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Q1) Given below are five procedures followed by The Beat Company.

1. Many individuals operate cash register using same register drawer.

2. Monthly bank reconciliation is prepared by someone who has no other cash responsibilities.

3. Ellen May prepares checks and also records cash payment journal entries.

4. One individual orders inventory, whereas a different individual authorizes payments.

5. Unnumbered sales invoices from credit sales are forwarded to accounting department every four weeks for recording.

Point out whether each procedure is ex of good internal control or weak internal control.

If it is ex of good internal control, point to which internal control principle is being followed. If it is the ex of weak internal control, point to which internal control principle is violated. Use table given below.

Procedure

IC Good or Weak?

Related Internal Control Principle

1

 

 

2

 

 

3

 

 

4

 

 

5

 

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917232

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