Accountıng I Deneme Sınavı Sorusu #1216456
If internal control is well designed, two tasks that should be performed by different persons are
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Approval of bad debt write-offs, and reconciliation of the accounts payable subsidiary ledger and controlling account. |
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Posting of amounts from both the cash receipts journal and cash payments journal to the general ledger. |
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Access to the safe-deposit box requires two officers. |
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Recording of cash receipts and preparation of bank reconciliations. |
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Distribution of payroll checks and approval of sales returns for credit. |
The correct answer is B. The principle of separation of duties may be ensured by the fact that the personnel who record cash receipts in the enterprise and perform bank reconciliations are different persons. Internal control is thus well designed. If these two tasks are performed by the same personnel, there is a possibility of embezzlement. The fact that staff records the amount of cash inflows and cash payments in the large ledger does not constitute an internal control violation since there is no cash access. The same personnel performing the tasks specified in A and E may not be a problem in terms of internal control in the enterprise since the tasks are independent.
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