Wanda White acquired a sports equipment distribution business with a staff of six salespeople and two clerks.
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Required
1. From the internal control point of view, discuss the weaknesses of the petty cash fund operation and suggest steps necessary for improvement.
2. Does the petty cash fund operation as described above violate any of the generally accepted accounting principles? If yes, which, and how are the principles violated?
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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