Billy Goodshoes is one of two Accounting Department assistant managers at Kvetch Textiles, Inc. Last week Billy noticed that Sam Clueless, the other assistant manager who is in charge of petty cash disbursements, among other things, withdrew what appeared to be a sizeable amount of currency from the fund without inserting a voucher to evidence withdrawal. Billy didn’t think much of it until the internal auditors detected a $100 discrepancy during their recent count of petty cash. Billy was told by one of the auditors that these discrepancies had been increasing in frequency and amount over a number of months. According to the auditor, Sam had explained the differences as due to lax documentation procedures on his part. Sam promised to begin a new program whereby funds would not be disbursed in the future until petty cash vouchers were submitted and approved in advance. Question:  Assume you are Billy Goodshoes.  You have No obligations in this case.  Group of answer choices True False

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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3.  Billy Goodshoes

Billy Goodshoes is one of two Accounting Department assistant managers at Kvetch Textiles, Inc. Last week Billy noticed that Sam Clueless, the other assistant manager who is in charge of petty cash disbursements, among other things, withdrew what appeared to be a sizeable amount of currency from the fund without inserting a voucher to evidence withdrawal. Billy didn’t think much of it until the internal auditors detected a $100 discrepancy during their recent count of petty cash. Billy was told by one of the auditors that these discrepancies had been increasing in frequency and amount over a number of months. According to the auditor, Sam had explained the differences as due to lax documentation procedures on his part. Sam promised to begin a new program whereby funds would not be disbursed in the future until petty cash vouchers were submitted and approved in advance.

Question:  Assume you are Billy Goodshoes.  You have No obligations in this case. 

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True
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