Financial Accounting
5th Edition
ISBN: 9780134728643
Author: Robert Kemp; Jeffrey Waybright
Publisher: Pearson Education (US)
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Textbook Question
Chapter 6, Problem 5SC
Separation of duties refers to separating all of these functions except which of the following?
- a. Keeping accounting records
- b. Hiring personnel
- c. Authorizing transactions
- d. Maintaining custody of assets
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Students have asked these similar questions
Authorization and Segregation of duties are the part of __________
a.
Internal Control system
b.
Internal check system
c.
Internal audit system
d.
Internal Accounting
Explain the primary functions of internal controls procedures in the accounting area. What is meant by separation of duties?
Which control activity is the entity implementing when the system verifies that all payroll payments have a valid employee
identification number as entered by the HR department
Select one:
O a. Adequate separation of duties
b. Physical control over assets and records
Oc. Proper authorization of transactions and activities
O d. Adequate documents and records
Chapter 6 Solutions
Financial Accounting
Ch. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Prob. 1SCCh. 6 - Prob. 2SCCh. 6 - Prob. 3SCCh. 6 - Prob. 4SCCh. 6 - Separation of duties refers to separating all of...Ch. 6 - Which of the following is not a control activity?...Ch. 6 - Prob. 7SCCh. 6 - Prob. 8SCCh. 6 - Internal auditors focus on _________ ; external...Ch. 6 - Prob. 10SCCh. 6 - Prob. 11SCCh. 6 - Prob. 12SCCh. 6 - Prob. 1SECh. 6 - Fraud triangle (Learning Objective 3) 5-10 min....Ch. 6 - Prob. 3SECh. 6 - Internal controls (Learning Objective 2) 5-10 min....Ch. 6 - Prob. 5SECh. 6 - Prob. 6SECh. 6 - Prob. 7SECh. 6 - Prob. 8SECh. 6 - Prob. 9SECh. 6 - Prob. 10SECh. 6 - Prob. 11SECh. 6 - Accounting terminology (Learning Objectives 1 4)...Ch. 6 - Prob. 13SECh. 6 - Prob. 14SECh. 6 - Prob. 1CFSAPCh. 6 - Prob. 1EIACh. 6 - Prob. 2EIACh. 6 - Prob. 3EIACh. 6 - Prob. 4EIACh. 6 - Prob. 5EIACh. 6 - Prob. 6EIACh. 6 - Case 7. Kelly Straton, a trusted employee of...Ch. 6 - Prob. 8EIACh. 6 - Prob. 1FACh. 6 - Industry Analysis Purpose: To help you understand...Ch. 6 - Prob. 1SBACh. 6 - Prob. 1WC
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- An introduction to what are the most effective internal control systems or techniques available for the accounting function?arrow_forwardAllowing 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_forwardWith regard to segregation of duties, rule one is that transaction authorization and transaction processing should be separated. What does this require in the revenue cycle? Please answer this. Thank youarrow_forward
- 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 efficiencyarrow_forwardAll of the following are objectives of internal control excepta. to ensure accurate and reliable accounting records.b. to comply with legal requirements.c. to maximize net income.d. to safeguard assets.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
- Which General Staff member negotiates and monitors contracts, maintains documentation for reimbursement, and oversees timekeeping for incident personnel? A.Finance/Administration Section Chief B. Operations Section Chief C. Logistics Section Chief D. Planning Section Chief.arrow_forwardWhich of the following is not one of the categories of control activities? a.Checks on recorded amounts b.Segregation of duties c.Clearly defined authority and responsibility d.Defalcation and financial reportingarrow_forwardWhich of the following is not an element of internal control? A) Only promoting from within. B) Implement segregation of duties. C) Maintain adequate accounting records. D) Conduct internal audits.arrow_forward
- Ensuring that all material transactions processed by the information system are valid and in accordance with management’s objectives is an example ofa. transaction authorization. b. supervision. c. accounting records. d. independent verification.arrow_forwardHow is independent verification carried out in a manual revenue system, and give an example?arrow_forwardWhat control system and subsidiary accounts should be included in Ermler & Trump’s manual accounting system? Why?arrow_forward
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