After reading the concepts of a good system of internal control covered in this chapter, the owner
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After reading the concepts of a good system of internal control covered in this chapter, the owner of a small business was concerned that his internal control was not good. He counted the daily cash takings and prepared the deposit slip, and banked the takings intact each day. He also approved payments and signed all cheques. To overcome his problem, he decided he would have to hire more staff, so that he would be able to ensure adequate division of responsibility. Would this solve his problem? Explain.
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The basic purpose of any system of internal control is to safeguard the assets of the business and p...View the full answer
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Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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