E7-11 At the check-out of Best Buy stores, cash registers display the amount of each sale. the
Question:
E7-11 At the check-out of Best Buy stores, cash registers display the amount of each sale. the cash received from the customer, and any change returned to the customer. The registers also produce a customer receipt but keep no internal record of transactions. At the end of the day, clerks count the cash in the register and give it to the cashier for deposit in the company bank account. Write a memo to convince the store manager that there is an internal control weakness over cash receipts. Identify the weakness that gives an employee the best opportunity to steal cash, and state how to prevent such a theft.
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones