FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Question
Chapter 8, Problem 7E
To determine
Concept Introduction:
Internal Control:
Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal
Principles of Internal Control:
Principles of Internal Control are the ways to maintain proper internal controls in an organization. These principles are as follows:
- Establishing Responsibilities
- Maintaining Records
- Safeguards of assets
- Segregation of Duties
- Compulsory Employees Job Rotation
- Split Related Party Responsibility
- Using the Technology for Controls
- Conducting timely Independent Reviews
To identify:
If cash payment procedure is internal control strength or an internal control weakness.
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