Accounting Information Systems
10th Edition
ISBN: 9781337619202
Author: Hall, James A.
Publisher: Cengage Learning,
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Question
Chapter 4, Problem 6RQ
To determine
Explain the three rules which insures that no single employee proceed the transaction in its entity.
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Explain the primary functions of internal controls procedures in the accounting area. What is meant by separation of duties?
Which of the following is not part of the definition of internal control?
a. Separation of duties
b. Safeguard assets
c. Encourage employees to follow company policies
d. Promote operational efficiency
One of the principles of internal control is "establishment of responsibility". This principle does not include: a. one person being responsible for one task. b. independent internal verification. c. authorisation of transactions. d. approval of transactions.
Chapter 4 Solutions
Accounting Information Systems
Ch. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - What function does the receiving department serve...Ch. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - Distinguish between an edit run, a sort run, and...
Ch. 4 - Prob. 11RQCh. 4 - Prob. 12RQCh. 4 - Prob. 13RQCh. 4 - Prob. 14RQCh. 4 - Prob. 15RQCh. 4 - Prob. 16RQCh. 4 - In a manual system, after which event in the sales...Ch. 4 - Prob. 18RQCh. 4 - What document initiates the billing process?Ch. 4 - Prob. 20RQCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - What financial statement misrepresentations may...Ch. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - How is EDI more than technology? What unique...Ch. 4 - Prob. 17DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Prob. 9MCQCh. 4 - Prob. 10MCQCh. 4 - Prob. 1PCh. 4 - Prob. 2PCh. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Prob. 7PCh. 4 - Prob. 8PCh. 4 - Prob. 9PCh. 4 - Prob. 10PCh. 4 - Prob. 11PCh. 4 - Prob. 12PCh. 4 - In 1989, Robert Smith opened a small fruit and...Ch. 4 - Posavek is a wholesale supplier of building...Ch. 4 - Prob. 3ICCCh. 4 - (Prepared by Will Richens and Michael Catchpole,...Ch. 4 - Prob. 6ICC
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Similar questions
- Each of the following represents an internal control procedure except for:a. separation of duties.b. limited access to both assets and records.c. compliance monitoring.d. clear lines of authority and communication.arrow_forwardWhich of the following is not part of the definition of internal control? Separation of duties Safeguard assets Encourage employees to follow company policies Promote operational efficiencyarrow_forwardList the 7 broad principles of internal control. Why should responsibility for related transactions be divided among different departments or individuals? Why should the person who keeps the records of an asset not be the person responsible for its custody? What are the limitations of internal control?arrow_forward
- Identify each of the following as a (a) purpose of an internal control system, (b) principle of internalcontrol,or (c) limitation of internal control. Uphold company policiesarrow_forwardIdentify the other control procedures usually found in a company’s system of internal controlbesides separation of duties, and tell why each is important.arrow_forwardAuthorization and Segregation of duties are the part of __________ a. Internal Control system b. Internal check system c. Internal audit system d. Internal Accountingarrow_forward
- Allowing only certain employees to order goods and services for the company is an example of what internal control procedure? a.Proper authorization b.Independent verification c.Segregation of duties d.Safeguarding of assets and recordsarrow_forwardWhy should accountability for similar transactions be spread across many departments or individuals?arrow_forward1.What is management's responsibilities for reporting internal control under Section 404 Sarbanes Oxley Actarrow_forward
- The purpose of separating the duties of hiring personnel and distributing payroll checks is toseparate thea. Authorization of transactions from the custody of related assets.b. Operational responsibility from the record-keeping responsibility.c. Human resources function from the controllership function.d. Administrative controls from the internal accounting controls.arrow_forwardThe principle of establishing responsibility does not include approval of transactions. independent internal verification. authorization of transactions. one person being responsible for one task.arrow_forwardWhich of the following statements is true?a. Journal vouchers detailing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the journal voucher history file. b. Journal vouchers summarizing transaction activity flow from the accounting department into the GLS, where they are independently reconciled and posted to the general ledger accounts. c. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the general ledger accounts. d. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are indepen dently reconciled and posted to the journal voucher history file.arrow_forward
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