Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(2marks) Part C Benny has worked for Lau & Lee Co., a local law firm for several years. He is an associate and needs to

image text in transcribed
(2marks) Part C Benny has worked for Lau & Lee Co., a local law firm for several years. He is an associate and needs to work long hours. He hasn't taken a vacation in the last three years. Benny is responsible for opening the mail and listing the checks received. He also takes cash from clients after their visits. Sometimes Benny doesn't bother giving each client a receipt for the cash received from their accounts. When he is free, he offers his help to the firm's accountant to post the cash receipts to the clients' accounts receivable and the accountant is happy with his help. Required: Explain and illustrate how the principles of internal control may be violated in this law firm. Please limit your answer to 250 words. (5 marks) Part D You are the accounting manager of Banana Supermarket. One day, the CEO of the supermarket told you "Our supermarket needs internal controls because we cannot trust our employees." Required: Do you agree? Why? How internal control concepts could be applied to the supermarket. Explain and illustrate your answer with example(s). Please limit your answer to 250 words

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Madhav, Charles, Srikant

15th Edition

933254221X, 978-9332542211

More Books

Students also viewed these Accounting questions