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INTERNAL CONTROL PROCEDURES AND PROCESSES In the left column below, four different internal control procedures are described. In the right column, the four basic types of internal control activities are listed. Match the procedures with the activities by placing the letter of the appropriate activity on the blank provided. 1. ____ All passwords for access to sales and inventory databases must be changed monthly. 2. ____ All new hires must be approved by the department of human resources. 3. ____ All sales invoices are prenumbered and accounted for. 4. ____ Bank reconciliations are prepared by an employee with no other cash responsibilities. a. Segregation of duties b. Authorization procedures and related responsibilities c. Adequate documents and records d. Protection of assets and records

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 7A, Problem 2SEB
Textbook Problem

INTERNAL CONTROL PROCEDURES AND PROCESSES In the left column below, four different internal control procedures are described. In the right column, the four basic types of internal control activities are listed. Match the procedures with the activities by placing the letter of the appropriate activity on the blank provided.

1. ____ All passwords for access to sales and inventory databases must be changed monthly.

2. ____ All new hires must be approved by the department of human resources.

3. ____ All sales invoices are prenumbered and accounted for.

4. ____ Bank reconciliations are prepared by an employee with no other cash responsibilities.

a. Segregation of duties

b. Authorization procedures and related responsibilities

c. Adequate documents and records

d. Protection of assets and records

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