Brierra Products, Inc., makes all sales on account. Brittney Sims, accountant for the company, receives and opens
Question:
Sims deposits the checks in the bank. At the end of each day, she computes the day’s total amount posted to customer accounts and matches this total to the bank deposit slip. This procedure ensures that all receipts are deposited in the bank.
Requirement
1. As a consultant hired by Brierra Products, Inc., write a memo to management evaluating the company’s internal controls over cash receipts from customers. If the system is effective, identify its strong features. If the system has flaws, propose a way to strengthen the controls.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
Question Posted: