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Match the Principle of Internal Control to Each of the Following

Question 229

Matching

Match the principle of internal control to each of the following cases.

Premises:
The bookkeeper does not have physical custody of assets.
Only the treasurer of the company can sign checks.
Employees who receive shipments of goods do not have access to the accounting records for merchandise.
Shipping documents are pre-numbered.
Cash is locked in a safe overnight.
Responses:
Establishment of responsibility
Documentation procedures
Accountability for assets
Segregation of duties
Physical controls

Correct Answer:

The bookkeeper does not have physical custody of assets.
Only the treasurer of the company can sign checks.
Employees who receive shipments of goods do not have access to the accounting records for merchandise.
Shipping documents are pre-numbered.
Cash is locked in a safe overnight.
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