Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please actually look at the drop-down this answer has been answered before but it has different answer selections this time Listed below are seven errors

please actually look at the drop-down this answer has been answered before but it has different answer selections this time
Listed below are seven errors of problems which might occur in the processing of each transaction
image text in transcribed
image text in transcribed
Listed below are seven errors or problems which might occur in the processing of cash transactions. Aiso shown is a 1ist or int control principles. Evaluate each possible error and cite a principle that is listed that would reduce the probability of the error occurring. If none of the principles given will correct the problem, select "None. "If you think more than one principle is approp list all principles that apply. Possible Errors or Problems 1. An employee steals the cash collected from a customer for an account receivable and conceals this theft by issuing a credit memorandum indicating that the customer returned the merchandise. 2. A small fire destroys 3 days of cash receipts. 3. The official designated to sign checks is able to steal blank checks and issue them without fear of detection. 4. A salesclerk in serving customers often rings up a sale for less than the actual amount and then keeps the additional cash collected from the customer. 5. Three cashiers use one cash register drawer and the cash in the drawer is often short of the balance kept or hand. 6. Each cashier counts his own register drawer each day and verbally reports the results to the supervisor. 7. Cashiers with over 5 years' experience are not bonded. onceals this theft by thout fear of detection. int and then keeps the vort of the balance kept esults to the supervisor

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions