For Each of the Following Cash Activities,choose the Appropriate Letter

question 84

Essay

For each of the following cash activities,choose the appropriate letter to match the activity with the internal control principle to which it relates.Each internal control principle may be used more than once.
Activity
1.____ A password is required to open up the cash register
2.____ The treasurer is the person who is approved to sign checks
3.____ A list of checks received in the mail is prepared
4.____ A bank reconciliation is prepared each month
5.____ The treasurer is not permitted to make bank deposits
6.____ Checks are pre-numbered.
7.____ Cashiers cannot approve price changes.
8.____ Unused checks are kept in the vault.
Internal Control Principle
A.Establish responsibility
B.Segregate duties
C.Restrict access
D.Document procedures
E.Independently verify

Identify the regulations and exemptions under the Fair Labor Standards Act (FLSA) including overtime, minimum wage, and child labor laws.

Recognize the role and enforcement responsibilities of the Department of Labor regarding labor laws.

Distinguish between different types of pay and compensation arrangements, including tipped employees, compensatory time, and opportunity wage.

Understand the criteria for white-collar exemptions from the FLSA requirements.

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Definitions:

Straight-Line Method

A depreciation method that allocates an asset's cost evenly over its useful life.

Accrued Interest

Interest that has been incurred but not yet paid, typically reported as a liability on the balance sheet until it is paid out.

Premiums

Additional amounts paid over the normal cost or value, often related to insurance policies or bond prices above their face value.

Discounts

Reductions to the selling price of goods or services that can be applied for various reasons, such as to encourage prompt payment or to move inventory quickly.