Flawless Skin Care makes all sales on credit. Cash receipts arrive by mail, usually within 30 days
Question:
Nelsons only other duty is to grant allowances to customers. (An allowance decreases the amount that the customer must pay.) When Nelson receives a customer check for less than the full amount of the invoice, she records the allowance in the accounting records and forwards the document to the accounting department.
Requirement
1. You are a new employee of Flawless Skin Care. Write a memo to the company president identifying the internal control weakness in this situation. State how to correct the weakness.
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Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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