Some of Crown Companys cash receipts from customers are received by the company with the regular mail.

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Some of Crown Company’s cash receipts from customers are received by the company with the regular mail. The company’s recordkeeper opens these letters and deposits the cash received each day.

a. Identify any internal control problem(s) in this arrangement.

b. What changes to its internal control system do you recommend?

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College Accounting Ch 1-14

ISBN: 9781260904314

1st Edition

Authors: John Wild, Vernon Richardson, Ken Shaw

Question Posted: Apr 23, 2015 02:58 AM

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Some of Crown Companys cash receipts from customers are received by the company with the regular mail.

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a Internal Control Problems 1 A major internal control problem is that the record keeper who has con...View the full answer

College Accounting Ch 1-14

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