Internal control of cash receipts Obj. 2, 3 The procedures used for over-the-counter receipts are as follows.
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Internal control of cash receipts Obj. 2, 3
The procedures used for over-the-counter receipts are as follows. At the close of each day’s business,
the sales clerks count the cash in their respective cash drawers, after which they determine
the amount recorded by the cash register and prepare the memo cash form, noting any discrepancies.
An employee from the cashier’s office counts the cash, compares the total with the memo,
and takes the cash to the cashier’s office.
a. Indicate the weak link in internal control.
b. How can the weakness be corrected?AppendixLO1
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Related Book For
Corporate Financial Accounting
ISBN: 9781337398176
15th Edition
Authors: Carl Warren, Jefferson Jones
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