You are watching: The control principle related to not having the same person authorize and pay for goods is known as
The manage principle concerned not having actually the same human being authorize and also pay for items is well-known as a. Facility of responsibility. B. Independent interior verification. C. Segregation of duties. D. Rotation the duties.
If employees room bonded а. Method that they room not enabled to handle cash. B. They have operated for the company for at least 10 years. C. They have actually been insured versus misappropriation the assets. D. The is difficult for them come steal indigenous the company
A system of internal control is a. Infallible. B. Deserve to be calculation ineffective by employee collusion. C. Invariably will have costs exceeding benefits d. Is premised top top the ide of absolute assurance.
Storing cash in a company safe is an application of which internal regulate principle? a. Distinction of duties b. Documentation measures c. Physical controls d. Facility of responsibility
Reconciling the financial institution statement monthly is an example of a. Segregation of duties. B. Independent interior verification. C. Facility of obligation d. Documentation procedures.
A small cash money is generally established in order to a. Pay for all merchandise purchase on account. B. Salary employees" wages. C. Make loans internally come employees. D. Pay fairly small expenditures.
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A $200 small cash fund has cash the $36 and also receipts of $172. The newspaper entry come replenish the account would incorporate a a. Debit come Cash because that $172. B. Credit transaction to small Cash for $172 c. Credit transaction to Cash Over and Short because that $8. D. Credit transaction to Cash for $172
If the month-end bank statement shows a balance that $36,000, impressive checks space $12,000, a deposit the $4,000 remained in transit in ~ month end, and also a inspect for $500 to be erroneously fee by the bank against the account, the correct balance in the bank account at month end is a. $27,500 b. $28,500. C. $20,500. D. $43,500.
An organization provides internal control to safeguard assets, improve the accuracy and also reliability of bookkeeping records, increase performance of operations, and A. For sure compliance v laws and also regulations. B. Get rid of fraud. C. Produce 100 % precise financial statements. D. Eliminate employee dishonesty