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. The following are the principles of internal control: Authorizing the responsibility Segregation of duties Documenting and recording transactions Physical controls Periodic independent verification Human resource controls To explain : The application of physical control principle in cash disbursements

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Answer 1

Question

Chapter 7, Problem 20Q

(a)

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.

The following are the principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To explain: The application of physical control principle in cash disbursements

(b)

To determine

To explain: The application of human resource control principle in cash disbursements

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Maharaj Garage & Car Supplies sells a variety of automobile cleaning gadgets including a variety of hand vacuums. The business began the first quarter (January to March) of 2024 with 20 (Mash up Dirt) deep clean, cordless vacuums at a total cost of $126,800. During the quarter, the business completed the following transactions relating to the "Mash up Dirt" brand. January 8 January 31 February 4 February 10 February 28 March 4 March 10 March 31 March 31 105 vacuums were purchased at a cost of $6,022 each. In addition, the business paid a freight charge of $518 cash on each vacuum to have the inventory shipped from the point of purchase to their warehouse. The sales for January were 85 vacuums which yielded total sales revenue of $768,400. (25 of these units were sold on account to Mandys Cleaning Supplies, a longstanding customer) A new batch of 65 vacuums was purchased at a total cost of $449,800 8 of the vacuums purchased on February 4 were returned to the supplier, as they were…

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Answer 2

Question

Chapter 7, Problem 20Q

(a)

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.

The following are the principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To explain: The application of physical control principle in cash disbursements

(b)

To determine

To explain: The application of human resource control principle in cash disbursements

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Answer 3

Question

Chapter 7, Problem 20Q

(a)

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.

The following are the principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To explain: The application of physical control principle in cash disbursements

(b)

To determine

To explain: The application of human resource control principle in cash disbursements

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 20Q

(a)

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.

The following are the principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To explain: The application of physical control principle in cash disbursements

(b)

To determine

To explain: The application of human resource control principle in cash disbursements

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 20Q

(a)

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.

The following are the principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To explain: The application of physical control principle in cash disbursements

(b)

To determine

To explain: The application of human resource control principle in cash disbursements

Answer 6

Chapter 7, Problem 20Q

(a)

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.

The following are the principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To explain: The application of physical control principle in cash disbursements

Answer 7

Chapter 7, Problem 20Q

(a)

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.

The following are the principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To explain: The application of physical control principle in cash disbursements

Answer 8

(b)

To determine

To explain: The application of human resource control principle in cash disbursements

Answer 9

(b)

To determine

To explain: The application of human resource control principle in cash disbursements

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Solution Summary: The author explains that internal control ensures continuous reliability of accomplishment, of a company's objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The application of human resource control principle in cash disbursements

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Chapter 7 Solutions