Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

When you pay for goods at La Tienda Foods, the cash register displays the amount of the sale, the cash received, and any change

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

When you pay for goods at La Tienda Foods, the cash register displays the amount of the sale, the cash received, and any change returned to you. Suppose the register also produces a customer receipt but keeps no record of the sales transactions. At the end of the day, the clerk counts the cash in the cash register and gives it to the cashier for deposit in the company bank account Required Complete the memo to Mia Francesca, the owner. Identify the internal control weakness over cash receipts, and explain how the weakness gives an employee the opportunity to steal cash. State how to prevent such a theft TO: Mia Francesca There is a weakness in internal control over cash receipts from customers. The cash registers cash register, there is no way to determine how much cash should be in the cash drawer. This omission makes it easy for the cashier to and a record of the total cash improve the internal control over cash, the company should use cash registers that lock a record of each koop a record of With no cord of locked in the and not get caught Ta for the day into the machine. The manager can prove the amount of in the drawer against this recorded amount.

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

Management and Cost Accounting

Authors: Alnoor Bhimani, Charles T. Horngren, Srikant M. Datar, George Foster

4th edition

1405888202, 978-0273711490, 273711490, 978-1405888202

More Books

Students also viewed these Accounting questions

Question

Q3: Prove: For any sets A and B, Ax B = B A ?

Answered: 1 week ago

Question

What is a total reward program?

Answered: 1 week ago

Question

What are the major content theories of motivation?

Answered: 1 week ago