Benny has worked for Lau & Lee Co., a local law firm for several years. He...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Benny has worked for Lau & Lee Co., a local law firm for several years. He is an associate and needs to work long hours. He hasn't taken a vacation in the last three years. Benny is responsible for opening the mail and listing the checks received. He also takes cash from clients after their visits. Sometimes Benny doesn't bother giving each client a receipt for the cash received from their accounts. When he is free, he offers his help to the firm's accountant to post the cash receipts to the clients' accounts receivable and the accountant is happy with his help. Required: Explain and illustrate how the principles of internal control may be violated in this law firm. Please limit your answer to 250 words. Benny has worked for Lau & Lee Co., a local law firm for several years. He is an associate and needs to work long hours. He hasn't taken a vacation in the last three years. Benny is responsible for opening the mail and listing the checks received. He also takes cash from clients after their visits. Sometimes Benny doesn't bother giving each client a receipt for the cash received from their accounts. When he is free, he offers his help to the firm's accountant to post the cash receipts to the clients' accounts receivable and the accountant is happy with his help. Required: Explain and illustrate how the principles of internal control may be violated in this law firm. Please limit your answer to 250 words.
Expert Answer:
Answer rating: 100% (QA)
there are seven principles of internal control establishment of responsibilities to each employee an... View the full answer
Related Book For
Federal Tax Research
ISBN: 9781285439396
10th edition
Authors: Roby Sawyers, William Raabe, Gerald Whittenburg, Steven Gill
Posted Date:
Students also viewed these accounting questions
-
Discuss your experience explaining how you were motivated at work, volunteering, or some other situation, relate your experience under motivation theories discussed. List 3 key financial statements...
-
A local law firm recently remodeled its offices. In addition to new office furniture and computers, the company purchased six large paintings from a local art gallery. These paintings are more than...
-
A local law firm needs your advice. It currently has 20 PCs being used by its attorneys and staff, and it is debating whether to use Google Apps for Work or Office 365 as its productivity tools....
-
A particle of mass m moves along the x-axis under a force F = ??m?2x. The amplitude is b. Show that the period is given by 4. T= dx, (11.83) where (11.84) Y =1+ 2c2 (2-2).
-
A second-order control system has the closed-loop transfer function T(s) = Y(s)/R(s). The system specifications for a step input follow: (1) Percent overshoot P.O. 5%. (2) Settling time Ts < 4s. (3)...
-
QUESTION #2: The data in the following table represent individual observations on molecular weight taken hourly from a chemical process. Observation no. X Observation no. X 1 1045 11 1139 2 1055 12...
-
List specific bylaws clauses that are bound to change as the organization evolves. How might these issues be handled in a start - up board and then in a more mature board?
-
Yuki, Inc., acquired the following assets on January 1, 2008. Equipment, estimated useful life 5 years; residual value $13,000 . . . . . . . . . . . . . . . . . . $513,000 Building, estimated useful...
-
Colt Company produces two skateboard models. Machine time per unit for Hero is two hours and for Flip is one hour. The machine's capacity is 1,700 hours per year. Colt can sell up to 560 units of...
-
What is the difference between computer organization and computer architecture?
-
Given Euler's formula: cos 0 + i sin 0, e compute the value of ei". Note that i = 1.
-
Paragraph discussing food insecurity in the United States. What agencies in the federal government play an important role in ameliorating this situation? What groups of people are at particular risk?
-
A 90-day non-interest bearing note amounting to P50,000 was issued on November 30, 2020. The prevailing interest rate is 12%. The accrued interest as of December 31, 2020 is 3 points The goods you...
-
Given sin 30 tan 30 =an and cos 30 = 2 determine the following:
-
Summarize each data source and include them for substance abuse and alcohol in the military. Analyze each data source for substance abuse and alcohol in the military for trustworthiness and accuracy....
-
6.) Farrah Singh will be reviewing the federal fund rate of each bank as well. Why is the federal fund rate important when determining the medical facility's banking needs
-
The weight (in pounds) of a certain population of men is normally distributed. A random sample of 16 men taken from the population yields a sample mean weight of 168 with a sample variance of 225....
-
Catalytic hydrogenation of naphthalene over PdC results in rapid addition of 2 moles of H 2 . Propose a structure for this product.
-
Ella works at an accounting firm and like many accountants, tends to spend more than 40 hours a week at the office preparing and reviewing tax returns and providing tax advice to her clients....
-
Tax planning falls into two major categories, the open transaction and the closed transaction. Discuss each type of transaction and describe how each affects tax planning.
-
Use WestlawNext Campus Research to answer the following questions: a. What is subchapter B of title 26, subtitle A, chapter 1 of the Code of Federal Regulations? b. What I. R. C. section covers the...
-
At December 31, 2017, Eric Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2018, Eric also had two notes payable outstanding (notes 3 and 4). These notes are described...
-
Ruth Corporation had the following payroll for April: Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of...
-
The following data are taken from Stockton Wholesale Company's May payroll: Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6...
Study smarter with the SolutionInn App