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Solution Library
Internal Control over Cash Receipts and Disbursements of a Company-Multiple Choice Question
Question
Internal Control over Cash Receipts and Disbursements
Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are:
Code Internal Control Principle
A Documentation procedures
B Establishment of responsibility
C Independent internal verification
D Physical controls
E Segregation of duties
F Human resource controls
Instructions:
Match the above principles to the following applications related to cash receipts and cash disbursements by placing the code in the space provided. Each code letter can be used once, more than once, or not at all.
____ 1. Cash is received by one employee and recorded in the accounting records by another.
____ 2. Daily cash counts should be made by cashier department supervisors.
____ 3. Payments are approved by one employee while the disbursement is made by another.
____ 4. All checks are pre-numbered.
____ 5. Only the treasurer is authorized to sign checks.
____ 6. Cash register tapes are used for over-the-counter receipts.
____ 7. Each check is compared with an approved invoice before being issued.
____ 8. Employee hours are tracked using a time clock.
____ 9. All personnel who handle cash should be bonded.
____ 10. Inventory is stored in a locked warehouse with restricted access.
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