subject
Business, 07.03.2020 04:04 catdog5225

Below are several scenarios related to control activities of a company.

1. A manufacturing company compares total sales in the current year to those in the previous year but does not compare the cost of production.

2. So that employees can have easy access to office supplies, a company keeps supplies in unlocked cabinets in multiple locations.

3. At the end of each day, a single employee collects all cash received from customers, records the total, and makes the deposit at the bank.

4. At the end of the year only, the company compares its cash records to the bank’s records of cash deposited and withdrawn during the year.

5. A company encourages employees to call an anonymous hotline if they believe other employees are circumventing internal control features.

6. All employees have the authority to refund a customer’s money.

Required:

For each scenario, determine which control activity is violated. Control activities include separation of duties, physical controls, proper authorization, employee management, reconciliations, and performance reviews. If no control activity is violated, state "none."

ansver
Answers: 2

Another question on Business

question
Business, 22.06.2019 00:50
Hanna intends to give her granddaughter, melodee, her antique hat pin. this heirloom has been kept under lock and key in the wall vault in the library of hanna's house in virginia. the hat pin is currently the only item in the vault. when hanna is visiting melodee in connecticut, hanna gives melodee the only key to the vault. melodee is grateful for the present and excitedly accepts. in this situation has there been a completed gift?
Answers: 3
question
Business, 22.06.2019 02:20
The following information is available for jase company: market price per share of common stock $25.00 earnings per share on common stock $1.25 which of the following statements is correct? a. the price-earnings ratio is 20 and a share of common stock was selling for 20 times the amount of earnings per share at the end of the year. b. the market price per share and the earnings per share are not statistically related to each other. c. the price-earnings ratio is 5% and a share of common stock was selling for 5% more than the amount of earnings per share at the end of the year. d. the price-earnings ratio is 10 and a share of common stock was selling for 125 times the amount of earnings per share at the end of the year.
Answers: 1
question
Business, 22.06.2019 11:10
Which feature is a characteristic of a corporation?
Answers: 1
question
Business, 22.06.2019 21:00
Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.
Answers: 1
You know the right answer?
Below are several scenarios related to control activities of a company.

1. A manufacturi...
Questions