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Chapter 06 Homework 1 - 2 Personnel must be trusted I would...

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Professor Smith ACCT151 9 October 2008 Chapter 6 Homework 1 E6,P1,E4,P5,D2 E6) 1. Y 2. Y 3. Y 4. N office supplies 5. N A/R 6. Y 7. N investment 8. Y 9. N A/R 10. Y 11. Y P1) Karen’s Catering Bank Reconciliation March 31, 2008 Bank Book Balance 8432.11 9965.34 Deposit Transit 1250.00 Outstanding Checks (446.52) Bank Memos Interest 465.00 Interest 54.60 Service Charge (50.00) Bounced Check (166.00) Error 123.45 Error (909.90) 9359.04 9359.04 E4) Prenumber all raffle tickets. This is useless and just highlights that it is easy to cheat the club out of money. P5) 1.The performance reviews will not be unbiased.
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Unformatted text preview: 2. Personnel must be trusted. I would suggest that Barbara find Cheryl another job in the company where they will not be working directly with each other 3. I would just explain that it is a company policy that cannot be broken. D2) 1) Uses segregation of duties, proper authorization and outside auditing. 2) PWC, internal controls, Public Company Accounting Oversight Board 3) Nonmanagement directors. Middlemen between PWC and IBM...
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