adheres to sound internal controls violates sound internal controls The clerk in the accounting department handles the recording of purchases as well as payments of invoices. An employee from the accounting department compares the cash register tapes with the bank deposits. Mathematical verification of purchase invoices occurs before the invoices are paid. All supporting documents attached to an invoice are clearly marked "paid" when the cheque is signed.
adheres to sound internal controls violates sound internal controls The clerk in the accounting department handles the recording of purchases as well as payments of invoices. An employee from the accounting department compares the cash register tapes with the bank deposits. Mathematical verification of purchase invoices occurs before the invoices are paid. All supporting documents attached to an invoice are clearly marked "paid" when the cheque is signed.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
please match these to check my answers
Transcribed Image Text:For the activity listed, identify whether or not the activity adheres to or violates sound internal control procedures.
Clear All
The clerk in the accounting
department handles the
recording of purchases as
well as payments of
invoices.
An employee from the
accounting department
adheres to sound internal
compares the cash register
tapes with the bank
controls
deposits.
violates sound internal
Mathematical verification of
controls
purchase invoices occurs
before the invoices are paid.
All supporting documents
attached to an invoice are
clearly marked "paid" when
the cheque is signed.
Transcribed Image Text:Match the term with the correct description from the list.
Clear All
policies and procedures
established by top
management to help ensure
that the company's
control activities
accounting system and
financial statements are as
accurate as possible
possible external threats to
the organization's success in
accomplishing its goals
control environment
the collection of
segregation of duties
environmental factors that
influence the effectiveness
of control procedures
action that reduces the
strategic risks
likelihood that records could
be used to conceal
intentional misstatements,
theft, or fraud
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Management Information Systems: Managing The Digi…
Management
ISBN:
9780135191798
Author:
Kenneth C. Laudon, Jane P. Laudon
Publisher:
PEARSON
Business Essentials (12th Edition) (What's New in…
Management
ISBN:
9780134728391
Author:
Ronald J. Ebert, Ricky W. Griffin
Publisher:
PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:
9780134237473
Author:
Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:
PEARSON