Which internal control activity is being violated when the cashier in a retail store also records the daily receipts in a journal? adequate documents and records safeguards over assets and records independent checks on recorded amounts segregation of duties

Q: Which of the following is an example of detective controls? a. The company should establish formal…

A: Definition: Control activities: Control activities help the management to have a proper control over…

Q: Determine whether each procedure described below is an internal control strength or weakness; then…

A:

Q: Understanding Sarbanes-Oxley and identifying internal control strengths and weaknesses The following…

A: 1.Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following generally would be considered good internal control of cash disbursements? a.…

A: Cash controls:   Management must have a safety measure to protect all assets against possible…

Q: Understanding Sarbanes-Oxley and identifying internal control strengths and weaknesses The following…

A: An internal control is a procedure or policy put in place by management to safeguard assets, promote…

Q: The bank reconciliation Select one: A. is sent to the bank for verification B. is for information…

A: Introduction:- Bank reconciliation play vital role in every organization. It identify the balance of…

Q: The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a)…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which of the following would be the best protection for a company that wishes to prevent the…

A: Lapping:   Fraud done by an employee of the organization to hide the payments to be received is…

Q: Which of the following does not demonstrate internal control practices? a. Allowing access of…

A: Internal control is a set of measures instituted by management and designed to help. achieve the…

Q: Internal Control of Cash Receipts The procedures used for over-the-counter receipts are as follows:…

A: Part (a) The weakness in the internal control is that there is no separation of duties. The same…

Q: Which of the following is not an appropriate internal control for cash receipts over the​ counter?…

A: Solution: Followings are appropriate internal control for cash receipts over the​ counter: 1. The…

Q: Identify each of the following statements as elther true or false. a. It is good internal control…

A: the correct answer with proper explanation of above statement are as follows.

Q: Consider internal control over receivables collections. What job must be withheld from a company’s…

A: In order to prevent the cash frauds, the following jobs must be withheld from a company’s credit…

Q: Which of the following scenarios reduces the risk of an employee fraud? Group of answer choices An…

A: Accountant was in charge and knowledge of vendor balances. Hence, chances for fraud in the form of…

Q: The separation of operational responsibility from record keeping is meant to prevent different types…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Each morning the controller gets the prior day’s list of remittances, a copy of the payment report,…

A: The controller of the cash can determine whether the cash received and remittance received were…

Q: Determine whether each cash receipts procedure is an internal control strength or weakness. 1. If a…

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: A basic procedure of internal control over cash receipts is that the deposit of the cash and the…

A: Internal controls is the procedure applicable to ensure the operational efficiency and correct…

Q: Whole Fruits Market took the following actions to improve internal controls. For each of the…

A: Internal control are department that provide reasonable assurance of effectiveness and efficiency…

Q: A key internal control in the sales and collection cycle is the separation of duties between cash…

A: Internal control: Internal control refers to the process of checking by the management that the…

Q: Which of the following reports can improve internal control by tracking unauthorized changes to…

A: Solution: An audit log is a IT record that record sequence of activities in the system at any time…

Q: true/false True or False: Control over the receipt of cash sales is best achieved when two or more…

A: So it can cross-check, it is part of control procedures.

Q: Which of the following statements is not a good internal control for petty cash.    a. The officer…

A: The internal control for petty cash funds is applied to prevent petty cash frauds in the company.

Q: Which of the following is an internal control guideline for better management of cash receipts?…

A: generally, there must be segregation of duties as part of the internal control system. work done by…

Q: What internal control or procedure(s) would provide protection against the following threats?   An…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: explain whether they are considered improper segregation of functions? a. The billig department…

A: Segregation of Duties (SOD) is a basic building block of sustainable risk management and internal…

Q: What internal control or procedure(s) would provide protection against the following threats?

A: For the given cases,  Internal control measure and prevention measures should be determine.

Q: Identify which control activity is violated in each of the following situations and explain how the…

A: Employees have physical custody of assets but do not have access to accounting records –…

Q: ties of Internal IT Developer of company is to write application programs and then perform required…

A: Segregation of duties refers to the internal control design made to disperse the duties in order to…

Q: Which of the following is NOT an example of an internal control system?  Select one: a )Prenumber…

A: Internal Control System: It is the process which ensures that organisational objective will be…

Q: Evaluating internal control over cash receipts Dogtopia sells pet supplies and food and handles all…

A: Internal controls ensures the reliability of the financial statements and safeguard the assets of…

Q: Internal Control of Cash Receipts The procedures used for over-the-counter receipts are as follows.…

A: Internal controls are those policies and procedures that are implemented by an business organization…

Q: Which is not a key element of internal control over cash receipts? a. Daily recording of all cash…

A: Internal control in an organisation means compliance of rules and regulations for the achivement of…

Q: Which situation indicates a weak internal control structure?a. the AR clerk authorizes the write off…

A: Incompatible Task: When a person performs the task without having appropriate skills to perform it,…

Q: Whole Fruits Market took the following actions to improve internal controls. For each of the…

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: he accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory in the internal control over the cash payments which are taken care of by the…

Q: You are the auditor for Konerko’s Office Supply Store, which is opening for business next week. The…

A: Skimming means taking cash of a business before it is entered in the accounting system. In The…

Q: Which one of the following would the auditor consider to be an incompatible operation if the cashier…

A: Incompatible Operation in Cash Receipts: The mailroom is using for receiving the checks and after…

Q: Good internal controls include upon receiving checks from customers by mail, a responsible employee…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Ensuring internal control over the collection of receivables Consider internal control over…

A: In order to prevent the cash frauds, the following jobs must be withheld from a company’s credit…

Q: Knowledge Check 01 Which of the following is a correct statement regarding control of…

A: Over-the counter receipts: It refers to the process of trading the securities for the companies not…

Q: Which of the following would the auditor consider to be an incompatible operation if the cashier…

A: An auditor seems to be an individual who checks the authenticity of commercial transactions that…