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…

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.

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter2: Introduction To Transaction Processing

Section: Chapter Questions

Problem 19P

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Question

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
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.
4.
Only the treasurer holds cash receipts.
5.
Deposit slips are completed for each deposit.

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