Identify the correct option that does not indicate an example of internal control system.

Question

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Answer 1

Question

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Chapter 6, Problem 1QY

To determine

Identify the correct option that does not indicate an example of internal control system.

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.

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Students have asked these similar questions

Cullumber Company uses a job-order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labour cost in Department D, direct labour hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2022, the following estimates were made for the year. Department D E K Manufacturing overhead $1,280,000 $1,500,000 $840,000 Direct labour costs $1,600,000 $1,312,500 $472,500 Direct labour hours 105,000 125,000 42,000 Machine hours 420,000 525,000 120,000 The following information pertains to January 2022 for each manufacturing department. Department D E K Direct materials used Direct labour costs $147,000 $132,300 $81,900 $126,000 $115,500 $39,375 Manufacturing overhead incurred $103,950 $128,600 $73,950 Direct labour hours 8,400 11,550 3,675 Machine hours 35,700 47,250 10,380 Your answer is partially correct. Calculate the predetermined overhead rate for each department.…

General Accounting Question

What is the cost of the unsold merchandise on these financial accounting question?

Answer 2

Question

100%

Chapter 6, Problem 1QY

To determine

Identify the correct option that does not indicate an example of internal control system.

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.

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Answer 3

Question

100%

Chapter 6, Problem 1QY

To determine

Identify the correct option that does not indicate an example of internal control system.

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.

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Answer 4

Question

100%

Chapter 6, Problem 1QY

To determine

Identify the correct option that does not indicate an example of internal control system.

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.

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Answer 5

Question

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Answer 6

Question

100%

Answer 7

Chapter 6, Problem 1QY

To determine

Identify the correct option that does not indicate an example of internal control system.

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.

Answer 8

Chapter 6, Problem 1QY

To determine

Identify the correct option that does not indicate an example of internal control system.

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.

Answer 9

Chapter 6, Problem 1QY

To determine

Identify the correct option that does not indicate an example of internal control system.

Answer 10

Expert Solution & Answer

Answer to Problem 1QY

The correct answer is option (b).

Answer 11

Expert Solution & Answer

Answer 12

Expert Solution & Answer

Answer 13

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.

Answer 14

Conclusion

Therefore, option (b) is correct answer.

Answer 15

Ch. 6 - Prob. 1QY Ch. 6 - Prob. 2QY Ch. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QY Ch. 6 - Prob. 6QY Ch. 6 - Prob. 7QY Ch. 6 - Prob. 8QY Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ

Identify the correct option that does not indicate an example of internal control system.

Identify the correct option that does not indicate an example of internal control system.

Answer to Problem 1QY

Explanation of Solution

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Chapter 6 Solutions