An example of the internal control principle of establishing responsibility is:
A)assigning each cash drawer to only one employee establishing responsibility.
B)accepting only EFT payment because they are directly deposited into a company's bank account.
C)comparing the total on the cash receipts list with the stamped deposit slip received from the bank.
D)bonding employees.

Question

Quizplus · Accepted Answer

Whenever possible,establish responsibility by assigning each task to only one employee.Doing so will allow you to determine who caused any errors or thefts that occur.That's why retail companies assign a separate cash register drawer to each employee at the beginning of a shift.If two cashiers were to use the same drawer,it would be impossible to know which cashier caused the drawer to be short on cash.With only one person responsible for adding and removing money from the drawer,there's no doubt about who is responsible for a cash shortage.

An Example of the Internal Control Principle of Establishing Responsibility