Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

After reading the concepts of a good system of internal control, the owner of a small business was concerned that his internal control was not

image text in transcribed

After reading the concepts of a good system of internal control, the owner of a small business was concerned that his internal control was not good. He counted the daily cash takings and prepared the deposit slip and banked the takings intact each day. He also approved payments and signed all cheques. To overcome his internal control problems, he decided he would have to hire more staff, so that he would be able to ensure adequate division of responsibility. Would this solve his problems? Explain. (6 marks)

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_2

Step: 3

blur-text-image_3

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 Accounting For Decision Makers

Authors: Peter Atrill, Eddie McLaney

9th Edition

1292251255, 9781292251257

More Books

Students also viewed these Accounting questions

Question

The fear of making a fool of oneself

Answered: 1 week ago

Question

Annoyance about a statement that has been made by somebody

Answered: 1 week ago