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Accounting-Identify the internal control principles and their application to cash disbursements of Luby Office?

• Identify the internal control principles and their application to cash disbursements of Luby Office Supply Company; 1.Only the treasurer and assistant treasurer are authorized to sign checks------------ 2.Invoices must be approved by both the purchasing agent and the receiving department supervisor. Payment can only be made by the treasurer or assistant treasurer, and the check signers do not record the cash disbursement transactions.------------------ 3.Checks are prenumbered. Following payment, invoices are stamped PAID.--------------- 4.Blank checks are kept in a safe in the treasurer's office. Only the treasurer and assistant treasurer have access to the safe. A checkwriting machine is used in writing checks.-------------- 5.The check signer compares the check with the approved invoice prior to issue. Bank and book balances are reconciled monthly by the assistant chief accountant.------------------- 6.All employees who handle or record cash are bonded----------------------- Choices for entry. Human resource, Establishment of responsibility, Physical controls, segregation of duties, documentation procedures, independent internal verification.

• Answer:

  1.Only the treasurer and assistant treasurer are authorized to sign checks Establishment of responsibility 2.Invoices must be approved by both the purchasing agent and the receiving department supervisor. Payment can only be made by the treasurer or assistant treasurer, and the check signers do not record the cash disbursement transactions. segregation of duties 3.Checks are prenumbered. Following payment, invoices are stamped PAID. documentation procedures 4.Blank checks are kept in a safe in the treasurer's office. Only the treasurer and assistant treasurer have access to the safe. A checkwriting machine is used in writing checks. Physical controls 5.The check signer compares the check with the approved invoice prior to issue. Bank and book balances are reconciled monthly by the assistant chief accountant. independent internal verification 6.All employees who handle or record cash are bonded Human resource