Solved

Match the Internal Control Principle Below with the Appropriate Cash

Question 231

Matching

Match the internal control principle below with the appropriate cash receipts procedure described.

Premises:
Treasurer compares total receipts to bank deposits daily.
Only designated personnel are authorized to handle cash receipts.
Use remittance advice and cash register tapes.
Different individuals receive cash and record cash receipts.
Bonding of employees that handle cash.
Store cash in safes and bank vaults.
Responses:
Establishment of responsibility
Physical controls
Documentation procedures
Segregation of duties
Human resource controls
Independent internal verification

Correct Answer:

Treasurer compares total receipts to bank deposits daily.
Only designated personnel are authorized to handle cash receipts.
Use remittance advice and cash register tapes.
Different individuals receive cash and record cash receipts.
Bonding of employees that handle cash.
Store cash in safes and bank vaults.
Related Questions

Q222: The preparation of a bank reconciliation is

Q222: The following information pertains to Manning Video

Q223: Newton Company has recorded the following items

Q224: Match the items below by entering the

Q226: Important objectives of a system of internal

Q227: A check correctly written for $270 was

Q228: Moyer Instruments is a rapidly growing manufacturer

Q229: Match the principle of internal control to

Q230: Match each of the following principles of

Q232: Match the internal control principle below with

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents