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

Previous Q& A

  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.

  Topic - RSS feed reader project using Java

Topic - RSS feed reader project using Java - What is your proposed research project's topic? What problem or issue is your research designed to solve

  Compute depreciation for year

A machine costing $216,800 with a four-year life and an estimated $20,000 salvage value is installed in Luther Company's factory on January 1. The factory manag

  Def insurance for the loss of canned products

ABC limited which operates a supermarket received compensation from DEF Insurance for the loss of canned products destroyed by an accident in its warehouse. For

  Write essay describing your vision for your career

UNV-504 Introduction to Graduate Studies in the College of Business Assignment - Three Pillars and Future Impact Paper, Grand Canyon University

  What is the ocf for year of project

Evong homes INC is considering a new three-year-old project, that requires an initial fixed asset investment of 2.7 million dollars.

  Selected company financial health

Select a public company and look up the company's stock's performance over the last year. Discuss which company you selected and its performance.

Reviews

Write a Review

 

Similar Q& A

  Calculate the implied cross-rate between appleland

Calculate the implied cross-rate between Appleland's and Bananaland's currencies, expressed as the amount of BBB per one unit of AAA.

  Which part of the fraud triangle

A company has a poorly designed system of internal controls. This would most likely relate to which part of the "fraud triangle"?

  How much more are morris payments worth

Charles will receive the same annual payment for the next 45 years. If the interest rate is 7.7 percent, how much more are Morris' payments worth?

  Why managers are still motivated to manage earnings

discuss the issues you may face when using financial reports subject to earnings management. Given earnings management is regarded as morally reprehensible explain why managers are still motivated to manage earnings?

  How mindy will recognize goodwill of

How Mindy will recognize goodwill of? Babel Corporation acquired all outstanding shares of Connor Ltd. for $2.1 million. Selected information relating to Connor

  Compute blacksmiths earnings per share for 2012

Compute Blacksmith's earnings per share for 2012. Start with income from continuing operations. All income and loss amounts are net of income tax.

  Determine the amount of cash that dee-light

On January 6, Dee-Light Corporation issued for cash 19,950 shares of $2 par value common stock at $33 per share. On May 10, Dee-Light issued at par 4,850 shares of preferred 5% stock, $20 par for cash. On June 22, Dee-Light issued for cash 22,400 sha..

  Find what is the appropriate total budget for department

What is the appropriate total budget for the department, assuming it uses flexible budgeting? Round hourly rates to two decimal places.

  How much free cash flow did the firm generate

FAMA Inc. had the following data for last year and current year: How much free cash flow did the firm generate during the just-completed year?

  What are the limits of the terms of trade

What are the the limits of the terms of trade between these two countries? How would rising cost (rather than constant costs) affect the extent of specialization and trade between these two countries?

  Find what is the rrsp contribution room left

What is her PA that will show up on her 2020 T4 and what is the RRSP contribution room left for 2021?Which was matched by her employer.

  What will the new share price

If KD can repurchase its existing shares at $20 per share, what will the new share price (of remaining shares) be after the transaction

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!

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