Reference no: EM131216971
Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, account payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatement that would be prevented or detected by its use.
a. duties are segregated between the cash payments and cash receipts functions
b. signature plates are kept under lock and key
c. the accounting department matches invoices to receiving reports or special authorizations before payment
d. all checks are mailed by someone other than the person preparing the payment voucher
e. the accounting department matches invoices to copies of purchase order
f. the blank stock of checks are kept under lock and key
g. Imprest accounts for payroll are used
h. Bank reconciliations are performed by someone other than the one who writes checks and handles cash
i. A check protector is used
j. Surprise counts of cash funds are periodically conducted
k. Orders are placed with approved vendors only
l. All purchases are made by purchasing department
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