Questions

Answer all the questions

This examination is worth 60% of your final mark.

5 questions - 100 marks

Question 1 - [16 MARKS]

Beacon Enterprises established a $150 petty cash fund with Elly as the petty cashier. When the fund balance reached $19 cash, Elly prepared a petty cash payment report, as follows.

Receipt No.

Account charged

Amount $

Approved by

Received by

120

Delivery expense

29

Elly

Simon

130

Merchandise inventory

18

Elly

Daniella

150

Omitted

32

Elly

Carl

160

Miscellaneous expenses

41

Ommited

Winter

Total

120

Required:

Part A: Identify four internal control weaknesses from the payment report- [8 marks]