Homework: Week 5-Chapter 07 exercises Save score: 0 of 1 pt 5 of 7 (4 complete)
ID: 2405607 • Letter: H
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Homework: Week 5-Chapter 07 exercises Save score: 0 of 1 pt 5 of 7 (4 complete) HW Score: 53.84%, 3.77 of 7 pts E8-12 (book/static) Question Help * Consider each situation separately, Identify the missing intemal control procedure from these characteristics Assignment of responsibilities Separation of duties -Audits Electronic devices Other controls (specify) (Click the icon to view the situations.) Leave the Reason for 'Other control column blank if "Other controls" is not selected for the "Internal Control Procedure" column.) the Tnterma Contol Prosdure colum) Internal Control Procedure Reason for 'Other control a.Explanation / Answer
Which reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment.
When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees spend delivering cash to the bank, so he starts a new policy. Cash will build up over weekends, and the total will be deposited on Monday.
S.no Particulars Internal Control Procedure Reason for 'other' Control a.Which reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment.
Separation of duties. - b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, & Thursday nights. To reduce expenses, the business decides not to use a ticket taker on those nights. The ticket seller (cashier) is told to keep the tickets as a record of number sold. Separation of duties. - c. The same trusted employee has served as cashier for 12 years. Other controls No job rotation. d.When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees spend delivering cash to the bank, so he starts a new policy. Cash will build up over weekends, and the total will be deposited on Monday.
Other controls Not depositing cash soon enough for adequate security. e. Grocery stores such as Convenience Market and Natural Foods purchase most merchandise from a few suppliers. At another grocery store, the manager decides to reduce paperwork. He eliminates the requirement that the receiving department preparing a receiving report listing the goods actually received from the supplier. Other controls Documents and record - no receiving report.Related Questions
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