QUESTION 1 New World Sdn Bhd is an online retailer of home appliances and furniture. The company handles its sales through online in their head office located in the northern part of Malaysia. Below are the procedures for the cash receipts of New World Sdn Bhd: The processes begin when the mailroom received cheques and remittance advices from the customers. The mailroom clerk will open and put the cheques and the remittance advices into separate bins. Before separating the two documents, the clerk will reconcile the amounts on the cheques and the remittance advices. At the end of the day, the remittance advices and the cheques are sent to the cash receipts department. The next day, the clerk at the cash receipt department will record each remittance advice on the remittance list and reconcile the remittance list total with the total amount of cheque. The remittance list is then sent to the accounting department and the cheques are sent to the chief cashier. The accounting department clerk will update the customer account receivables based on the remittance list and file the list in the daily remittance list file. Every first day of the week, the accounting department clerk will prepare a weekly remittance summary and forward it to the general ledger department. Once the chief cashier receives the cheques from the cash receipts department, he will endorse at the back of the cheque with "for deposit only" and records the cheques in the cash receipts journal. Then he will prepare a bank deposit slip and bank in the cheque. Finally, the chief cashier will forward the endorsed bank deposit slip to the general ledger department. At the end of the month, the bank will send a bank statement to the cash receipts department The clerk will reconcile the bank statement and submit the updated info to the accounting department to prepare for the bank reconciliation statement Required: a. Discuss five (5) weaknesses in managing the cash receipts procedures above and suggest five (5) corrective actions that can be used to address the weaknesses identified earlier. Your answers should be written in the following format: (1) Weaknesses Recommendations (15 marks)