Accounting 231, Exam 1 - Kansas State University

Accounting 231, Exam 1 - Kansas State University Bank? - answerAdd DIT, Subtract O/S Book? - answerAdd Interest, Subtract SC, Subtract NSF What are the Internal Controls? - answerSafeguard assets, Provide accurate and reliable information, Promote operational efficiency, Encourage adherence to prescribed managerial policies Safeguard Assets? (Internal Control) - answerProtect our stuff with policy and procedure Provide Accurate and Reliable Information? (Internal Control) - answerCapture and report the truth Promote Opperational Efficiency? (Internal Control) - answerBe systematic, not "ad hoc" Encourage Adherence to Prescribed Managerial Policies? (Internal Control) - answerThese policies are designed to assure compliance with laws and regulations or just to help assure management's wishes are followed What are the Control Procedures? - answerRequiring proper authorization, Separating incompatible duties