Question: When you check out at a Target store, the cash register displays the amount of the sale. It also shows the cash received and any

When you check out at a Target store, the cash register displays the amount of the sale. It also shows the cash received and any change returned to you. Suppose the register also produces a customer receipt but keeps no internal record of the transactions. At the end of the day, the clerk counts the cash in the register and gives it to the cashier for deposit in the company bank account.
Requirements
1. Identify the internal control weakness over cash receipts.
2. What could you do to correct the weakness?

Step by Step Solution

★★★★★

3.45 Rating (171 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Req 1 There is a weakness in internal control over cash receipts The cash register does not ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

69-B-C-A-I-C-C (377).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Bank Reconciliation Identify each of the following reconciling items as: a, an addition to the cash balance according to the bank statement b. a deduction from the cash balance according to the bank...

What internal control functions are performed by a cash register and point- of- sale system? How are these functions performed when cash is received by mail?

When a company gives a cash refund on returned merchandise, why doesnt it just reduce Sales Revenue instead of using a contra-revenue account?

When you pay for goods at Trent's Discount Store, the cash register displays the amount of the sale, the cash received, and any change returned to you. Suppose the register also produces a customer...

Exercise 813 When you pay for goods at Luigis Discount Store, the cash register displays the amount of the sale, the cash received, and any change returned to you. Suppose the register also produces...

When you pay for goods at Leroy's Discount Store, the cash register displays the amount of the sale, the cash received, and any change returned to you. Suppose the register also produces a customer...

chandise num paperwork. He e neis. AL UNU grocery store, the manager decides to reduce work. He eliminates the requirement that a receiving department employee pre- a receiving report, which lists...

When you pay for goods at La Tienda Foods, the cash register displays the amount of the sale, the cash received, and any change returned to you. Suppose the register also produces a customer receipt...

Consider how Hunter Valley Snow Park Lodge could use capital budgeting to decide whether the $11,000,000 Snow Park Lodge expansion would be a good investment. Assume Hunter Valley's managers...

Which of the following is considered a product cost? Multiple Choice Utility expense for the current month. Salaries paid to employees of a retailer. Transportation cost on goods purchased from...

Develop the company's branding, pricing, and distribution strategy. Classify the company's major competitors as inter- or intra-competitors. Categorize the competitors' major strengths and...

A hollow, circular, cast-iron pipe (Ec = 12,000 ksi) supports a brass rod (Eb 14,000 ksi) and weight W = 2 kips, as shown. The outside diameter of the pipe is dc = 6 in. (a) If the allowable...

( 1 0 pts ) . Evaluate the surface integral of the scalar field ( , , ) = 2 + 2 over the upper hemisphere 2 + 2 + 2 = 3 for 0 .

Consider a European electronic crossing network that runs six crosses daily, that is, the orders are matched six times a day. This network allows a participant to specify several constraints, such as...

It is often argued that automated order-driven trading systems must provide special arrangements for small trades (which are often market orders) as well as for block trades. Advance some...

Heritage Company manufactures a beautiful bookcase that is very popular. The company has sufficient demand to keep production going indefinitely at the plants full capacity of 4,000 bookcases per...

Business Objects trades on the Paris Bourse as ordinary shares and on the NASDAQ as American Depositary Receipts (ADRs). One ADR of Business Objects corresponds to one share on the Paris Bourse....

Consider the following information for Presidio Inc.'s most recent year of operations. Additional information for Presidio's most recent year of operations follows: Number of units...

Give an example of how knowledge of the team member roles presented in Chapter 6 could help you be a better contributor to group problem solving.

Explain a hybrid costing system. Identify a product or service operation that might well fit a hybrid costing system.

Match each of the following items A through G with the best numbered description of its purpose. A. Raw Materials Inventory account B. Materials requisition C. Finished Goods Inventory account D....

Answer.... The following horizontal and vertical alignments apply to a rural road. This class 1 road has a design speed of 100km/hr Calcculate the final road levels (left edge, centre-line, right...

list and explain 4 applications of artificial intelligence

Please give me fast Answer Note: it supposed to be four multiple-choice questions but instead I asked two of them ( excluding For One Repairman questions ) so that you can explain them more...