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Separation of duties is important for internal control of cash receipts. cash payments. Neither of the above Both a and b

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 16CYBK

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Question

Separation of duties is important for internal control of

cash receipts.
cash payments.
Neither of the above
Both a and b

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Separation of duties is important for internal control ofa. a.cash receipts. b. cash payments. c. Neither of the above d. Both a and b
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What are the steps in approach to internal control over cash receipts that utilizes separation of duties?
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The internal control feature specific to petty cash is A. separation of duties B. assignment of responsibility C. proper authorization D. Imprest System
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A basic procedure of internal control over cash receipts is that the deposit of the cash and the recording of the receipts into the journal should be separated. a. True b. False
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