stifyingM5-2 Identifying Internal Controls over Financial Reportingen/gp/Fox Erasing has a system of internal control with the following procedures. Match the procedure tothe corresponding internal control principle.Indoo raso Procedure1--ME 2 IdentifinaSAUNTOSON an1. The treasurer signs checks.Internal Control PrincipleA. Establish responsibility2B. Segregate dutiesvolume C. Restrict access2. The treasurer is not allowed to make bankdeposits.dagsorly savion3. The company's checks are prenumbered.D. Document procedures4. Unused checks are stored in the vault.ancien en proides B. Independently verifyolar997 daga5. A bank reconciliation is prepared each month.gelandFraud, InterCHAPTER 5antal Drinciples Anlied by a MorchandicarL

Internal control procedures are those procedures which are established for the purpose of…

lentifying Outstanding Chicks M5-2 Identifying Internal Controls over Financial Reporting Fox Erasing has a system of internal control with the following procedures. Match the procedure to the corresponding internal control principle. 1211 bus Indoo raso Procedure odtis hingab sinuosos. 1. The treasurer signs checks. 2. The treasurer is not allowed to make bank dags deposits. savolame 3. The company's checks are prenumbered. 4. Unused checks are stored in the vault. 5. A bank reconciliation is prepared each month. ME 2 Landing Int CHAPTER 5 Fraud, Inter BOJDY Internal Control Principle A. Establish responsibility 20 B. Segregate duties C. Restrict access D. Document procedures en con noides B. Independently verify antal Drinciples Anlied by a Horchandicar L

lentifying Outstanding Chicks M5-2 Identifying Internal Controls over Financial Reporting Fox Erasing has a system of internal control with the following procedures. Match the procedure to the corresponding internal control principle. 1211 bus Indoo raso Procedure odtis hingab sinuosos. 1. The treasurer signs checks. 2. The treasurer is not allowed to make bank dags deposits. savolame 3. The company's checks are prenumbered. 4. Unused checks are stored in the vault. 5. A bank reconciliation is prepared each month. ME 2 Landing Int CHAPTER 5 Fraud, Inter BOJDY Internal Control Principle A. Establish responsibility 20 B. Segregate duties C. Restrict access D. Document procedures en con noides B. Independently verify antal Drinciples Anlied by a Horchandicar L

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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Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $25,520. Cash balance according to the bank statement at August 31, $26,850. Checks outstanding, $5,180. Deposit in transit, not recorded by bank, $4,160. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Cash balance according to bank statement $fill in the blank - Select - - Select - Adjusted balance $fill in the blank Cash balance according to company's records $fill in the blank - Select - - Select - Adjusted balance $fill in the blank b. If the balance sheet were…
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Identifying internal control weakness in cash receipts Seawind Productions makes all sales on credit. Cash receipts arrive by mail. Justin Broadway, the mailroom clerk, opens envelopes and separates the checks from the accompanying remittance advice. Broadway forwards the checks to another employee, who makes the daily bank deposit but has no access to the accounting records. Broadway sends the remittance advice, which show cash received, to the accounting department for entry in the accounts. Broadway’s only other duty is to grant sales allowances to customers. (A sales allowance decreases the customer’s account receivable.) When Broadway receives a customer check for $600 less than a $30 allowance, he records the sales allowance and forwards the document to the accounting department. Requirements Identify the internal control weakness in this situation. Who should record sales allowances? What is the amount that should be shown in the ledger for cash receipts?<