The internal control procedures in Dayton Company result in the following provisions.Identify the principles of internal control that are being followed in each case.(a) Employees who have physical custody of assets do not have access to the accounting records. Select the principle of internal control (b) Each month, the assets on hand are compared to the accounting records by an internal auditor. Select the principle of internal control (c) A prenumbered shipping document is prepared for each shipment of goods to customers.

Principles of internal controls are necessary concepts to be followed to control the operations in…

Answered: principles of internal control

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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The internal control procedures in Dayton Company result in the following provisions.

Identify the principles of internal control that are being followed in each case.

(a)	Employees who have physical custody of assets do not have access to the accounting records.	Select the principle of internal control
(b)	Each month, the assets on hand are compared to the accounting records by an internal auditor.	Select the principle of internal control
(c)	A prenumbered shipping document is prepared for each shipment of goods to customers.

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