The text describes six internal control activities. List four of them and provide a specific example of each one
Control Activity Example
Authorization general (purchase of inventory when level drops) or specific (credit approval beyond normal limit)
Segregation of functions separate authorization from processing separate custody of assets from record keeping
Supervision required when separation of duties is not possible, such as opening the mail (cash receipts)
Accounting records maintain an adequate audit trail
Access controls maintain physical security
Independent verification bank reconciliation, physical inventory count
You might also like to view...
Gary Hirshberg started the Stonyfield Farm yogurt company. His marketing strategy: building a casual bond with customers using guerilla marketing. This is an example of formulated marketing
Indicate whether the statement is true or false
Joint venturers generally have equal rights to manage a joint venture
Indicate whether the statement is true or false
________ are the most common type of sales promotion.
Fill in the blank(s) with the appropriate word(s).
Identify several reasons for failure
What will be an ideal response?