Identify the internal control procedures applicable to cash receipts for Ferguson Company in each of the following cases.1.All cashiers are bonded.Documentation ProceduresPhysical ControlsSegregation of DutiesEstablishment of ResponsibilityHuman Resource Controls2.The treasurer compares the total cash receipts to the bank deposit daily.Independent Internal Verification3.The bookkeeper records cash receipts, which are held by the treasurer.4.Only the treasurer holds cash receipts.5.Deposit slips are completed for each deposit.

Internal controls are policies and procedures put in place to ensure the continued reliability of accounting systems.Internal controls are processes designed to help safeguard an organization and minimize risk to its objectives. Internal controls minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws. The six principles of control activities are: 1) Establishment of responsibility, 2) Segregation of duties, 3) Documentation procedures, 4) Physical controls, 5) Independent internal verification, 6) Human resource controlsIdentify the internal control procedures applicable to cash receipts for Ferguson Company in each of the following cases. ●1.All cashiers are bonded. Human resource controls ●2.The treasurer compares the total cash receipts to the bank deposit daily. Independent internal verification ●3.The bookkeeper records cash receipts which are held by the treasurer. Segregation of duties ●4.Only the treasurer holds cash receipts. Establishment of responsibility ●5.Deposit slips are completed for each deposit. Documentation procedures.

Business

Accounting

Identify the internal control procedures applicable to cash receipts for Ferguson Company in each of the following cases. 1. All cashiers are bonded. Documentation Procedures Physical Controls Segregation of Duties Establishment of Responsibility Human Resource Controls Independent Internal Verification 2. The treasurer compares the total cash receipts to the bank deposit daily. 3. The bookkeeper records cash receipts, which are held by the treasurer. 4. Only the treasurer holds cash receipts. 5. Deposit slips are completed for each deposit.

Identify the internal control procedures applicable to cash receipts for Ferguson Company in each of the following cases. 1. All cashiers are bonded. Documentation Procedures Physical Controls Segregation of Duties Establishment of Responsibility Human Resource Controls Independent Internal Verification 2. The treasurer compares the total cash receipts to the bank deposit daily. 3. The bookkeeper records cash receipts, which are held by the treasurer. 4. Only the treasurer holds cash receipts. 5. Deposit slips are completed for each deposit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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