E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: Assignment of responsibilities Separation of duties Audits Electronic devices Other controls (specify)
E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: Assignment of responsibilities Separation of duties Audits Electronic devices Other controls (specify)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:a. While reviewing the records of Quality Pharmacy, you find that the same
b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and
employee orders merchandise and approves invoices for payment.
approves invoices for
payment.
eess is slow at Amazing Amusement Park on Tuesday, Wednesday, and
laursday nights. To reduce expenses, the business decides not to use a ticket taker
those nights. The ticket seller (cashier) is told to keep the tickets as a record of
the number sold.
The same trusted employee has served as cashier for 12
years.
1 When business is brisk, Fast Mart deposits cash in the bank several times during
the day. The manager at one store wants to reduce the time employees spend deliv-
ering cash to the bank, so he starts a new policy. Cash will build up over weekends,
and the total will be deposited on Monday.
e. Grocery stores such as Convenience Market and Natural Foods purchase most
merchandise from a few suppliers. At another grocery store, the manager
decides to reduce paperwork. He eliminates the requirement that the receiving
department prepare a receiving report listing the goods actually received from
the supplier.
Learning Objective 2
ing internal control over cash receipts
ith a cash register. The
ER 8
Transcribed Image Text:ctive 1
E8-13 Identifying internal controls
Consider each situation separately. Identify the missing internal control procedure
from these characteristics:
Assignment of responsibilities
Separation of duties
Audits
Electronic devices
Other controls (specify)
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