User Account

All Pages

Internal control principles

Assignment Help Financial Accounting
Reference no: EM133234341

Rita J Company has the following internal control procedures over cash payments:

  1. Company cheques are prenumbered.
  2. The bank statement is reconciled monthly by an internal auditor.
  3. Blank cheques are stored in a safe in the finance manager's office.
  4. Only the finance manager or assistant may sign cheques.
  5. Cheque signers are not allowed to record cash payment transactions.

Required:

Assign each procedure to the appropriate letter of the following internal control principles that is applicable to:

  • Documentation procedures
  • Physical, mechanical and electronic controls
  • Independent internal verification
  • Segregation of duties
  • Establishment of responsibility

Reference no: EM133234341

Questions Cloud

What is the mark-up percentage : Watford F.C. Ltd manufactures footballs for the premier league. It has average assets of $600 000 and calculates a mark-up on full cost based on a desired retur
What might be the social implications of this message : What social message might your cultural expression be communicating about wellness? What might be the social implications of this message
Explain what this mean with critical example : The fourth step indicated evaluate alternatives: Life situation, personal values, economics. Also, assess risk, such as time and value of money. explain what th
Prepare a statement of cash flows for year ending december : 4. Equipment costing $17,400 with accumulated depreciation of $11,400 was sold for $5,000 cash.
Internal control principles : Rita J Company has the following internal control procedures over cash payments:
What steps are necessary to mitigate risk : What steps are necessary to mitigate risk to an IT infrastructure's confidentiality, integrity, and availability with sound access controls
Explain accounting concept : Which accounting concept is used in each of the following accounting treatments?
Stockholder equity section of the balance sheet : Company XYZ had the following information in their stockholder's equity section of the balance sheet during 2020:
Prepare an income statement for 2020 : 1. Beginning inventory was $50,000. Purchases of inventory was $20,000. Ending inventory was 35% of beginning inventory at the end of the year.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find the amount to which will grow under condition

Determine and Find the amount to which $450 will grow under each of the following conditions. 9% compounded quarterly for 5 years.

  Should meri recommend approval of the loan

Should Meri recommend approval of the Loan, given the bank's policy? John has completed an application for a 4-years personal loan for the amount of $33939.

  What is the amount of dividends declared during the year

Boston Recyclers Company uses the indirect method to prepare its statement of cash flows. What is the amount of dividends declared during the year

  Which entry to record donated professional services

Which entry to record donated professional services at a hospital would be? a debit to Expense and a credit to Non operating Revenues-Donated Services.

  Prepare any journal entries you consider necessary

The following information relates to the debt securities investments of Wildcat Company. Prepare any journal entries you consider necessary, including year-end entries (December 31), assuming these are available-for-sale securities.

  What is the year first cash flow

CFO's office of Hawkesworth Inc. Your first task is to estimate the Year 1 cash flow for a project with the following data. What is the Year 1 cash flow?

  Prepare the extract of statement of financial position

Prepare the extract of Statement of Financial Position of Hallow Bhd. as at 31 December 2020 involving the above franchise and patent

  Purposes of preparing action analyses

Purposes of preparing action analyses, management has assigned ease of adjustment codes to the costs as follows: wages are classified as a Yellow cost; supplies and raw ingredients as a Green cost; and other expenses as a Red cost.

  What was the amount of revenue david should recognize

What was the amount of revenue David should recognize for year-end December 31, 2019 on the Bentley contract? David is in the business of sharpening skates

  Find and explain the impact of treating lease arrangement

Find and Explain the impact of treating the lease arrangement above as an operating lease. Prepare the related journal entries for the year ended 2017 in book

  How would account for the initial transaction of inventory

Do you agree with the accountant's valuation of the note and his intention to value the parts inventory acquired over the four year period.

  According to international financial reporting

prepares its financial statements according to International Financial Reporting. Standards, AF’s annual report for the year ended March 31, 2011, which includes financial statements and disclosure notes, is provided with all new textbooks. This mate..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd