Accounting

posted by .

Identify internal control principles.
(SO 2), C
The internal control procedures in Phillips Company make the following provisions. Identify the principles of internal control that are being followed in each case.
a. Employees who have physical custody of assets do not have access to the accounting records.
b. Each month the assets on hand are compared to the accounting records by an internal auditor.
c. A prenumbered shipping document is prepared for each shipment of goods to customers

  • Accounting -

    hel

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    Three objectives of a company's internal control system should be safeguarding assets, checking the accuracy and reliability of accounting data, and promoting operational efficiency. A fourth objective of a company's internal control …
  2. accounting

    Cash Management Matrix For each principle in the matrix,describe how the principle ensures the reliability of a company's financial statements and provide at least one example of how the principle might work in a real company. Principles …
  3. accounting

    Cash Management Matrix For each principle in the matrix,describe how the principle ensures the reliability of a company's financial statements and provide at least one example of how the principle might work in a real company. Principles …
  4. business

    Listed below are five procedures followed by The Beat Company. Several individuals operate the cash register using the same register drawer. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. …
  5. accounting

    Please help me. acc225 Internal control recommendations •Complete Exercise 8-1 What internal control procedures would you recommend in each of the following situations?
  6. Finance

    Imagine the CFO of a company has asked you, the auditor, to review the internal controls for cash receipts and to evaluate its cash management of accounts. Prepare a one page letter to the CFO addressing the following questions: 1. …
  7. Social Psychology

    Could some one please help me with this assignment. I am really confused about this. Here is what I have to do: Write 200 to 300 words applying critical thinking to determine whether an internal or external locus of control is more …
  8. acc250

    Please post your response to the following: Chapter 5 discusses internal control. Why are internal controls and audit trails important in a computerized accounting system?
  9. accounting

    Guard Dog Company recently changed its system of internal control over cash disbursements. The system includes the following features. Instead of being unnumbered and manually prepared, all checks must now be prenumbered and written …
  10. Brenau University

    To: From: Date: Subject: Observation Methodology: A. Description of internal control: (What did you observe?

More Similar Questions