E8.3 (LO 1, 2) The following control procedures are used in Mendy Lang's Boutique Shoppe for cash lisbursements. 1. The company accountant prepares the bank reconciliation and reports any discrepancies to the owner. 2. The store manager personally approves all payments before signing and issuing checks. 3. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. 4. After payment, bills are filed in a paid invoice folder. 5. The company checks are unnumbered. Instructions a. For each procedure, explain the weakness in internal control, and identify the internal control prin- ciple that is violated. b. For each weakness, suggest a change in the procedure that will result in good internal control.

E8.3 (LO 1, 2) The following control procedures are used in Mendy Lang's Boutique Shoppe for cash lisbursements. 1. The company accountant prepares the bank reconciliation and reports any discrepancies to the owner. 2. The store manager personally approves all payments before signing and issuing checks. 3. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. 4. After payment, bills are filed in a paid invoice folder. 5. The company checks are unnumbered. Instructions a. For each procedure, explain the weakness in internal control, and identify the internal control prin- ciple that is violated. b. For each weakness, suggest a change in the procedure that will result in good internal control.

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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