Some of Chester Companys cash receipts from customers are received by the company with the regular mail.
Question:
(a) Identify any internal control problem(s) in this arrangement.
(b) What changes to its internal control system do you recommend?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
a Internal Control Problems 1 A major internal control problem is that the recordkeeper who has cont...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Cost Accounting questions
-
Some of Chapman Companys cash receipts from customers are received by the company with the regular mail. Chapmans record keeper opens these letters and deposits the cash received each day. (a)...
-
Some of Crown Companys cash receipts from customers are received by the company with the regular mail. The companys recordkeeper opens these letters and deposits the cash received each day. a....
-
Some of Fannin Co.'s cash receipts from customers are sent to the company in the mail. Fannin's bookkeeper opens the letters and deposits the cash received each day. What internal control problem do...
-
A supplier has the following financial information available: Cash: $100,000 Current Assets: $1,000,000 Fixed Assets: $1,000,000 Total Assets: $2,000,000 Current Liabilities: $500,000 Total...
-
(a) In summer 1970, the pump price of gasoline was about $0.35(gal)-1. Between 1970 and 2000, the average rate of inflation was about per year. What might be the expected pump price in summer 2000?...
-
The annual profits (in thousands of dollars) of a sample of 27 companies listed on a stock exchange Use technology to draw a box-and-whisker plot that represents the data set. 12.86 51.11 13.84 15.96...
-
Helium at a free stream temperature of \(T_{\infty}=25^{\circ} \mathrm{C}\) is in parallel flow over a flat plate of length \(L=3 \mathrm{~m}\) and temperature \(T_{s}=85^{\circ} \mathrm{C}\)....
-
Pendergrass Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain.
-
Two sole proprietorship businesses converted to partnership. No revaluation of assets and liabilities required. Lourdes and Bernadette individually have been in the catering service business for...
-
Bob and Susan Menzel are planning to open a food service operation and have heard about operating leverage. They are forecasting annual sales and depreciation expenses as follows: Annual sales Food...
-
Cantu Company is a rapidly growing start-up business. Its recordkeeper, who was hired nine months ago, left town after the companys manager discovered that a large sum of money had disappeared over...
-
Good accounting systems help with the management and control of cash and cash equivalents. 1. Define and contrast the terms liquid asset and cash equivalent. 2. Why would companies invest their idle...
-
The polynomial p(x) = 2x 3 + 5x 2 + ax + b is exactly divisible by 2x + 1 and leaves a remainder of 9 when divided by x + 2. a. Find the value of a and the value of b. b. Factorise p(x) completely....
-
Why is it inappropriate to compare leasing to buying?
-
Why do companies provide trade credit?
-
What is an asset-backed security?
-
What is a say-on-pay vote?
-
What are the benefits and costs of holding inventory?
-
ARM's literature often describes its assembly language instruction syntax in BNF notation. Suppose an instruction is described in BNF as having the syntax: Give examples of possible legal...
-
"Standard-cost procedures are particularly applicable to process-costing situations." Do you agree? Why?
-
Two types of machine tools are available for performing a particular job in Apex Corporation. Tool A has an initial investment of $52,000, with operating costs of $26,000 per year, an economic...
-
Patient Health is an outpatient surgical clinic that was profitable for many years, but Medicare has cut its reimbursements by as much as 50%. As a result, the clinic wants to better understand its...
-
MathGames produces two electronic, handheld educational games: Fun with Fractions and Count Calculus. Data on these products follow. Additional data from its two production departments follow....
-
Vargo Company makes two distinct products with the following information available for each. The companys direct labor rate is $20 per direct labor hour (DLH). Additional information follows....
-
Use matrices (row-echelon form) to solve the following system of linear equa- tions. If the system has no solution, say that it is inconsistent. 3x + 2y = 7 x+y=3
-
For the following function : f(x) = 1/3 x^3 + 4x^2 + 16x a. Determine the critical points. b. Calculate the second derivative c. Determine if the function is concave up or down or not concave d....
-
2. An activity director for a cruise ship has surveyed 240 passengers. Of the 240 passengers; 135 like swimming, 150 like dancing, 65 like games, 80 like swimming and dancing, 40 like swimming and...
Study smarter with the SolutionInn App