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Exam 4: Internal Controls,accounting for Cash,and Ethics

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Question 71

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Which of the following is not a feature of an internal control system?

A) Separation of duties so that fraud or theft requires collusion
B) Establishing clear lines of authority and responsibility
C) Using unnumbered receipts and purchase orders
D) Implementing physical controls such as locking cash in a safe

E) B) and C)
F) None of the above

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Question 72

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Explain the meaning of "internal control" and distinguish between administrative controls and accounting controls.

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Internal control refers to the policies ...

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Question 73

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List three measures that can be taken to achieve strong internal control.

For internal control purposes,what is meant by "separation of duties?"

The bank statement of Stein Company included an NSF check that had been given to the company by a customer in payment of its account with Stein.

In preparing a bank reconciliation,is an outstanding check an adjustment to the book balance,the bank balance,or neither?

Which of the following is not a generally recognized internal control procedure?