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ACCT 504 Midterm Exam (4 Sets, 2017)
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This Tutorial contains 4 Set of Midterm Exam
1. Question : (TCOs A and E) Your friend, Ellen, has hired you to
evaluate the following internal control procedures.
Explain to your friend whether each of the numbered items below is an
internal control strength or weakness. You must also state which internal
control procedure relates to each of the internal controls.
For the weaknesses, you also need to state a recommendation for
improvement.
(1) The cashier counts the total receipts and reconciles the receipts with
the cash register total.
(2) Electronic documents are password-protected.
(3) The accountant is completely independent of the sales department.
(4) Invoices are not numbered.
(5) Large purchase orders must be approved by a manager.