policies\ncurrent attempt in progress\njolson company has the following internal control procedures over…

policies\ncurrent attempt in progress\njolson company has the following internal control procedures over cash receipts.\nidentify the internal control principle that is applicable to each procedure.\na. all over - the - counter receipts are entered in cash registers.\nb. all cashiers are bonded.\nc. daily cash counts are made by cashier department supervisors.\nd. the duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals.\ne. only cashiers may operate cash registers.

policies\ncurrent attempt in progress\njolson company has the following internal control procedures over cash receipts.\nidentify the internal control principle that is applicable to each procedure.\na. all over - the - counter receipts are entered in cash registers.\nb. all cashiers are bonded.\nc. daily cash counts are made by cashier department supervisors.\nd. the duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals.\ne. only cashiers may operate cash registers.

Answer

Brief Explanations:

  • a. Cash registers provide a record of transactions (documentation).
  • b. Bonding cashiers is a human - resource related control (e.g., protects against theft).
  • c. Supervisors counting cash is an independent check (verification).
  • d. Different people for different cash - related tasks (segregation).
  • e. Only cashiers (assigned responsibility) can operate registers.

Answer:

a. Documentation procedures b. Human resource controls c. Independent internal verification d. Segregation of duties e. Establishment of responsibility