Identify which control activity is violated in each of the following situations, and explain how the situation
Question:
Identify which control activity is violated in each of the following situations, and explain how the situation creates an opportunity for fraud or inappropriate accounting practices.
1. Once a month, the sales department sends sales invoices to the accounting department to be recorded.
2. Steve Nicoles orders merchandise for Binn Company; he also receives merchandise and authorizes payment for merchandise.
3. Several clerks at Draper’s Groceries use the same cash register drawer.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted: