Problem based on bad checks

Assignment Help Accounting Basics

Reference no: EM13257311

Consider the following scenarios:

1) When we talk about "bad checks," are those always checks our customers have written to us? Would the company also write any bad checks and what are the repercussions for thesame? Give examples to support your answer. You can also refer tothe Business Week magazine for providing the solution.

2) Suppose one person opens the cash receipts (checks received in the mail), makes the bank deposits, and keepsthe A/R records. What top 3 potential problems could arise due tolack of separation of duties?

3) Why would a store offer a free purchase to acustomer, who does not receive a receipt for a purchase alreadymade by him/her?

Reference no: EM13257311

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