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 returned

image 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 With no record of There is a weakness in internal control over cash receipts from customers. The cash registers keep a record of 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 locked in the cash and not get caught Click to select your answer(s) and then click Check Answer. hansi

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

The Social Function Of AccountsReforming Accountancy To Serve Mankind

Authors: John Flower

1st Edition

1138645249, 9781138645240

More Books

Students also viewed these Accounting questions

Question

Explain how to implement an optimal environmental tax.

Answered: 1 week ago