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1、Chapter8CashandInternalControlsQUESTIONS1.Thesevenbroadprinciplesare:Establishresponsibilities;Maintainadequaterecords;Insureassetsandbondkeyemployees;Separaterecordkeepingfromcustodyofassets;Divideresponsibilitiesforrelatedtransactions;Applytechnologycontrols;Performregularandindepend
2、entreviews.2.Internalcontrolproceduresbecomeespeciallycriticalwhenthemanagerofabusinesscannolongercontrolthebusinessthroughpersonalsupervisionanddirectparticipation.3.Responsibilityforrelatedtransactionsshouldbedividedsothattheworkofonedepartmentorindividualactsasacheckonthatofanother.
3、4.Separationofcustodyfromrecordkeepingofanassetencouragestheassetcustodiantoavoidmisplacing,misappropriating,orwastingtheasset.Thisarrangementmakescollusionnecessaryifanassetistobestolenandthetheftconcealedintherecords.5.Ifindividualdepartmentswerepermittedtodealdirectlywithsuppliers,t
4、heamountofmerchandisepurchasedandtheresultingliabilitieswouldnotbewellcontrolled.Havingindividualdepartmentsplaceordersthroughapurchasingdepartmenthelpscontroltheamountspurchasedandtheresultingliabilities.6.Thelimitationsofinternalcontrolarisefromtwosources:thehumanelement(humanerroror
5、humanfraud)andthecost-benefitprinciple.7.Cashismostliquid;andleastliquidisabuilding.Thefourassetsorderedfrommosttoleastliquidare:cash,accountsreceivable,inventory,andbuilding.8.Apettycashreceiptisadocumentstatingthatapaymenthasbeenmadefrompettycash.Theonewhoreceivedpaymentandtheonewhoa
6、pprovedpaymentbothsignthereceipt.9.Depositingallreceiptsonthedayofreceipt(1)createsanindependentrecordoftheamountofcashreceivedand(2)helpspreventanemployeefromhavingpersonaluseofthemoneyforaperiodoftimebeforedepositingit.10.DuringtheyearendedMarch5,2007,cash(andequivalents)of$780,000,0
7、00isusedbyinvestingactivities.Cash(andequivalents)of$513,000,000isusedbyfinancingactivities.©McGraw-HillCompanies,2009523SolutionsManual,Chapter811.CircuitCity’scashatFebruary28,2007,equals$141,141,000.Itisthefourthlargestcurrentasset,afterMerchandiseinventory,Short-terminvestments,a
