Jolson Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. (a) All over-the-counter receipts are entered in cash registers. select a principle of internal control (b) All cashiers are bonded. select a principle of internal control (c) Daily cash counts are made by cashier department supervisors. select a principle of internal control (d) The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals. select a principle of internal control (e) Only cashiers may operate cash registers.

Question

Sydnee Trujillo

Business

8 June, 05:01

Jolson Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. (a) All over-the-counter receipts are entered in cash registers. select a principle of internal control (b) All cashiers are bonded. select a principle of internal control (c) Daily cash counts are made by cashier department supervisors. select a principle of internal control (d) The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals. select a principle of internal control (e) Only cashiers may operate cash registers.

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Pretty Lady · Answer 1

The list below indicates about the internal control principle that is followed by each of the procedure.

(a) Physical controls

(b) Human resources control

(c) Independent internal verification

(d) Segregation of duties

(e) Establishment of responsibility

Hence, all the principles allocated differently to each of the respective statement.