Internal control : Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations. Principles of internal control: Authorizing the responsibility Segregation of duties Documenting and recording transactions Physical controls Periodic independent verification Human resource controls Over-the-counter receipts : The basic method of receiving cash at the counter is known as over-the-counter receipts. Cash receipts are counted on a daily basis. To identify : The internal control principles involved in control procedures of over-the-counter cash receipts

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Chapter 7, Problem 7.4BE

To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

Principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

Over-the-counter receipts: The basic method of receiving cash at the counter is known as over-the-counter receipts. Cash receipts are counted on a daily basis.

To identify: The internal control principles involved in control procedures of over-the-counter cash receipts

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