The town of Bellevue operates a private parking lot near the railroad station for the benefit of
Question:
Once a week the guard on duty, who has a master key for all meters, takes the coins from the meters and places them in a locked steel box. The guard delivers the box to the town storage building, where it is opened and the coins manually counted by a storage department clerk who records the total cash counted on a weekly cash report. This report is sent to the town accounting department. The storage department clerk puts the cash in a safe, and on the following day, the cash is picked up by the town’s treasurer, who manually recounts the cash, prepares the bank deposit slip, and delivers the deposit to the bank. The deposit slip, authenticated by the bank teller, is sent to the accounting department, where it is filed with the weekly cash report.
Required
Describe weaknesses in the existing system, and recommend one or more improvements for each of the weaknesses to strengthen the internal control over the parking lot cash receipts. Organize your answer sheet as follows:
Weakness .................................................. Recommended Improvement
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Accounting Information Systems
ISBN: 9780132871938
11th Edition
Authors: George H. Bodnar, William S. Hopwood
Question Posted: