Task 1

In this unit you have learned about Internal Accounting Control, and specifically the importance of cash control. For each scenario below, state the appropriate cash control procedure that should be implemented. Be sure to also explain, in detail, the procedure and its importance.

a) On Friday of every week, K. Chiarelli deposits the weeks cash received.

b) Lisetta was instructed by her manager to pay for a purchase invoice for merchandise, $500, with cash from the cash register.

c) Jamal is the sales clerk in a small retail business. Each day, he records the cash received and issues sales slips to customers.

d) Theo owns a convenience store. He checks support documents against cash received when he has timeat least once a week.