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Friday, June 15, 2012
Acc290 BE7-6 Newell Company has the following internal control procedures over cash disbursements
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Acc290 Financial Accounting Week 5 Assignment
Newell Company has the following internal control procedures over cash disbursements. Match the internal control principle that is applicable to each procedure.
Segregation of duties
Establishment of responsibility
Independent internal verification
1. Only the treasurer or assistant treasurer may sign checks.
2. Company checks are prenumbered.
3. Check signers are not allowed to record cash disbursement transactions.
4. The bank statement is reconciled monthly by an internal auditor.
5. Blank checks are stored in a safe in the treasurer's office.