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. Internal control principles: Authorizing the responsibility Segregation of duties Documenting and recording transactions Physical controls Periodic independent verification Human resource controls To identify : Whether the internal control principle used in the procedure is good or weak, indicate the principle is used if it is good internal control, and indicate the principle violated, if it is a weak internal control

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Answer 1

Question

Chapter 7, Problem 7.6E

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: Whether the internal control principle used in the procedure is good or weak, indicate the principle is used if it is good internal control, and indicate the principle violated, if it is a weak internal control

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Answer 2

Question

Chapter 7, Problem 7.6E

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: Whether the internal control principle used in the procedure is good or weak, indicate the principle is used if it is good internal control, and indicate the principle violated, if it is a weak internal control

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 7.6E

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: Whether the internal control principle used in the procedure is good or weak, indicate the principle is used if it is good internal control, and indicate the principle violated, if it is a weak internal control

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.6E

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: Whether the internal control principle used in the procedure is good or weak, indicate the principle is used if it is good internal control, and indicate the principle violated, if it is a weak internal control

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 7.6E

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: Whether the internal control principle used in the procedure is good or weak, indicate the principle is used if it is good internal control, and indicate the principle violated, if it is a weak internal control

Answer 6

Chapter 7, Problem 7.6E

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: Whether the internal control principle used in the procedure is good or weak, indicate the principle is used if it is good internal control, and indicate the principle violated, if it is a weak internal control

Answer 7

Chapter 7, Problem 7.6E

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: Whether the internal control principle used in the procedure is good or weak, indicate the principle is used if it is good internal control, and indicate the principle violated, if it is a weak internal control

Answer 8

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Answer 10

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Answer 11

Ch. 7 - Prob. 1Q 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

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Chapter 7 Solutions