CASE PROBLEM IBriefly describe what risks will occur if the following procedures occur in a company:The credit manager, in addition to having the authority to authorize the write-off of accounts receivable journal, can also receive the money from the collection of accounts receivable.In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cash accountability procedure for the cashier to the store manager. The second shift cashier simply continues the work of cashier shift 1. Likewise the next day, cashier shift 1 will continue the work of cashier shift 1. On Friday, all cash will be deposited into the bank by the cashier who works on that day. FileToolsViewDocument7 - Word (Product Activation Failed)Document5 *Document6wE Document7 *CASE PROBLEM IBriefly describe what risks will occur if the following procedures occur in a company:The credit manager, in addition to having the authority to authorize the write-offof accounts receivable journal, can also receive the money from the collection ofaaccounts receivable.b. In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cashaccountability procedure for the cashier to the store manager. The second shiftcashier simply continues the work of cashier shift 1. Likewise the next day, cashiershift 1 will continue the work of cashier shift 1. On Friday, all cash will be depos-ited into the bank by the cashier who works on that day.End of document IScreen 1 of 1--100%

A credit manager is a person who is appointed by the company in order to set terms of payments from…

Answered: Briefly describe what risks will occur…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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CASE PROBLEM I

Briefly describe what risks will occur if the following procedures occur in a company:

The credit manager, in addition to having the authority to authorize the write-off of accounts receivable journal, can also receive the money from the collection of accounts receivable.
In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cash accountability procedure for the cashier to the store manager. The second shift cashier simply continues the work of cashier shift 1. Likewise the next day, cashier shift 1 will continue the work of cashier shift 1. On Friday, all cash will be deposited into the bank by the cashier who works on that day.

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Document7 - Word (Product Activation Failed)
Document5 *
Document6
wE Document7 *
CASE PROBLEM I
Briefly describe what risks will occur if the following procedures occur in a company:
The credit manager, in addition to having the authority to authorize the write-off
of accounts receivable journal, can also receive the money from the collection of
a
accounts receivable.
b. In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cash
accountability procedure for the cashier to the store manager. The second shift
cashier simply continues the work of cashier shift 1. Likewise the next day, cashier
shift 1 will continue the work of cashier shift 1. On Friday, all cash will be depos-
ited into the bank by the cashier who works on that day.
End of document I
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