XACC 280 Brief Exercise 8-5 Mingenback Company has the following internal control procedures

ACC 280 Brief Exercise 8-5 Mingenback Company has the following internal control procedures

XACC 280 Brief Exercise 8-5 Mingenback Company has the following internal control procedures

ACC 280 E8-5 Mingenback Company

ACC 280 E8-5 Mingenback Company TUTORIAL

XACC 280 E8-5 Mingenback Company SOLUTION

Principles of Accounting: Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial accounting (6th ed.). Hoboken, NJ: Wiley.

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Brief Exercise 8-5 Mingenback Company has the following internal control procedures over cash disbursements.

Identify the internal control principle that is applicable to each procedure.

1. Company checks are prenumbered.

2. The bank statement is reconciled monthly by an internal auditor.

3. Blank checks are stored in a safe in the treasurer’s office.

4. Only the treasurer or assistant treasurer may sign checks.

5. Check signers are not allowed to record cash disbursement transactions.

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