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Business
Management
adheres to sound internal controls violates sound internal controls The clerk in the accounting department handles the recording of purchases as well as payments of invoices. An employee from the accounting department compares the cash register tapes with the bank deposits. Mathematical verification of purchase invoices occurs before the invoices are paid. All supporting documents attached to an invoice are clearly marked "paid" when the cheque is signed.

adheres to sound internal controls violates sound internal controls The clerk in the accounting department handles the recording of purchases as well as payments of invoices. An employee from the accounting department compares the cash register tapes with the bank deposits. Mathematical verification of purchase invoices occurs before the invoices are paid. All supporting documents attached to an invoice are clearly marked "paid" when the cheque is signed.

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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For the activity listed, identify whether or not the activity adheres to or violates sound internal control procedures. Clear All The clerk in the accounting department handles the recording of purchases as well as payments of invoices. An employee from the accounting department adheres to sound internal compares the cash register tapes with the bank controls deposits. violates sound internal Mathematical verification of controls purchase invoices occurs before the invoices are paid. All supporting documents attached to an invoice are clearly marked "paid" when the cheque is signed.
Transcribed Image Text:For the activity listed, identify whether or not the activity adheres to or violates sound internal control procedures. Clear All The clerk in the accounting department handles the recording of purchases as well as payments of invoices. An employee from the accounting department adheres to sound internal compares the cash register tapes with the bank controls deposits. violates sound internal Mathematical verification of controls purchase invoices occurs before the invoices are paid. All supporting documents attached to an invoice are clearly marked "paid" when the cheque is signed.
Match the term with the correct description from the list. Clear All policies and procedures established by top management to help ensure that the company's control activities accounting system and financial statements are as accurate as possible possible external threats to the organization's success in accomplishing its goals control environment the collection of segregation of duties environmental factors that influence the effectiveness of control procedures action that reduces the strategic risks likelihood that records could be used to conceal intentional misstatements, theft, or fraud
Transcribed Image Text:Match the term with the correct description from the list. Clear All policies and procedures established by top management to help ensure that the company's control activities accounting system and financial statements are as accurate as possible possible external threats to the organization's success in accomplishing its goals control environment the collection of segregation of duties environmental factors that influence the effectiveness of control procedures action that reduces the strategic risks likelihood that records could be used to conceal intentional misstatements, theft, or fraud
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