Which internal control procedure needs strengthening

Assignment Help Accounting Basics
Reference no: EM131754406

Q) In the following situation, which internal control procedure needs strengthening?Santhom Inc. does not have a separate accounting department. Its operating departments are also responsible for recording transactions in the books of accounts of the company apart from their main operations.

A. assignment of responsibilities
B. competent, reliable, and ethical personnel
C. separation of duties
D. documents

Q) As a part of the internal control over cash receipts by mail, the mailroom sends both the customer checks and the remittance advices to the accounting department.

True
False

Q) The cash balance in a company's general ledger and the bank's balance on the bank statement will always be the same.

True
False

Q) Two or more people working together to circumvent internal controls and defraud a company is known as:

A. encryption.B. collusion.C. firewalls.D. separation of duties.

Reference no: EM131754406

Questions Cloud

What is the probability that the number of heads equals 3 : (a) What is the probability that the number of heads equals 3? (b) Conditional on knowing that the number of heads equals 3
Discuss headland corporation issued 329 shares : Headland Corporation issued 329 shares of $10 par value common stock and 105 shares of $50 par value preferred stock for a lump sum
What is the probability that the number of jacks : (a) What is the probability that the number of jacks in our hand equals 2?
Calculate the lower and upper amounts in ml : Two machines filling bottles of shampoo. One machine had a mean of 500 ml, SD 10 ml, the other a mean of 750 ml, SD 15 ml.
Which internal control procedure needs strengthening : which internal control procedure needs strengthening, Santhom Inc. does not have a separate accounting
Describe risk finance techniques for liability : Describe risk finance techniques for liability and property loss exposures resulting from golf cart ownership.
What should be the income before income taxes derived : Under the operating method, what should be the income before income taxes derived by Maris Co. from this lease for the year ended December 31, 2011
Probability that daily costs incurred on photocopier machine : The finance department of a large organisation has responsibility for monitoring costs in other departments of the organisation.
Explain the concept of ethical monotheism : Explain the concept of 'ethical monotheism'?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Season tickets for the longhorns are priced at 230 and

season tickets for the longhorns are priced at 230 and include 20 games. revenue is recognized after each game is

  What can you say about investment expected rate of return

If the present value of the expected net cash flows from a machine, discounted at 10%, exceeds the amount to be invested.

  List the stockholders equity account balances

Accounting for Business Decisions Melbourne Assignment. List the stockholders' equity account balances and number of outstanding shares from these two balance sheets and compute the increase or decrease for each during this past year

  Calculate the total liabilities and owners equity

Calculate the total current assets at December 31, 2010 and calculate the total liabilities and owners' equity at December 31, 2010.

  What would the stock price be just after the dividend shares

The company also declared and paid a 10% stock dividend on its common shares. When the stock dividend was declared, 1 million common shares were outstanding, and the market price of common stock was $135 per share.

  Discuss how the bible and accounting ethics are related

Discuss how the Bible and accounting ethics are related. Use specific passages in the Bible to support your response.

  How can a redundant array of independent disks

How can a redundant array of independent disks (RAID) help protect the data of an organization?

  Spice incs unit selling price is 60 the unit variable

spice inc.s unit selling price is 60 the unit variable costs are 35 fixed costs are 125000 and current sales are 10000

  Springfield companys master budget includes estimated costs

springfield companys master budget includes estimated costs and expenses of 350000 for its third quarter of operations.

  A company is considering the purchase of a new machine for

a company is considering the purchase of a new machine for 48000. management predicts that the machine can produce

  Purchases land having a fair market value of 300000 by

on january 1 2011 mclean company makes the two following acquisitions.purchases land having a fair market value of

  The following selected transactions were completed

The following selected transactions were completed by Padre Co. during October of the current year:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd