Question
The NSW basketball association operates a museum for the enjoyment of basketball enthusiasts. Entry to the museum is open daily and the cash-only entry fee
The NSW basketball association operates a museum for the enjoyment of basketball enthusiasts. Entry to the museum is open daily and the cash-only entry fee is $5/person which is collected by an employee sitting at the entrance. No tickets are issued to the patrons and at the end of the day the employee delivers the daily proceeds to the accountant who counts the cash in front of the employee and then places it in a locked safe. Each Friday afternoon the accountant delivers the weekly proceeds to the bank and receives a deposit receipt which she uses to record the deposit in the cash receipts journal.
Identify three internal control weaknesses over cash management in the existing system and recommend an improvement for each of the weakness that you have identified.
Word limit: maximum 200 words
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