Answered You can hire a professional tutor to get the answer.
Attached are 12 internal control procedures and requirements for cash payments made bya company. Match the appropriate reason for the control from...
Attached are 12 internal control procedures and requirements for cash payments made bya company. Match the appropriate reason for the control from the list provided below.
A. Prevents people from processing fraudulent payables and diverting the signed checks to themselves.
B. Prevents payroll checks for excessive amounts from being cashed.
C. Ensures that people writing checks cannot cover a temporary “borrowing” of cash.
D. Prevents embezzlement of cash receipts from being concealed by the recording of fictitious payments.
E. Helps guard against checks being forged.
F. Prevents the fraudulent use of properly signed checks.
G. Helps prevent temporary “borrowing” from established cash funds.
H. Helps prevent unauthorized changes to very important documents.
I. Prevents payment for goods and services not actually received.
J. Prevents payments for purchases that have not been properly authorized.
K. Assures that purchases are transactions with proper parties.
L. Prevents inappropriate purchases by unauthorized people
________ 1. Duties between the cash payments and cash receipts functions are segregated.
________ 2. Signature plates are kept under lock and key.
________ 3. The accounting department matches invoices to receiving reports or special authorizations prior to payment.
________ 4. All checks are mailed by someone other than the person making out the check.
________ 5. The accounting department matches invoices to copies of purchase orders.
________ 6. The blank checks are kept under lock and key.
________ 7. Imprest accounts are used for payroll.
________ 8. Bank reconciliations are to be prepared by someone other than the person who writes checks and handles cash.
________ 9. A check protector is used.
________ 10. Surprise counts of cash funds are conducted periodically.
________ 11. Orders can be placed with approved vendors only.
________ 12. All purchases must be made by the purchasing department.
