Financial Accounting, 10e WileyPLUS Registration Card + Loose-leaf Print Companion
Financial Accounting, 10e WileyPLUS Registration Card + Loose-leaf Print Companion
10th Edition
ISBN: 9781119346661
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: Wiley (WileyPLUS Products)
Question
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Chapter 7, Problem 13Q
To determine

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.

Principles of internal control:

  • Authorizing the responsibility
  • Segregation of duties
  • Documenting and recording transactions
  • Physical controls
  • Periodic independent verification
  • Human resource controls

Over-the-counter receipts: The basic method of receiving cash at the counter is known as over-the-counter receipts. Cash receipts are counted on a daily basis.

To identify: The internal control principles involved in over-the-counter cash receipts

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Chapter 7 Solutions

Financial Accounting, 10e WileyPLUS Registration Card + Loose-leaf Print Companion

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