Exercises Identify the principles of internal control. E7.1 (LO 1), C Ricci's Pizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customer can se- Other employees making the pizzas and the large ovens in which the pizzas are baked. Instructions dentify the six principles of internal control and give an example of each principle that you might observe when picking up your pizza. (Note: It may not be possible to observe all the principles.) dentify internal control weaknesses over cash receipts and suggest improvements. rm 11

Exercises Identify the principles of internal control. E7.1 (LO 1), C Ricci's Pizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customer can se- Other employees making the pizzas and the large ovens in which the pizzas are baked. Instructions dentify the six principles of internal control and give an example of each principle that you might observe when picking up your pizza. (Note: It may not be possible to observe all the principles.) dentify internal control weaknesses over cash receipts and suggest improvements. rm 11

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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Internal controlsJimmy Pace has recently been hired as the manager of Jittery Jon'sCoffee Shop. Jittery Jon's Coffee Shop is a national chain of franchisedcoffee shops. During his first month as store manager, Jimmyencountered the following internal control situations: a. Jittery Jon's Coffee Shop has one cash register. Prior to Jimmy'sjoining the coffee shop, each employee working on a shift wouldtake a customer order, accept payment, and then prepare theorder. Jimmy made one employee on each shift responsible fortaking orders and accepting the customer's payment. Otheremployees prepare the orders.b. Because only one employee uses the cash register, that employeeis responsible for counting the cash at the end of the shift andverifying that the cash in the drawer matches the amount of cashsales recorded by the cash register. Jimmy expects each cashier tobalance the drawer to the penny every time no exceptions.c. Jimmy caught an employee putting a case of 1,000 single-servingtea bags in…
immy Pace has recently been hired as the manager of Jittery Jon’s Coffee Shop. Jittery Jon’s Coffee Shop is a national chain of franchised coffee shops. During his first month as store manager, Jimmy encountered the following internal control situations:a.Jittery Jon’s Coffee Shop has one cash register. Prior to Jimmy’s joining the coffee shop, each employee working on a shift would take a customer order, accept payment, and then prepare the order. Jimmy made one employee on each shift responsible for taking orders and accepting the customer’s payment. Other employees prepare the orders.b.Because only one employee uses the cash register, that employee is responsible for counting the cash at the end of the shift and verifying that the cash in the drawer matches the amount of cash sales recorded by the cash register. Jimmy expects each cashier to balance the drawer to the penny every time—no exceptions.c.Jimmy caught an employee putting a case of 1,000 single-serving tea bags in her car.…
if a manager is incharge of the Credit Right Software Corp department which involves sells leading account sooftare product and two of his employess commited fraud. How should the manager prepare himself to understand what causes individuals to commit fraud and how it happens?
The following procedures were recently implemented by SUP Yoga Co.: Each cashier is assigned a separate cash register drawer to which no other cashier has access. All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record locked inside the cash register. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record, and compares the amount of cash with the amount on the record to determine cash shortages and overages. Checks received through the mail are given daily to the accounts receivable clerk for recording collections on account and for depositing in the bank. Vouchers and all supporting documents are stamped PAID after being paid by the treasurer. Disbursements are made from the petty cash fund only after a petty cash receipt has been completed and signed by the payee. The bank reconciliation is prepared by the accountant. Instructions: Indicate whether each of the…
Can you help me make a detailed control procedure asap for my homework
Please read the following and identify any internal control principles that may be violated in the Jane Hardware store.(identify what could go wrong and what controls Jane Hardware should put in place to prevent it) Jerry Finch has worked for Jane Hardware for many years, Jerry has been a model employee. He has not taken a vacation in over three years, always stating that work was too important. One of Jerry's primary jobs at the store is to open mail and list the checks received. He also collects cash from customers at the store's outdoor nursery area. There are times that things are so hectic that Jerry does not bother to use the register, simply making change from cash he carries with him. When things slow down at the store Jerry often offers to help Cindy(the Accounting Clerk) post payments to the customer's accounts receivable ledger. Cindy is always happy to receive help since she is also quite busy and because Jerry is such a careful worker.
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