Explain why each of the following combinations of tasks should or should no be separated to achieve adequate internal control. a. Approval of bad debt write-offs and the reconciliation of the AR subsidiary ledger and the GL Control Account. b. Distribution of payroll checks to employees and approval of employee time cards. c. Posting of amounts from both the cash receipts and the cash disbursement journals to the general ledger. d. Writing checks to vendors and posting to the cash account. e. Recording cash receipts in the journal and preparing the bank reconciliation.
Explain why each of the following combinations of tasks should or should no be separated to achieve adequate internal control. a. Approval of bad debt write-offs and the reconciliation of the AR subsidiary ledger and the GL Control Account. b. Distribution of payroll checks to employees and approval of employee time cards. c. Posting of amounts from both the cash receipts and the cash disbursement journals to the general ledger. d. Writing checks to vendors and posting to the cash account. e. Recording cash receipts in the journal and preparing the bank reconciliation.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5MC: There are several elements to internal controls. Which of the following would not address the issue...
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Explain why each of the following combinations of tasks should or should no be separated to achieve adequate internal control.
a. Approval of
b. Distribution of payroll checks to employees and approval of employee time cards.
c. Posting of amounts from both the cash receipts and the cash disbursement journals to the general ledger.
d. Writing checks to vendors and posting to the cash account.
e. Recording cash receipts in the journal and preparing the bank reconciliation.
Please provide a clear explanation.
*No plagiarism please*
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