11. At Landau Company, the petty cash custodian used petty cash to pay for postage charges.
12. Landau Company replenished its petty cash fund. The expenditures of the fund included postage, office supplies, and other miscellaneous items. Indicate the effects of recognizing the expenditures on financial statements and the replenishment of the petty cash fund.
13. List three measures that a business can use to achieve strong internal controls.
14. For internal control purposes, what is meant by "separation of duties?"
15. List three of the five interrelated components of the internal control framework established by The Committee of Sponsoring Organizations of the Treadway Commission (COS0) that serve as the standards for Sarbanes-Oxley compliance.
16. Explain the meaning of "internal control" and distinguish between administrative controls and accounting controls.
17. List five internal control procedures that should be followed to safeguard cash and reduce the likelihood of theft.
18. What is a fidelity bond and what is its purpose?
19. How do accounting controls differ from administrative controls?
20. What asset is generally most susceptible to theft?