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Meaker Company established a $450 petty cash fund on January 12, 2025. Kendra Meaker (KM) is the fund custodiar At the end of the month,
Meaker Company established a $450 petty cash fund on January 12, 2025. Kendra Meaker (KM) is the fund custodiar At the end of the month, the petty cash fund contains the following: View the information. Read the requirements. Requirement 1. Select the three internal control weaknesses revealed in the given data. A. Petty cash ticket no. 47 does not indicate which account to debit on the actual ticket. B. Petty cash ticket no. 46 is missing. There is no indication of what happened to this ticket. C. The fund custodian should not authorize petty cash tickets. Since KM authorized three of the four petty cash payments, a separation of duties issue exists. D. The sum of the petty cash tickets exceeds the imprest balance, indicating that the petty cash asset has not been properly safeguarded. E. The petty cash custodian (KM) did not sign petty cash ticket no. 45. Both the fund custodian and the recipient of the cash should sian the petty cash ticket
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