FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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Chapter 7, Problem 7.4BE
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.
To identify: The given provisions with the internal control principle
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Students have asked these similar questions
The internal control procedures in Valentine Company result in the following provisions
Identify the principles of internal control that are being followed in each case.
Employees who have physical custody of assets do not have access to the
a.
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Physical Controls
Segregation of Duties
Independent Internal Verification
Establishment of Responsibility
Human Resource Controls
Each month, the assets on hand are compared to the accounting records by an
b.
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Documentation Procedures
A prenumbered shipping document is prepared for each shipment of goods to
C.
customers.
The internal control procedures in Forestry 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.
(b) A prenumbered shipping document is prepared for each shipment of goods to customers.
(c) Each month, the assets on hand are compared to the accounting records by an internal auditor
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The internal control procedures in Philips Company make the following provisions. Identify the principles of internal control that are being followed in each case.
Employees who have physical custody of assets do not have access to the accounting records.
Each month the assets on hand are compared to the accounting records by an internal auditor.
A prenumbered shipping document is prepared for each shipment of goods to customers.
All over-the-counter receipts are registered on cash registers.
All cashier are bonded.
Daily cash counts are made by Cashier department supervisors.
The Duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals.
Only Cashier may operate cash registers.
Company checks are prenumbered.
The bank statement is reconciled monthly by an internal auditor.
Blank checks are stored in a safe in the treasurer’s office.
Only the treasurer or assistant treasurer may sign checks.
Checks signers are not allowed to record cash…
Chapter 7 Solutions
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2QCh. 7 - Prob. 3QCh. 7 - Prob. 4QCh. 7 - Prob. 5QCh. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - Prob. 10Q
Ch. 7 - Prob. 11QCh. 7 - Prob. 12QCh. 7 - Prob. 13QCh. 7 - Prob. 14QCh. 7 - Prob. 15QCh. 7 - Prob. 16QCh. 7 - Prob. 17QCh. 7 - Prob. 18QCh. 7 - Prob. 19QCh. 7 - Prob. 20QCh. 7 - Prob. 21QCh. 7 - Prob. 22QCh. 7 - Prob. 23QCh. 7 - Prob. 24QCh. 7 - Prob. 25QCh. 7 - Prob. 26QCh. 7 - Prob. 27QCh. 7 - Prob. 28QCh. 7 - Match each situation with the fraud triangle...Ch. 7 - Prob. 7.3BECh. 7 - Prob. 7.4BECh. 7 - Prob. 7.5BECh. 7 - While examining cash receipts information, the...Ch. 7 - Prob. 7.8BECh. 7 - Luke Rove is uncertain about the control features...Ch. 7 - Prob. 7.10BECh. 7 - Prob. 7.11BECh. 7 - Prob. 7.12BECh. 7 - Prob. 7.13BECh. 7 - Prob. 7.15BECh. 7 - Prob. 7.16BECh. 7 - Prob. 7.17BECh. 7 - Prob. 7.1DIECh. 7 - Prob. 7.2DIECh. 7 - Prob. 7.3DIECh. 7 - Prob. 7.4aDIECh. 7 - Prob. 7.4bDIECh. 7 - Prob. 7.1ECh. 7 - Prob. 7.2ECh. 7 - Prob. 7.5ECh. 7 - Prob. 7.6ECh. 7 - Prob. 7.7ECh. 7 - Prob. 7.9ECh. 7 - Prob. 7.10ECh. 7 - Prob. 7.11ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Prob. 7.16ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.1APCh. 7 - Prob. 7.2APCh. 7 - Prob. 7.1EYCTCh. 7 - Prob. 7.2EYCTCh. 7 - Prob. 7.3EYCTCh. 7 - Prob. 7.4EYCTCh. 7 - Prob. 7.5EYCTCh. 7 - Prob. 7.6EYCTCh. 7 - Prob. 7.7EYCTCh. 7 - Prob. 7.8EYCTCh. 7 - Prob. 7.9EYCTCh. 7 - Prob. 7.1IECh. 7 - Prob. 7.2IE
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