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.
Axia College of University of Phoenix (UoP)
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.
