Bad checks and separations of duties

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  105191 Segregation of auditor duties The size of an entity can affect the components of internal control. Segregation of duties is a control activity that is important for adequate control.

• Apollo Shoes proposal for internal controls

  All three duties should be handled by separate individuals, and one of the three employees should preferably work in a department other than accounts receivable. Almost half of the accounts are past due over thirty days.

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  These segregation of duties procedures actually provide two levels of internal control: first the segregation and second the review.

• Cash: Audit Procedures and controls to identify errors

  The procedure for issuing credit memos and writing off bad debts would not be allowed by employees collecting accounts receivable, whether cash or checks.

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  In all of the cases presented, and in general for internal control cases, the first and foremost basic principle to remember is the proper segregation of duties.

• Hiring practices and legal compliance

  Duties include: Inputting checks to customer accounts Processing invoices, cleared checks and posting to vendor accounts Processing bad debts, returned checks and refunds Inputting journal entries and end month Accounts receivables and Accounts payables

• Segregation of duties

  List checks o deposit slips in triplicate Post payment to customers account Deposit checks Prepare monthly schedule of accounts receivable Reconcile bank statements The duties have been segregated on the basis of similarity of functions.

• Subdividing Duties and Control

  252424 Subdividing Duties and Control How does a subdivision of duties enhance internal control? One of the measures that a company can adopt to enhance internal control is the subdivision of duties.

• Accounting Questions - Which of the following is not an advantage of the corporate form of business organization?

  September 6 Answer: A Revenue from performing services is recognized when services have been performed and are billable. In a small business, the lack of certain separations of duties can best be overcome by a. bonding the employees.