question archive 1) Company cheques are prenumbered
1) Company cheques are prenumbered
Subject:AccountingPrice:2.87 Bought7
1) Company cheques are prenumbered.
2. The bank statement is reconciled monthly by the assistant controller.
3. Blank cheques are stored in a safe in the controller's office.
4 Both the controller and the assistant controller are required to sign cheques or authorize electronic payments.
5. Cheque signers are not allowed to record cash payments.
6. All payments are made by cheque or electronic transfer.
Physical controls
Segregation of duties
Assignment of responsibility
Documentation
Review and reconciliation
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Answer:
| 1. Company cheques are prenumbered. | Documentation |
| 2. The bank statement is reconciled monthly by the assistant controller | Review and Reconciliation |
| 3. Blank cheques are stored in a safe in the controller's office | Physical controls |
| 4. Both the controller and the assistant controller are required to sign | Assignment of responsibility |
| cheques or authorize electronic payments | |
| 5. Cheque signers are not allowed to record cash payments | Segregation of Duties |
| 6. All payments are made by cheque or electronic transfer | Physical controls |
