Accounting chapter 5 hw

when cash is received from a remote source, the accounting department then compares the total on the cash receipts list with the stamped deposit slip received from the bank. which internal control principle is being met with this procedure?

Independently verify segregate duties document procedures restrict access independently verify

Which principle of internal control states that you should assign each task to only one employee?

Independently verifying establishing responsibility restricting access segregation of duties establishing responsibility

Which of the following in an example of restricting access?

Using prenumbered checks giving a separate cash register to each cashier comparing the company's cash balance to the balance per the bank Using passcodes Using passcodes

The volume of transactions is enormous and the risk of handling errors is significant for:

cash computer software accounts receivable inventory cash

which of the following is not one of the control components that are part of the framework used when analyzing an internal control system?

information and communication independent verifications monitoring activities control environment independent verifications

Considering current laws that deal with misstatement of financial results, which of the following statements is correct?

managers found guilty may keep any bonuses or profits from the misrepresentation if their fines are less than such bonuses or profits. managers found guilty can escape paying fines if they declare bankruptcy. whistleblowers who secretly submit concerns about questionable accounting practices will be fired. managers can be sentenced to maximum jail terms of up to 20 years for each violation. managers can be sentenced to maximum jail terms of up to 20 years for each violation.

A cash register does not:

reconcile accrual accounting with cash accounting restrict access to cash document the amount of cash received for items sold reconcile accrual accounting with cash accounting

A process for approving and documenting all purchases and payments on account is:

the bank reconciliation the remittance process an imprest system a voucher system a voucher system

The cashier uses the cash register and its accompanying point-of-sale accounting system to perform three important functions. Which of the following is one of those functions?

to prepare journal entry to restrict access to complete bank deposit to segregate duties to restrict access

The fraud triangle identifies incentive, opportunity, and benchmarks as the requirements for a fraud to occur.

true/false false