. Which of the fellowing pairs off duties cosines the functions of casody and al
ID: 2513040 • Letter: #
Question
. Which of the fellowing pairs off duties cosines the functions of casody and alor aion in a manner that would allow an employo to conceal the theft of a customer Handing cash roceipts plun issng ced mem None of CHAPTER 12 THE REVENUE CYCLE TO CASH COLLECTIONS a The same penen maintais both accous neceisable and accounts payable The sane peon approwes sales ordesthat eceod a customer's crde Imit and pro- The sane persoe handles customer paymts and as access to bilank checks d. All of the above combin vilale proper seetinef daties of duses 3, which ofthe ???-ing types offra? mquires access to the weoues receivable mase' a Lapping Thet of iveoy d. None of the ane The CO is concerned about the possihility of mployees stealing nventoy In the for s expocted loss the ahove Which of the folowing prcedures by sef, is m offecties at preventing employees h Having sooone who has no access so cash cncile the bunk accounts Creating voices so that the botom potion is to be mitance advice 7. Which of the following combinatioss of us can the sae employee perform witho Shipping iavendoy and iling castiomer Taking comer onders and chocking inventory aailabiity All three of the lisecan be perfemed by the same peson wioat vio laoing the principle of seregaion ol dties None of the dhoe liaed comhinations should be perfoned by the same poon e- of usets? Nose of the ahove Reconciling shipping decements to sales onders, picking s and packing slips h Separting the functios of shipping and billing Use of lockhoses For effective internal control which of the following duties can the penon who handleExplanation / Answer
1. C Handling cash receipts plus issuing credit memos.
2. E None of the above combinations violate proper segregation of duties.
3. A Lapping
4. D Threat
5. D Neither of the above.
6. D Using lockboxes for customer remittances
7. C Taking customer orders and checking inventory availability.
8. D All of the above.
9. C Documentation of all transfers of inventory between employees.
10. E None of the above.
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