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Explanation:
1. Several individuals operate the cash register using the same register drawer--- Weak Internal control --- Establishment of responsibilities is violated.
2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities-----Good---The procedures follows independent internal verification.
3. Joe Cockrell writes checks and also records cash payment entries.-----Weak Internal control ------Segregation of duties is violated
4. One individual orders inventory, while a different individual authorizes payments.---- Good---- The procedures follow the Segregation of duties .
5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording.---- Weak-----The procedure here does not follow good documentation and procedures.
----Internal controls are measures laid out by companies to ensure its employees are compliant in following set regulations and standards to ensure financial reports are not manipulated and promoting effective operations in order safeguard it's assets from unauthorized use or theft.
Some internal controls include Segregation of duties, documentation procedures, proper authorization, establishment of responsibilities etc.
Thanks to technology, almost anyone to be global, with two varying results: Small companies can get started more easily but move slower.
<h3>Facts about Internet commerce </h3>
- Allows for more access to customers from around the world.
- Increases chances of profitability.
Small companies have smaller catalogues to sell and so can easily get involved in internet commerce. They however, are not as rich as large companies which means that they will not be able to invest enough to move as fast as large companies.
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<span>those who study management will understand how to work with organizational behavior. Organizational behavior is the study of how people behave while in groups and as individuals. Also with how to get people to work as effectively as possible. It can involve trying to motivate an individual worker or it can involve trying to understand how to get workers...</span>
A control account appears in the general ledger and is supported by a subsidiary ledger.
<h3>What is a control account in accounting?</h3>
A control account is known to be a summary-level account that is found the general ledger.
This account is made up of aggregated totals for transactions that are personally stored in subsidiary-level ledger accounts.
Note that;
- The control account in the general ledger is known as Accounts Payable account.
- When postings are complete, the subsidiary ledger are said to be equal the balance of the Accounts Payable account in the general ledger.
- The subsidiary ledger is accurate by preparing a schedule of accounts payable and linking it against the balance in the control account.
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