Majaan Company has the following internal control procedures over cash receipts. Instruction: Identify the internal control principle that is applicable to each procedure. All over-the-counter receipts are registered on cash registers. All cashiers are bonded. Daily cash counts are made by cashier department supervisors. The duties of receiving cash, recording cash, and custody of cash are assigned to different individuals. 5. Only cashiers may operate cash registers
Majaan Company has the following internal control procedures over cash receipts. Instruction: Identify the internal control principle that is applicable to each procedure. All over-the-counter receipts are registered on cash registers. All cashiers are bonded. Daily cash counts are made by cashier department supervisors. The duties of receiving cash, recording cash, and custody of cash are assigned to different individuals. 5. Only cashiers may operate cash registers
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Majaan Company has the following internal control procedures over cash receipts.
Instruction: Identify the internal control principle that is applicable to each procedure.
- All over-the-counter receipts are registered on cash registers.
- All cashiers are bonded.
- Daily cash counts are made by cashier department supervisors.
- The duties of receiving cash, recording cash, and custody of cash are assigned to different
individuals.
5. Only cashiers may operate cash registers
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