Whole Fruits Market took the following actions to improve internal controls. For each of the following actions, select the internal controlprinciple the company followed.a. Personal ID cards are used to limit access to only authorized employees.b. The company divides responsibility for a transaction between multiple departments.c. Each cashier is designated a specific cash drawer and is solely responsible for cash in that drawer.d. Purchased an insurance (bonding) policy against losses from theft by a cashier.e. To ensure equipment theft does not go undetected, detailed accounting records are kept.f. The company's internal auditors frequently assess the performance of internal controls.

Internal control is the procedure of the company to make sure the activities of the company go…

Answered: Whole Fruits Market took the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5MC: There are several elements to internal controls. Which of the following would not address the issue...

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Similar questions

There are several elements to internal controls. Which of the following would not address the issue of having cash transactions reported in the accounting records? A. One employee would have access to the cash register. B. The cash drawer should be closed out, and cash and the sales register should be reconciled on a prenumbered form. C. Ask customers to report to a manager if they do not receive a sales receipt or invoice. D. The person behind the cash register should also be responsible for making price adjustments.
Internal control is said to be the backbone of all businesses. Which of the following is the best description of internal controls? A. Internal controls ensure that the financial statements published are correct. B. The only role of internal controls is to protect customer data. C. Internal controls and company policies are important to protect and safeguard assets and to protect all company data and are designed to protect the company from fraud. D. Internal controls are designed to keep employees from committing fraud against the company.
What is the advantage of using technology in the internal control system? A. Passwords can be used to allow access by employees. B. Any cash received does not need to be reconciled because the computer tracks all transactions. C. Transactions are easily changed. D. Employees cannot steal because all cash transactions are recorded by the computer/cash register.

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Whole Fruits Market took the following actions to improve internal controls. For each of the following actions, select the internal control principle the company followed.