Problem - Internal control of cash receipts

Assignment Help Accounting Basics
Reference no: EM132681360

Problem - Internal control of cash receipts

The procedures used for over-the-counter receipts are as follows. At the close of each day's business, the sales clerks count the cash in their respective cash drawers, after which they determine the amount recorded by the cash register and prepare the memo cash form, noting any discrepancies. An employee from the cashier's office counts the cash, compares the total with the memo, and takes the cash to the cashier's office.

a. Indicate the weak link in internal control.

b. How can the weakness be corrected?

Reference no: EM132681360

Questions Cloud

How is lego group a socially responsible : How is Lego group a socially responsible, ethical and environmentally sustainable company, what polices directly contribute to its competitive advantage.
Youtube video by kwame christian : Watch this YouTube video by Kwame Christian: a blog with covering the following:
Characteristics of entrepreneurship-technology entrepreneurs : Discuss the differences between the common characteristics of entrepreneurship and technology entrepreneurs.
BIOL120 Microbiology Applications Assignment : BIOL120 Microbiology Applications Assignment Help and Solution, Bryant & Stratton College - Assessment Writing Service - Demonstrate knowledge of the concepts
Problem - Internal control of cash receipts : Problem - Internal control of cash receipts - Indicate the weak link in internal control. How can the weakness be corrected
Develop family firms and state-owned enterprises : What are the various drivers that may motivate a firm to engage in Corporate Social Responsibility (CSR)? What stakeholder attributes do Mitchell et al
The importance of defining goals and funnels : What is a Website goal, define how this will assist you in visitor engagement and why would you want negative goals?
How would you respond to this change in policy : Evergreen Bank provides loans to businesses in the community through its Commercial Lending Department. How would you respond to this change in policy
Discussion conflict with teams and individual creativity : Discussion Conflict with Teams and Individual Creativity. List and briefly define the three types of team conflict discussed in the textbook.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd