Identify the principle of internal control to each of the following cases. 1. Cash is locked in a safe overnight. 2. Employees who receive shipments of goods do not have access to the accounting records for merchandise. 3. Shipping documents are pre-numbered. 4. The bookkeeper does not have physical custody of assets. 5. Only the treasurer of the company can sign checks.

1. Physical control

2. Segregation of duties

3. Documentation

4. Physical control

5. Authorization

Explanation:

1. Cash is locked in a safe overnight.

Principle of internal control: Physical control

Physical control: Only authorized persons should have access to certain assets.

2. Employees who receive shipments of goods do not have access to the accounting records for merchandise.

Principle of internal control: Segregation of duties

Segregation of duties: There should be different personnel for different aspects of the transactions.

3. Shipping documents are pre-numbered.

Principle of internal control:  Documentation

Documentation: Proper documentation should be maintained for the transactions.

4. The bookkeeper does not have physical custody of assets:

Principle of internal control: Physical control

Physical control: Only authorized persons should have access to certain assets.

5. Only the treasurer of the company can sign checks.

Principle of internal control: Authorization

Authorization: The transactions are authorized by the responsible/authorized persons.

answer; at prices that violate government price regulations;