Identify any principles of internal control that may be violated based on the five problems which might occur in the processing of the petty cash transactions. a. Petty cash receipts are not pre-numbered. b. Kevin counts his own petty cash each day and verbally reports the results to the supervisor. c. Kevin, the petty cash custodian with over 5 years' experience is not bonded. d. Store petty cash box in drawer without lock. Beside Kevin, Zain and Burn also authorized to handle cash receipts. е.
Identify any principles of internal control that may be violated based on the five problems which might occur in the processing of the petty cash transactions. a. Petty cash receipts are not pre-numbered. b. Kevin counts his own petty cash each day and verbally reports the results to the supervisor. c. Kevin, the petty cash custodian with over 5 years' experience is not bonded. d. Store petty cash box in drawer without lock. Beside Kevin, Zain and Burn also authorized to handle cash receipts. е.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Identify any principles of internal control that may be violated based on the five problems
which might occur in the processing of the petty cash transactions.
a. Petty cash receipts are not pre-numbered.
b. Kevin counts his own petty cash each day and verbally reports the results to the
supervisor.
c. Kevin, the petty cash custodian with over 5 years' experience is not bonded.
d. Store petty cash box in drawer without lock.
e. Beside Kevin, Zain and Burn also authorized to handle cash receipts.
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