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Chapter 5 - Flashcards

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Class:BUS-A 201 - INTRO TO FINANCIAL ACCOUNTING
Subject:Business
University:Indiana University-Southeast
Term:Fall 2011
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Separation of Duties The person who writes the checks to pay bills is different from the people who authorize the payments and keep records of the payments.
Physical Controls The checks are kept in a locked drawer.  The only person who has the key is the person who writes the checks.
Sound Personnel Practices The person who writes the checks is bonded.
Periodic Independent Verification Once each month the owner compares and reconciles the amount of money shown in the accounting records with the amount in the bank account.
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Authorization The owner of the business approves each check before it is mailed.
Documents and Records Information pertaining to each check is recorded on the check stub.
Recording Transactions Every day, all checks are recorded in the accounting records, using the information on the check stubs.
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 Separation of DutiesThe person who writes the checks to pay bills is different from the people who authorize the payments and keep records of the payments.
 Physical ControlsThe checks are kept in a locked drawer.  The only person who has the key is the person who writes the checks.
 Sound Personnel PracticesThe person who writes the checks is bonded.
 Periodic Independent VerificationOnce each month the owner compares and reconciles the amount of money shown in the accounting records with the amount in the bank account.
 AuthorizationThe owner of the business approves each check before it is mailed.
 Documents and RecordsInformation pertaining to each check is recorded on the check stub.
 Recording TransactionsEvery day, all checks are recorded in the accounting records, using the information on the check stubs.
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