internal control?a. Separation of dutiesb. Assignment of responsibilityc. Competent and reliable personneld. Monitoring of controls

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: Payroll Checking Account:-It is a separate bank account of a business that is only used for payroll…

Q: Which of the following reflects a weak internal control system? Oa. All employees are well…

A: Internal controls are policies incorporated by the Management to safeguard the assets of the…

Q: Allowing only the treasurer to sign checks is an example of O segregation of duties. O establishment…

A: Establishment of Responsibility: The delegation of responsibility to particular personnel is a…

Q: The use of a bank account addresses which objective of internal control? Group of answer choices…

A: A bank account is an account with a bank for an enterprise. It reflects the balance of cash kept in…

Q: During an audit of a company’s cash balance on a company with operations in only onecountry, the…

A: Answer:   Option a

Q: Match the conditions for internal control to each of the policies listed

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Q: up of answer choices a.The personnel in the receiving department should be separated from the…

A: the purchase you also known as account payable system and the cash disbursement cycle execute the…

Q: will hurt employee morale. The same employee requests, records, and makes payment for purchases of…

A: internal controls , mechanism rules and procedures that is implemented by the company in order to…

Q: incorrect related to the purchasing and cash disbursement cycle?

A: Answer: D. The accounting department is responsible for receiving the goods and preparing the…

Q: Consider internal control over receivables collections. What job must be withheld from a company’s…

A: In order to prevent the cash frauds, the following jobs must be withheld from a company’s credit…

Q: SLO-4.1. Which of the following would not qualify as an internal control procedure within a…

A: Internal controls are the procedures ensuring that the financial reporting done by the business is…

Q: The objectives of internal control are to a. prevent fraud and promote the social interest of the…

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: The separation of operational responsibility from record keeping is meant to prevent different types…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Having a corporate code of ethics that prohibits employees from accepting gifts from customers or…

A: Control environment: Under this policies the overall control of the procedure related to the…

Q: Proper segregation of duties reduces opportunities to allow any employee to be in a position to…

A: The correct Option is Option “D”. D. Record and conceal fraudulent transactions in the normal course…

Q: The primary purpose of internal controls in managing a business is to:

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Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Petty Cash is easily misappropriated if business processes and internal controls are not established…

A: Petty cash means the cash allocated to meet small day to day expenses of the business. If proper…

Q: Which of the following is incorrect related to the purchasing and cash disbursement cycle?   Group…

A: Purchasing and cash disbursement cycle is a combination of activities related to business for…

Q: A basic procedure of internal control over cash receipts is that the deposit of the cash and the…

A: Internal controls is the procedure applicable to ensure the operational efficiency and correct…

Q: Why should the employee who handles cash receipts not have the responsibility for maintaining the…

A: Accounts receivable: Accounts receivable are money owed to business from debtors. These are payments…

Q: A cashier who also acts as a bookkeeper violates the principle of Group of answer choices electronic…

A: Lets understand the concept of segregation of duties. Segregation of duties concepts say that, two…

Q: One of the typical characteristics of management fraud isa. Falsification of documents in order to…

A: Management Fraud:   Management fraud is a kind of fraud that is committed intentionally by the…

Q: Michelle Darby receives cash from customers. Her other assigned job is to post the collections to…

A: Separation of duties: It’s an important internal control process to ensure that the work delegated…

Q: 2- Which one of the following statements is false for accounts receivables management? Written…

A: Accounts receivable management involves devising the policies and measures to ensure that customers…

Q: 4. SEGREGATION OF DUTIES Explain why each of the following combinations of tasks should or should…

A: Ethics: Ethics can be defined as a conduct adopted by an individual in making the selection between…

Q: Identify important internal control activities present in a properly designed system to mitigate the…

A: Internal Control: A company’s Internal Control ensures that the operational efficiency of a company…

Q: Each situation below describes an internal control weakness in the cash payments process.…

A:

Q: What feature of the acquisition and expenditure control would be expected to prevent an employeefrom…

A:

Q: Which of the following reflects a weak internal control system? Oa. All employees must take their…

A: Internal control system assures the efficient and effective utilization of firms assets by setting…

Q: $1: In obtaining an understanding of the internal control policies and procedures, the auditor noted…

A: Internal control is a part of auditing done from the part of an organization to keep a control over…

Q: 1. Assignment of responsibility 2. Segregation of duties 3. Documentation 4. Physical controls 5.…

A: Control Activities:- Activities that are performed by the management in order to control and…

Q: Which one of the following reflects a weak internal control system? A. all employees are well…

A: Ans. 1.For an effective internal control system in an organisation there should be proper…

Q: Keeping cash locked away is an example of which control activity?

A:

Q: Michelle Darby receives cash from customers. Her other assigned job is to post the collections to…

A: Separation of duties: It’s an important internal control process to ensure that the work delegated…

Q: Which of the following is not a generally recognized internal control activity? Oa. limiting access…

A: Internal controls -  internal controls are the policies and procedures laid down by the management…

Q: Determine whether each procedure described below is an internal control strength or weakness; then…

A: Step2 in the solution.

Q: maintaining the appropriate separation of duties. The duties that have to be assigned are: а.…

A: Separation of Duties It is important for the business entity to allocate the work to their employees…

Q: Certain subdivisions e duties are highly desirable for the purpose of achieving a reasonable degree…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The internal control feature specific to petty cash is   A. separation of duties B. assignment of…

A: The Imprest system is basically an accounting system that's helps in tracking how your business is…

Q: rimary role of internal controls in managing a business? a.To ensure that the financial statements…

A:

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.