1. From an Internal Control (/C) standpoint, the Asset mosn susceptitie to thefe
ID: 2579912 • Letter: 1
Question
1. From an Internal Control (/C) standpoint, the Asset mosn susceptitie to thefe. embet lement, or improper me is A) Prepaid insurance. C) Buildings D) Land 2. Having different individuals receive cash, record cash receipts, and hold the cash is a example of A) Establishment of responsibility B) Segregation of functional duties C) Documentation procedures D) Independent inmernal verifieation 3. The Internal Control (C) principle related to mot having the same person authorize and pay for goods is known as A) establishment of responsibility. B) independent internal verification C) segregation of functional duties D) rotation of duties. 4. A Petty Cash fund of S$100 is replenished when the fund contains $3 in cash and receipts for S93·The Journal Entry (IE) to replenish the fund would A) Credit (CR) Cash Over and Sbort for $4. B) Credit (CR) Miscellaneous Revenue for S4 C) Debit (DR) Cash Over and Short for $4. D) Debit (DR) Miscellaneous Expense for $4. 5. A $100 Pefty Cash fund has eash of S17 and recelpts of SS0. The Journal Entry (J/TE) to replenish the account would include a A) Debit (DR) to Cash for $80. B) Credit (CR) to Petty Cash for $83. C) Debit (DR) to Cash Over and Short for $3. D) Credit (DR) to Cash for $80 Page IExplanation / Answer
Ans 1 b) Cash
Ans 2 b) Segregation of Functional duties
Ans 3 c) Segregation of Functional duties
Ans 4 C) Debit (Dr ) Cash over and short for $ 4
Ans 5 C) Debit (Dr ) Cash over and short for $ 3
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