M5-6 Matching Cash Payment Processes to Internal Control Principles [LO 5-3] Mat

Question

M5-6 Matching Cash Payment Processes to Internal Control Principles [LO 5-3] Match each of the following cash payment activities to the internal control principle to which it best relates. Select the appropriate Internal Control Principle from the dropdown listed below Cash Payment Activities Internal Control Principle 1. The business manager has the only key to the check-signing equipment. 2. The purchasing manager orders all goods and services for the business. 3. A bank reconciliation is prepared monthly. 4. Prenumbered checks are used torell maymemesndis to the warehouse but mail hei The company asks suppliers to deliver their merchandise to the warehouse but mail their invoices to the accounting department.

Explanation / Answer

1. Restrict access

2. Establish responsibility

3. Independendly verify

4. Document procedures

5. Segregate duties

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