1. An effective system of internal control requires segregation of basic functions.Which three of the following functions should ideally be segregated? ExplaindetailsA. Authorisation of ordersB. Recording cash receipts on receivables ledgerC. InvoicingD. Credit controlE. Reconciliation of receivables ledger with receivables ledger control account

An Effective System of Internal Control requires segregation of basic functions. The Following three…

Answered: 1. An effective system of internal…

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash And Marketable Securities

Section: Chapter Questions

Problem 26MCQ

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Similar questions

Which of the following assets require the strongest of internal controls?A. inventoryB. credit cardsC. computer equipmentD. cash
Which of the following assets require the strongest of internal controls? Group of answer choices 1.credit cards 2.computer equipment 3.inventory 4.cash
Which of the following assets require the strongest of internal controls? Group of answer choices inventory credit cards computer equipment cash
As part of a strong internal control system, which of the following accounting duties needsto be separated from cash handling?a. Record keepingb. Filingc. Transaction approvald. Both a and c need to be separated from cash handling.
Which duties should be segregated? a. matching purchase requisitions, receiving reports, and invoices and authorizing payment b. authorizing payment and maintaining the check register c. writing checks and maintaining the check register d. authorizing payment and maintaining the accounts payable subsidiary ledger
1. Which of the following is an example of an input control in the expenditure cycle? a. Physical controls over inventory b. Reconciling the bank statement c. Document sequencing d. Access controls over the purchasing system 2. A control procedure that helps prevent duplicate payments is: a. Performing physical inventory counts b. Matching purchase orders, receiving reports, and vendor invoices c. Reconciling bank statements d. Conducting vendor audits 3.Which of the following is an example of an independent verification control in the expenditure cycle? a. Document sequencing b. Reconciling the bank statement c. Segregation of duties d. Physical controls over inventory
An introduction to what are the most effective internal control systems or techniques available for the accounting function?
Reconciliations of the General Ledger Control Accounts to the Subsidiary Ledgers are an example of A. Data entry controls B. Output controls C. Logical access controls D. Segregation of duties
in managing accounts receivables, objectives must be achieved?
Which internal control objective is concerned with ensuring that accumulated totals in the transaction file are correctly transferred to the general ledger and subsidiary ledgers? O classified O summarized O recorded O posted

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