Answered: The internal control feature specific…

The internal control feature specific to petty cash is A. separation of duties B. assignment of responsibility C. proper authorization D. Imprest System

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 1QY

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The internal control feature specific to petty cash is

A. separation of duties

B. assignment of responsibility

C. proper authorization

D. Imprest System

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PART II — INTERNAL CONTROL OVER CASH RECEIPTS AND DISBURSEMENTS Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are: CodeInternal Control Principle AEstablishment of responsibility BSegregation of duties CDocumentation procedures DPhysical controls EIndependent internal verification FHuman resource controls Instructions: Match the above principles to the following applications related to cash receipts and cash disbursements by placing the code in the space provided. Each code letter can be used once, more than once, or not at all. ____ 1.The duties of receiving and recording cash should be assigned to different individuals. ____ 2.Daily cash counts should be made by cashier department supervisors. ____ 3.Employees should be required to take vacations. ____ 4.Cash register tapes should be used for over-the-counter receipts. ____…