You are the recent heir of $40,000 cash, with which you are considering opening a sushi bar in the university community. You would accept cash and credit card payments, which would be handled primarily by your servers. You also plan to offer introductory specials to attract customers during the initial months of business. Identify some advantages and disadvantages of investing in a POS system as part of this new business venture. What internal controls should be implemented to reduce the risk of theft or error related to the handling of cash, credit card payments, and coupons?
Answer to relevant QuestionsChris Hargrove is the owner of AP’s Instant Replay, a consignment shop for used sporting goods. Chris accepts consigned goods and offers them for sale to the general public. Chris rents business space, including a retail ...Refer to the Ethical Dilemma: Mail Order Case presented in Chapter 3. What term introduced in this chapter applies to the type of mail order deceit described in that case? What could the mail order company do to avoid a loss ...How are sales invoices used (in a manual system) in the preparation of credit memos? Describe how the matching of key information on supporting documents can help a company determine that its revenue transactions have not been duplicated. During the process of reconciling the bank account, why is it necessary to review the dates, payees, and signatures on the canceled checks?
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