Assume that you are the newly hired controller at Norton Company and that you have observed the following banking procedures in use at the firm. Would you change any of these procedures? Why or why not?
a. A blank endorsement is made on all checks to be deposited.
b. The checkbook is kept on the top of a desk so that it will be handy.
c. The same person prepares bank deposits, issues checks, and reconciles the bank statement.
d. The reconciliation process usually takes place two or three weeks after the bank statement is received.
e. The bank statement and the canceled checks are thrown away after the reconciliation process is completed.
f. As a shortcut in the reconciliation process, there is no attempt to compare the endorsements on the back of the canceled checks with the names of the payees shown on the face of these checks.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.