Ima Crook is a sales clerk for Free Cash Company. Ima runs a cash register. Each day

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Ima Crook is a sales clerk for Free Cash Company. Ima runs a cash register. Each day she obtains $200 from a supervisor and places the money in the cash register to make change. Customers bring goods to the sales counter, where Ima takes their money and writes out a sales slip using a form provided for this purpose. If requested by the customer, she writes out a separate slip for the customer. Ima works from 9 A.M. to 5 P.M. except for breaks and lunch when she is replaced by a coworker who runs the cash register for her. At 5 P.M. Ima takes all the cash from her cash register and puts it in an envelope along with the sales receipts and hands the envelope to a supervisor. Ima just bought a new $50,000 car and paid cash. What internal control problems exist in this situation? What can be done to solve the problems?

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Financial Accounting Information For Decisions

ISBN: 978-0324672701

6th Edition

Authors: Robert w Ingram, Thomas L Albright

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