Identify the Internal Control Procedures Applicable to Cash Disbursements Followed

question 90

Essay

Identify the internal control procedures applicable to cash disbursements followed by Downey Company in each of the following cases.
1. Company checks are prenumbered.
2. Only the treasurer is authorized to sign checks.
3. All employees are required to take vacations.
4. Blank checks are stored in a locked safe.
5. The bookkeeper not the treasurer records cash disbursements.

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Definitions:

Future Jobs

Refers to occupations and employment opportunities that are expected to be available or prevalent in the future, often as a result of technological advances, economic changes, or evolving societal needs.

Employee Relations

The management of the relationship between employers and employees including communication, conflict resolution, and legal compliance.

Discriminated

Treated unfairly or unjustly in comparison with others, especially on the grounds of race, age, sex, or disability.

HR Function

Encompasses all the tasks and processes related to managing the human resources of an organization, including recruitment, selection, training, and benefits administration.