d. When business is brisk, Fast Mart deposits cash in the bank several times duringb. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, andon those nights. The ticket seller (cashier) is told to keep the tickets as a record ofThursday nights. To reduce expenses, the business decides not to use a ticket takeremployee orders merchandise and approves invoices for payment.la reviewing the records of Quality Pharmacy, you find that the sameInternal Control ara.the number sold.The same trusted employee has served as cashier for 12 years.he day. The manager at one store wants to reduce the time employees spend deliv-ing cash to the bank, so he starts a new policy. Cash will build up over weekends,and the total will be deposited on Monday.Grocery stores such as Convenience Market and Natural Foods purchase mostmerchandise from a few suppliers. At anotherdecides to reduce paperwork. He eliminates the requirement that the receivingdepartment prepare a receiving report listing the goods actually received fromthe supplier.grocery store,themanager E8-13 Identifying internal controlsConsider each situation separately. Identify the missing internal control procedurefrom these characteristics:rning Objective 1• Assignment of responsibilitiesSeparation of duties• AuditsElectronic devicesOther controls (specify)

E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: • Assignment of responsibilities Separation of duties • Audits Electronic devices • Other controls (specify)

E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: • Assignment of responsibilities Separation of duties • Audits Electronic devices • Other controls (specify)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

d. When business is brisk, Fast Mart deposits cash in the bank several times during
b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and
on those nights. The ticket seller (cashier) is told to keep the tickets as a record of
Thursday nights. To reduce expenses, the business decides not to use a ticket taker
employee orders merchandise and approves invoices for payment.
la reviewing the records of Quality Pharmacy, you find that the same
Internal Control ar
a.
the number sold.
The same trusted employee has served as cashier for 12 years.
he day. The manager at one store wants to reduce the time employees spend deliv-
ing cash to the bank, so he starts a new policy. Cash will build up over weekends,
and the total will be deposited on Monday.
Grocery stores such as Convenience Market and Natural Foods purchase most
merchandise from a few suppliers. At another
decides to reduce paperwork. He eliminates the requirement that the receiving
department prepare a receiving report listing the goods actually received from
the supplier.
grocery store,
the
manager

E8-13 Identifying internal controls
Consider each situation separately. Identify the missing internal control procedure
from these characteristics:
rning Objective 1
• Assignment of responsibilities
Separation of duties
• Audits
Electronic devices
Other controls (specify)

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