Identify the Internal Control Procedures Applicable to Cash Disbursements Followed

question 193

Essay

Identify the internal control procedures applicable to cash disbursements followed by Tolan Company in each of the following cases.
1. Company checks are pre-numbered.
2. Only the treasurer is authorized to sign checks.
3. Bonding of employees that handle cash.
4. Blank checks are stored in a locked safe.
5. The bookkeeper, not the treasurer, records cash disbursements.

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