Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The local History Museum of Blackburn, a town in Lancashire, England, exhibits artefacts of history relevant to the locality of Lancashire. The entrance fees are

image text in transcribed
image text in transcribed
The local History Museum of Blackburn, a town in Lancashire, England, exhibits artefacts of history relevant to the locality of Lancashire. The entrance fees are Patrona Members Non-Members Charges (6) No charge and entry is free Es per person Entry fees During the hours the museum is open to the public and two assistants who are poskioned at the entrance collect a 6 admission fee from each non-member patron. Members of the Hatory Museum an allowed to enter free of charge upon presentation of their membership cards Cash deposits At the end of each day one of the assistants submits the cash collected to the cashier. The cashier counts the cash in the presence of the assistants and the cash in a safe. Each Friday afternoon the casher and one of the assistants deliver all the cash held in the safe to the bank and receive an attested deposit sip, which provides the basis for the weekly entry in the cash receipts journal Internal control matters The Trustees of the History Museum considered a need to improve the internal control system over tash admission fees. The trustees have determined that the cost of installine security and atering the pysical layout of the museum would greatly exceed any benefits that might be derived. However, the trustees have agreed that the sale of admission ets ust be an integral part of its ovement efforts. Ahmad has been asked by the trustees of the History Museum to review the internal control over cash admission fees and suggest improvements. Required: Examine and identity five weaknesses in the existing internal control system over cash admission fees 15 x 2 marks each - 10 mars Recommend one improvement for each of the weaknesses identified The local History Museum of Blackburn, a town in Lancashire, England, exhibits artefacts of history relevant to the locality of Lancashire. The entrance fees are Patrona Members Non-Members Charges (6) No charge and entry is free Es per person Entry fees During the hours the museum is open to the public and two assistants who are poskioned at the entrance collect a 6 admission fee from each non-member patron. Members of the Hatory Museum an allowed to enter free of charge upon presentation of their membership cards Cash deposits At the end of each day one of the assistants submits the cash collected to the cashier. The cashier counts the cash in the presence of the assistants and the cash in a safe. Each Friday afternoon the casher and one of the assistants deliver all the cash held in the safe to the bank and receive an attested deposit sip, which provides the basis for the weekly entry in the cash receipts journal Internal control matters The Trustees of the History Museum considered a need to improve the internal control system over tash admission fees. The trustees have determined that the cost of installine security and atering the pysical layout of the museum would greatly exceed any benefits that might be derived. However, the trustees have agreed that the sale of admission ets ust be an integral part of its ovement efforts. Ahmad has been asked by the trustees of the History Museum to review the internal control over cash admission fees and suggest improvements. Required: Examine and identity five weaknesses in the existing internal control system over cash admission fees 15 x 2 marks each - 10 mars Recommend one improvement for each of the weaknesses identified

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

Recommended Textbook for

Financial Management for Public Health and Not for Profit Organizations

Authors: Steven A. Finkler, Thad Calabrese

4th edition

133060411, 132805669, 9780133060416, 978-0132805667

More Books

Students also viewed these Accounting questions

Question

What factors infl uence our perceptions?

Answered: 1 week ago