5.12 LO4 Your business gives senior staff credit cards for use on specified purposes. Expenditure can be made on the card for fuel, accommodation, meals and entertaining up to a limit of $500 on any one transaction. You are expected to provide credit card slips and/or receipts where necessary and appropriate.

Your credit card statement for February shows the following detail:

Date processed Date of transaction Details Amount 3/02/18 01/02/18 Narrandera Gas $60.42 3/02/18 01/02/18 Jeans Motel Narrabri 110.00 4/02/18 01/02/18 Tenterfield Roadhouse 40.00 4/02/18 02/02/18 Beach Cafe Gold Coast 250.00 6/02/18 02/02/18 Golden View Motel Tweed Heads 120.00 8/02/18 03/02/18 Coffs Harbour Roadhouse 55.00 10/02/18 07/02/18 Lane Cove fuel 65.00 13/02/18 10/02/18 Rosie’s Restaurant Lane Cove 300.00 15/02/18 13/02/18 Gosford fuel 65.00 16/02/18 13/02/18 Roadhouse Raymond Terrace 40.00 18/02/18 15/02/18 Rosie’s Restaurant Lane Cove 350.00 20/02/18 18/02/18 Hornsby fuel 55.00 25/02/18 20/02/18 Newcastle fuel 40.00 27/02/18 23/02/18 Hornsby fuel 55.00 28/02/18 27/02/18 Newcastle eatery 45.00

(a) Identify the advantages of using credit cards for purchases of this type, with particular emphasis on internal control aspects.