
College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version
13th Edition
ISBN: 9781337395243
Author: Cathy J. Scott
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Question
thumb_up100%
Chapter 6, Problem 1QY
To determine
Identify the correct option that does not indicate an example of internal
Expert Solution & Answer

Answer to Problem 1QY
The correct answer is option (b).
Explanation of Solution
Internal control: Internal control is a process which ensures continuous reliability of accomplishment, of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.
Justification for correct answer: Cash deposits would be counted and hence, should be deposited daily, not weekly. Hence, depositing cash weekly is not an example of internal control system. Hence, option (b) is correct.
Justification for incorrect answers:
- Option (a) is incorrect because segregation of duties is an example of internal control system.
- Option (c) is incorrect because authorizing the control of petty cash fund to a single employee is an example of internal control system.
- Option (d) is incorrect because pre numbered checks is example of internal control system.
- Option (e) is incorrect because endorsement of check before depositing is an example of internal control system.
Conclusion
Therefore, option (b) is correct answer.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
What is the actual overhead cost incurred during the month ?
Hi expert please given correct answer with General accounting
Solve this problem
Chapter 6 Solutions
College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
Knowledge Booster
Similar questions
- Return on assets? Accounting questionarrow_forwardCan you help me solve this financial accounting problem with the correct methodology?arrow_forwardVariable lease payments based on an index are? A. Included using initial index B. Excluded from lease liability C. Recognized as expense when incurred D. Added to equity financing accounting MCQarrow_forward
- I need help with this financial accounting problem using accurate calculation methods.arrow_forwardEinstein Distributors has a cost of goods sold of $312,000 and an average inventory of $104,000. What is its inventory turnover ratio? A) 3.0 B) 2.5 C) 4.1 D) 3.6arrow_forwardWhat are the receivables turnover and the days' sales in receivables?arrow_forward
- Given solution with step by steparrow_forwardNeed To ask Right Expert for this solutionsarrow_forwardEmerge Tech reports that at an activity level of 6,200 machine-hours in a month, its total variable inspection cost is $372,320 and its total fixed inspection cost is $140,000. What would be the total variable inspection cost at an activity level of 6,500 machine-hours in a month? Assume that this level of activity is within the relevant range.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubAuditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage LearningAuditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE L

College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub

Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning

Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College

College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,

Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L