Two laragraphs specific and thiughtful response to the topic What are internal control functions performed by...
What are internal control functions performed by a cash register and point-of-sale system? How are these functions performed when cash is received by mail? Two laragraphs specific and thiughtful response to the topic
What are internal control functions performed by a cash register and point-of-sale system? How are these functions performed when cash is received by mail?
2. State two specific functions or jobs that should be segregated in the sales processing system. 3. State two specific functions or jobs that should be segregated in the cash receipts system. 4. For the revenue cycle, state two specific independent verifications that should be performed. What task can the accounts receivable department engage in to verify that all checks sent by the customers have been appropriately deposited and recorded? 6. What specific internal control procedure would prevent the sale...
Which of the following is an internal control for checks received through the mail? Multiple Choice ) The accounting department counts the cash, prepares the deposit slip and deposits the cash in the bank. O The mai es gives che The mail clerk gives checks to the person who makes the bank deposit. The accounting department register with the cash count sheet. The Cashier prepares a journal quantity sold, and cash received. Comparing the cash in the register with the...
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts Salesclerks are not required to enter the sale in the register after each transaction. Instead, the company gives employees flexibility to enter sales at the end of the day or week. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. One employee with many years of experience is solely in charge of opening cash receipts...
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts 1. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. 2. One employee with many years of experience is solely in charge of opening cash receipts received by mail. 3. All sales transactions, even those for less than $1, are recorded on a cash register. 4. Two employees are tasked with opening mail that contains...
when two clerks share the same cash register it is a violation of which internal control principle?
what specific internal control procedure would prevent the sale of goods on account to a fictitious customer ?
INTERNAL CONTROL WEAKNESSES - SUPERMARKET The following describes the information system for a supermarket: Customers push their shopping carts to the check- out register where a clerk processes the sale. The market has several registers, but they are not all in continuous use depending on the level of business in the market. During busy times, employees will be taken from other jobs such as stocking shelves and unloading trucks to man a register. This is done quickly and efficiently since...
What are some specific audits performed by internal audit? Financial, operational or IT audits are specific enough.