question archive Tott Company has the following internal control procedures over cash disbursements
Tott Company has the following internal control procedures over cash disbursements
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Tott Company has the following internal control procedures over cash disbursements.
Identify the internal control principle that is applicable to each procedure.
| (a) |
Company checks are prenumbered. |
Select the principle of internal control Establishment of responsibilityPhysical controlsDocumentation proceduresHuman resource controlsIndependent internal verificationSegregation of duties | ||
|---|---|---|---|---|
| (b) |
The bank statement is reconciled monthly by an internal auditor. |
Select the principle of internal control Physical controlsSegregation of dutiesEstablishment of responsibilityDocumentation proceduresHuman resource controlsIndependent internal verification | ||
| (c) |
Blank checks are stored in a safe in the treasurer’s office. |
Select the principle of internal control Independent internal verificationPhysical controlsEstablishment of responsibilityDocumentation proceduresHuman resource controlsSegregation of duties | ||
| (d) |
Only the treasurer or assistant treasurer may sign checks. |
Select the principle of internal control Establishment of responsibilityHuman resource controlsIndependent internal verificationPhysical controlsDocumentation proceduresSegregation of duties | ||
| (e) |
Check-signers are not allowed to record cash disbursement transactions. |
Select the principle of internal control Independent internal verificationDocumentation proceduresPhysical controlsHuman resource controlsSegregation of dutiesEstablishment of responsibility |
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