Question $4$ of $15$

Possible Errors or Problems

Internal Control Principles

An employee steals the cash collected from a customer for an account receivable and conceals $$ this theft by issuing a credit memorandum indicating that the customer returned the merchandise.

A small fire destroys $3$ days of cash receipts. $$

The official designated to sign checks is able to steal blank checks and issue them without fear of $$ detection.

A salesclerk in serving customers often rings up a sale for less than the actual amount and then keeps $$ the additional cash collected from the customer.

Three cashiers use one cash register drawer and the on hand. $$

Each cashier counts his own register drawer each day and verbally reports the results to the $$ supervisor.

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Cashiers with over $5$ years' experience are not bonded. $$