Five Components of Internal Controls Video Lessons

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Problem: ABC Company has the manager make nightly deposits at the bank, give the deposit slip to the accounting department, and the accounting supervisor reconciles the bank account each month. What duties are they separating? a. Custody and Record Keeping b. Record Keeping and Authorization c. Cash management and Record Keeping d. Cash and Authorization

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Problem Details

ABC Company has the manager make nightly deposits at the bank, give the deposit slip to the accounting department, and the accounting supervisor reconciles the bank account each month. What duties are they separating?

a. Custody and Record Keeping

b. Record Keeping and Authorization

c. Cash management and Record Keeping

d. Cash and Authorization

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