when two clerks share the same cash register it is a violation of which internal control...
when two clerks share the same cash register it is a violation of which internal control principle?
Homework Answers
| When two clerks share the same cash register it is a violation of Establish responsibilities internal control principle. |
| A proper internal control requires division of responsibilities among employees so that proper authority and accountability can be established. |
| When two clerks share the same cash register proper authority and accountability cannot be established. |
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when two clerks share the same cash register it is a
violation of which internal control...
;Internal Control At the corner grocery store, all sales clerks make change out of the same...
;Internal Control At the corner grocery store, all sales clerks make change out of the same cash register drawer. Is this a violation of internal control? Why? discuss in detail. Part 2: Limitations on Internal Control Though companies might do their best to enact internal control procedures, it doesn't mean it will always work. Discuss 1-2 reasons why internal control might not work, despite best efforts. In addition, discuss how employers should enact procedures for internal control for the most...
What are internal control functions performed by a cash register and point-of-sale system? How are these...
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
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each...
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure Weakness Principle Violated Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. 2. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. To minimize the risk of robbery,...
ACCT2110 Financial Accounting Chapter Seven Internal Control and Cash Homework Problem 1. The following control procedures...
ACCT2110 Financial Accounting Chapter Seven Internal Control and Cash Homework Problem 1. The following control procedures are used at Feliz Company fo 1. All over-the-counter receipts are registered by four clerks who use a cash register with a single cash d r over-the-counter cash receipts 2. To minimize the risk of robbery, cash in excess of $200 is stored in an unlocked drawer in a desk in th . Each clerk counts his/her own receipts at the end of the...
Current Attempt in Progress The following control procedures are used in Keaton Company for over-the-counter cash...
Current Attempt in Progress The following control procedures are used in Keaton Company for over-the-counter cash receipts (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Weakness Procedure Principle Violated 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. Cashiers are not bonded and background checks are not conducted Cash is not adequately protected from theft Inability to establish...
What are internal control functions performed by a cash register and point-of-sale system? How are these...
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?
The following control procedures are used at Torres Company for over-the-counter cash receipts. (a) For each...
The following control procedures are used at Torres Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control, and identify the control principle that is violated. (b) For each weakness, suggest a change in procedure that will result in good internal control. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. (a) Weakness: Principle: ...
Question 3 The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a)...
Question 3 The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Weakness Principle Violated 1. 2. 3. Procedure Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. To minimize...
Exercise 7-02 The following control procedures are used at Torres Company for over-the-counter cash receipts. For...
Exercise 7-02 The following control procedures are used at Torres Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is a violated. (b) For each weakness, suggest a change in procedure that will result in good internal control. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stockroom until it is deposited in the bank. (a) Weakness: Principle:...
Which of the following is an internal control for checks received through the mail? Multiple Choice...
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...
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
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure Weakness Principle Violated Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. 2. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. To minimize the risk of robbery,...
ACCT2110 Financial Accounting Chapter Seven Internal Control and Cash Homework Problem 1. The following control procedures are used at Feliz Company fo 1. All over-the-counter receipts are registered by four clerks who use a cash register with a single cash d r over-the-counter cash receipts 2. To minimize the risk of robbery, cash in excess of $200 is stored in an unlocked drawer in a desk in th . Each clerk counts his/her own receipts at the end of the...
Current Attempt in Progress The following control procedures are used in Keaton Company for over-the-counter cash receipts (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Weakness Procedure Principle Violated 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. Cashiers are not bonded and background checks are not conducted Cash is not adequately protected from theft Inability to establish...
Question 3 The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Weakness Principle Violated 1. 2. 3. Procedure Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. To minimize...
Exercise 7-02 The following control procedures are used at Torres Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is a violated. (b) For each weakness, suggest a change in procedure that will result in good internal control. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stockroom until it is deposited in the bank. (a) Weakness: Principle:...
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...
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