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AccountingCornerstones of Financial Accounting4th Edition

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Chapter 4, Problem 41E
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
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Problem 15DQ
Problem 16DQ
Problem 17DQ
Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 21DQ
Problem 22DQ
Problem 1MCQ
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Problem 21CE
Problem 22CE
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Problem 25BE
Problem 26BE
Problem 27BE
Problem 28BE
Problem 29BE
Problem 30BE
Problem 31BE
Problem 32BE
Problem 33BE
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Problem 40E
Problem 41E
Problem 42E
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55APSA
Problem 56APSA
Problem 57APSA
Problem 58APSA
Problem 59APSA
Problem 60APSA
Problem 61APSA
Problem 55BPSB
Problem 56BPSB
Problem 57BPSB
Problem 58BPSB
Problem 59BPSB
Problem 60BPSB
Problem 61BPSB
Problem 62.1C
Problem 62.2C
Problem 62.3C
Problem 62.4C
Problem 63.1C
Problem 63.2C
Problem 64.1C
Problem 64.2C
Problem 65C
Problem 66.1C
Problem 66.2C
Problem 67.1C
Problem 67.2C
Problem 68.1C
Problem 68.2C
Problem 68.3C
Problem 68.4C
Problem 69.1C
Problem 69.2C
Problem 69.3C
Problem 69.4C
Problem 70.1C
Problem 70.2C
Problem 70.3C
Problem 70.4C
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
403 views

Exercise 4-41 Classifying Internal Control Procedures

Required:

Match each 01 the control procedures listed below with the most closely related control procedures type. Your answer should pair each of the numbers 1 through 10 with the appropriate letter.

Control Procedure Type:

a. Adequate documents and records

b. Checks on recorded amounts

c. Clearly defined authority and responsibility

d. Safeguards over assets and records

e. Segregation of duties

Control Procedures

  1. Only the cashier assigned to the cash register is allowed to perform transactions.
  2. Division managers are evaluated annually on the basis of their division’s profitability.
  3. Invoices received from outside suppliers are filed with purchase orders.
  4. Employees with access to the accounting records are not permitted to open the mail because it contains many payments by check from customers.
  5. The extent of access to the many segments of the company’s computer system is tightly controlled by individual identification cards and passwords that change at regular intervals.
  6. Each shipment to customers from inventory is recorded on a specially printed form bearing a sequential number; these forms are the basis for entries intel the computer system, which makes entries to inventory records and produces periodic reports of sales and shipments.
  7. At regular intervals, internal audit reviews a sample of expenditure transactions to determine that payment has been made to a bona fide supplier and that the related goods or services were received and appropriately used.
  8. A construction company stores large steel girders in an open yard surrounded by a 5-foot fence and stores welding supplies in a controlled-access, tightly secured concrete building.
  9. Cash registers display the price of each item purchased to the customer as it is recorded and produce a customer receipt that describes each item and gives its price.
  10. The person in the controller’s office who prepares and mails checks to suppliers cannot make entries in the general ledger system.

To determine

Concept Introduction:

Internal Control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has its five integral components those together works an effective internal control.

To Indicate:

The Correct match for each of the given term with the definition or example.

Explanation

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has its five integral components those together works an effective internal control.

The Correct match for each of the given term with the definition or example is explained as follows:

    Control ProcedureType
    1eRestricting the cash handling to one person is procedure of Segregation of duties
    2c.Checking manager’s responsibility is a procedure of clearly defining the authority and responsibilities
    3a.Collecting Invoices and making records is procedure of Adequate documentation and record.
    4d.Restricting the computer access is procedure of safeguarding the assets and records
    5d...

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Ch-4 P-1DQCh-4 P-2DQCh-4 P-3DQCh-4 P-4DQCh-4 P-5DQCh-4 P-6DQCh-4 P-7DQCh-4 P-8DQCh-4 P-9DQCh-4 P-10DQ
Ch-4 P-11DQCh-4 P-12DQCh-4 P-13DQCh-4 P-14DQCh-4 P-15DQCh-4 P-16DQCh-4 P-17DQCh-4 P-18DQCh-4 P-19DQCh-4 P-20DQCh-4 P-21DQCh-4 P-22DQCh-4 P-1MCQCh-4 P-2MCQCh-4 P-3MCQCh-4 P-4MCQCh-4 P-5MCQCh-4 P-6MCQCh-4 P-7MCQCh-4 P-8MCQCh-4 P-9MCQCh-4 P-10MCQCh-4 P-11MCQCh-4 P-12MCQCh-4 P-13MCQCh-4 P-14MCQCh-4 P-15MCQCh-4 P-16CECh-4 P-17CECh-4 P-18CECh-4 P-19CECh-4 P-20CECh-4 P-21CECh-4 P-22CECh-4 P-23CECh-4 P-24CECh-4 P-25BECh-4 P-26BECh-4 P-27BECh-4 P-28BECh-4 P-29BECh-4 P-30BECh-4 P-31BECh-4 P-32BECh-4 P-33BECh-4 P-34BECh-4 P-35BECh-4 P-36BECh-4 P-37BECh-4 P-38BECh-4 P-39ECh-4 P-40ECh-4 P-41ECh-4 P-42ECh-4 P-43ECh-4 P-44ECh-4 P-45ECh-4 P-46ECh-4 P-47ECh-4 P-48ECh-4 P-49ECh-4 P-50ECh-4 P-51ECh-4 P-52ECh-4 P-53ECh-4 P-54ECh-4 P-55APSACh-4 P-56APSACh-4 P-57APSACh-4 P-58APSACh-4 P-59APSACh-4 P-60APSACh-4 P-61APSACh-4 P-55BPSBCh-4 P-56BPSBCh-4 P-57BPSBCh-4 P-58BPSBCh-4 P-59BPSBCh-4 P-60BPSBCh-4 P-61BPSBCh-4 P-62.1CCh-4 P-62.2CCh-4 P-62.3CCh-4 P-62.4CCh-4 P-63.1CCh-4 P-63.2CCh-4 P-64.1CCh-4 P-64.2CCh-4 P-65CCh-4 P-66.1CCh-4 P-66.2CCh-4 P-67.1CCh-4 P-67.2CCh-4 P-68.1CCh-4 P-68.2CCh-4 P-68.3CCh-4 P-68.4CCh-4 P-69.1CCh-4 P-69.2CCh-4 P-69.3CCh-4 P-69.4CCh-4 P-70.1CCh-4 P-70.2CCh-4 P-70.3CCh-4 P-70.4C

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