Please match the internal control procedure to the error, misstatement or other

Question

Please match the internal control procedure to the error, misstatement or other problem that its is trying to detect or prevent.

Duties are segregated between the cash payments and cash receipts functions.

The accounting department matches invoices to copies of purchase orders.

Duties are segregated between the cash payments and cash receipts functions.

A.The separation of duties is meant to safeguard assets. Signature plates are kept under lock and key. B. Prevention of unauthorized use. Accounting department matches invoices to receiving reports or special authorizations before payment. C. Ensures payment for goods or services actually received.

The accounting department matches invoices to copies of purchase orders.

D. Ensures that disbursements are made only for authorized purchases. Imprest accounts are used for payroll E. To assure that checks are issued to employees only. Bank reconciliations are performed by someone other than the one who writes the checks and handles cash. F. Separation of functions prevents one person from diverting cash assets and subsequently concealing the wrongdoing. Ciscoure https://umasodumas UMass Dartmouth ImyCouzes Daslbuaid elp, Tips, & Updales 10 points Sava Answer E , Signaturplates are kept under occ and kay. C.Lnsurcs payment for goods orriccs actuclty recccd D. Lncurcs thst diaburzcments ane madk cnty for aurthonzec purchasct. L. Tosure that checks re isaued to omployccs only F. Separaon ofuncions prevents onc parzon from drvertirg cash asscts and stoquentty concoaling the wrongcioing Accourti y department maiches incices to recsiving reports or speciel auherizatiores beriore payment Impret aecounts are used for peyrol. E " Bark reconcilations are perfomec bs, samecne oter an the onesho writes me crec ard h ndes cash.

Explanation / Answer

1) Duties are segregated between the cash payments and cash receipts functions

Solution: The separation of duties is meant to safeguard assets

Explanation: The segregated between the cash payments and cash receipts functions prevents the embezzlement of cash receipts from being concealed with the record of any fictitious payments

2) Signature plates are kept under lock and key.

Solution: - Prevention of unauthorized use

Explanation: Prevents the unauthorized use of properly signed checks.

3) Accounting department matches invoices to receiving reports or special authorizations before payment.

Solution: Ensures payment for goods or services actually received

Explanation: It ensures the prevention of payment for goods and services that not actually received.

4) The accounting department matches invoices to copies of purchase orders.

Solution: To assure that checks are issued to employees only.

Explanation: Prevents the unauthorized use of the checks

5) Imprest accounts are used for payroll

Solution: Separation of functions prevents one person from diverting cash assets and subsequently concealing the wrongdoing

Explanation: Impress accounts are used for payroll to prevent excessive amounts from being cashed.

6) Bank reconciliations are performed by someone other than the one who writes the checks and handles cash

Solution: Ensures that disbursements are made only for authorized purchases

Explanation: Bank reconciliations ensure that people writing checks does not cover a temporary borrowing of cash.

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