1. To minimize the risk of robbery, cash in excess of $100 is stored in an...
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1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the The following control procedures are used at Torres Company for over-the-counter cash receipts. until it is deposited in the bank. stockroom l over-the-counter receipts are processed by three clerks who use a cash register with a singie cash drawer. The company accountant makes the bank deposit and then records the day's receipts. 4. At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the a. For each procedure, explain the weakness in internal control, and identify the control principle that Interi cash register total. 5. Cashiers are experienced; they are not bonded. Instructions is violated. b. For each weakness, suggest a change in procedure that will result in good internal control. dures are used in Bunny's Boutique Shoppe for cash 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the The following control procedures are used at Torres Company for over-the-counter cash receipts. until it is deposited in the bank. stockroom l over-the-counter receipts are processed by three clerks who use a cash register with a singie cash drawer. The company accountant makes the bank deposit and then records the day's receipts. 4. At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the a. For each procedure, explain the weakness in internal control, and identify the control principle that Interi cash register total. 5. Cashiers are experienced; they are not bonded. Instructions is violated. b. For each weakness, suggest a change in procedure that will result in good internal control. dures are used in Bunny's Boutique Shoppe for cash
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Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
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