ANSWER ANY 2 PLEASE.

Q: Why do we spend so much time on internal control for cash receipts and disbursements? Shouldnt we be just as concerned over other assets? Expenses? Revenue? Liabilities?

Q: A grocery store decides to install a point-of-sale system that will allow the customer to use his or her ATM card to pay for merchandise at the checkout line. Previously, the grocery store has accepted only cash and checks as payment. Identify the control risk associated with this system and name procedures that can be implemented to counterbalance the risk.

Q: Why do we worry about deposits in transit and outstanding checks? Wont they work themselves out the following month?