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Business, 13.04.2021 03:00 jasonoliva13
Below are descriptions of internal control problems. Identify the one best internal control principle that is related to the problem described.
1. The same person opens incoming mail and posts the accounts receivable subsidiary ledger. select principle of internal control.
2. Three people handle cash sales from the same cash register drawer. select principle of internal control.
3. A clothing store is experiencing a high level of inventory shortages because people try on clothing and walk out of the store without paying for the merchandise.
4. The person who is authorized to sign checks approves purchase orders for payment.
5. Some cash payments are not recorded because checks are not pre-numbered.
6. Cash shortages are not discovered because there are no daily cash counts by supervisors.
7. The treasurer of the company has not taken a vacation for over 20 years.
A. Establishment of responsibility
B. Segregation of duties
C. Physical control devices
D. Documentation procedures
E. Independent internal verification
F. Human resource controls
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Below are descriptions of internal control problems. Identify the one best internal control principl...
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