Acompany employs three accounts payable clerks and one treasurer. their responsibilities are as follows:

employee responsibility
clerk 1 reviews vendor invoices for proper signature approval
clerk 2 enters vendor invoices into the accounting system and verifies payment terms
clerk 3 posts entered vendor invoices to the accounts payable ledger for payment and mails checks
treasurer reviews the vendor invoices and signs each check

which of the following would indicate a weakness in the company's internal control?
a. clerk 1 opens all of the incoming mail
b. clerk 3 mails the checks and remittances after they have been signed
c. clerk 2 reconciles the accounts payable ledger with the general ledger monthly
d. the treasurer uses a stamp for signing checks

The correct answer is B

Explanation:

Internal control is the control, procedures and rules which are executed by the company that ensures the integrity of the accounting as well as the financial information so that could promote accountability and help in preventing the fraud.

So, the one which weakness the internal control of the company is the Clerk 3, checks the mails and then remittances are signed. The Clerk 3 has the responsibility of record keeping. Therefore, giving a signed check to Clerk 3 states that the clerk have the access to an asset which violates the separation of duties.

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both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.