Flat Flyers Company manufactures a popular line of remote airplanes. Flat Flyers employs 125 workers and keeps

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Flat Flyers Company manufactures a popular line of remote airplanes. Flat Flyers employs 125 workers and keeps their employment records on time sheets that show how many hours the employee works each week. On Friday the shop foreman collects the time sheets, checks them for accuracy, and delivers them to the payroll department for preparation of paychecks. The treasurer signs the paychecks and returns the checks to the payroll department for distribution to the employees. Identify the main internal control weakness in this situation, state how the weakness can hurt Flat Flyers, and propose a way to correct the weakness.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Financial accounting

ISBN: 978-0132751124

9th edition

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

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