CheckPoint Internal Control

CheckPoint Internal Control - 4. Independent reviews of the...

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Cathy Bandelow ACC 225/Toni Smith QS 8-6 a (i)bank side (ii) subtraction b (i) book side (ii) suctraction c (i)book side (ii) subtraction d (i) bank side (ii) addition e (i) book side (ii) addition f (i) book side (ii) addition g (i) book side (ii) subtraction
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Cathy Bandelow ACC 225/Toni Smith Exercise 8-3 Evaluation:  1. The Bemis Company did not separate recordkeeping and asset custody duties. 2. The recordkeeper should not have been allowed to sign the company's checks singly. A secon signature should have been required. If this had been in place, the checks made payable to the n employee would have been caught sooner. 3. To insure assets, have employees bonded. The bonding company would have covered the loss
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Unformatted text preview: 4. Independent reviews of the accounting records need to be performed on a regular basis. Monthly income statements should be reviewed on a regular basis also. The higher level of salari would have been questioned at that time. d on-existant s ies Name Cathy Bandelow ACC 225/Toni General Journal GENERAL JOURNAL Date Account Titles and Explanation P. R. Debit Credit 9-Sep-10 1 Petty Cash 400 Cash 400 To establish a petty cash fund 30-Sep 2 Merchandise inventory 32 Postage expenses 113 Miscellaneous expenses 87 Cash shortage 2 Cash 234 To reimburse petty cash Cash 134 Petty Cash 134 To reimburse the fund to $300 i Smith...
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This note was uploaded on 11/14/2010 for the course ACC225 ACC225 taught by Professor Smith during the Spring '10 term at University of Phoenix.

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CheckPoint Internal Control - 4. Independent reviews of the...

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