The following annual account balances are taken from A BC Co at year end. 2015 2014

Describe the internal control principle of dividing responsibility for related transactions by selecting the
correct statements below. (Check all that apply.)

Examples of transactions with divided responsibility are placing purchase orders and paying
vendors.
This principle calls for a duplication of work so that comparisons can be made.
This principle is often called separation of duties.
This principle helps to make sure that the work of one individual acts as a check on another
individual's work on a related transaction. 


The following annual account balances are taken from A BC Co at year end.
2015 2014
Accounts Receivable $5,500 $4,000
Net Sales $58,000 $55,000
Days sales uncollected days ? days

Calculate ABC Co.'s days sales uncollected for 2015.

 34.6days
15.06days
38.49 days
26.54days


Which of the statements below describe the goals and principles of cash management? (Check all that
apply.)

Encourage quick payment of liabilities.
Keep a minimum level of cash necessary to operate.
Plan cash receipts to meet cash payments when due.
Excess cash should be kept on hand to pay bills.
Encourage quick collection of receivables.
Money should be spent only when It Is available.