Question: What are some limitations of internal controls
What are some limitations of internal controls?
Answer to relevant QuestionsHow do businesses control cash receipts by mail?Budget Banners reported the following figures in its financial statements: Cash $ 28,800 Cash Equivalents 2,200 Total Current Liabilities 24,800 Compute the cash ratio for Budget Banners.The Cash account of First on Alert Security Systems reported a balance of $ 2,470 at December 31, 2015. There were outstanding checks totaling $ 700 and a December 31 deposit in transit of $ 100. The bank statement, which ...The following items could appear on a bank reconciliation: a. Outstanding checks, $ 670. b. Deposits in transit, $ 1,500. c. NSF check from customer, # 548 for $ 175. d. Bank collection of note receivable of $ 800, and ...On September 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $ 250. During September, Michael Martell, the fund custodian, signs the following petty cash tickets:On September 30, prior to ...
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