P7-3A Cedar Grove Middle School wants to raise money for a new sound system for its auditori The main fundraising event is a dance at which the famous disc jockey Attitude Al will play classic : not-so-classic dance tunes. Roger DeMaster, the music teacher, has been given the responsibility for ordinating the fundraising efforts. This is Roger's first experience with fundraising. He asks the Stud Representative Council (SRC) to help him with the event. Roger had 500 unnumbered tickets printed for the dance. He left the tickets in a box on his deska told the SRC students to take as many tickets as they thought they could sell for $5 each. In order to sure that no extra tickets would be floating around, he told them to dispose of any unsold tickets. W the students received payment for the tickets, they were to bring the cash back to Roger. He then put i a locked box in his desk drawer. Some of the students were responsible for decorating the gymnasium for the dance. Roger gave e of them a key to the cash box. He told them that if they took money out to buy materials, they sho note in the box saving how much they took and what it was used for After two weeks thes
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Please answer part a and b. Show the work.
![P7-3A Cedar Grove Middle School wants to raise money for a new sound system for its auditorium.
The main fundraising event is a dance at which the famous disc jockey Attitude Al will play classic and
not-so-classic dance tunes. Roger DeMaster, the music teacher, has been given the responsibility for co-
ordinating the fundraising efforts. This is Roger's first experience with fundraising. He asks the Student
Representative Council (SRC) to help him with the event.
Roger had 500 unnumbered tickets printed for the dance. He left the tickets in a box on his desk and
told the SRC students to take as many tickets as they thought they could sell for $5 each. In order to en-
sure that no extra tickets would be floating around, he told them to dispose of any unsold tickets. When
the students received payment for the tickets, they were to bring the cash back to Roger. He then put it in
a locked box in his desk drawer.
Some of the students were responsible for decorating the gymnasium for the dance. Roger gave each
of them a key to the cash box. He told them that if they took money out to buy materials, they should
put a note in the box saying how much they took and what it was used for. After two weeks, the cash box
appeared to be getting full, so Roger asked Freda Stevens to count the money, prepare a deposit slip, and
deposit the money in a bank account Roger had opened.
The day of the dance, Roger wrote a cheque from the account to pay Attitude Al. Al said that he
accepted only cash and did not give receipts. So Roger took $200 out of the cash box and gave it to Al.
At the dance, Roger had Sara Billings working at the entrance to the gymnasium. She collected tickets
from students and sold tickets to those who had not prepurchased them. Roger estimated 400 students
attended the dance.
The following day, Roger closed out the bank account, which had $250 in it. He gave that amount
plus the $180 in the cash box to Principal Skinner. Principal Skinner seemed surprised that, after gener-
ating roughly $2,000 in sales, the dance netted only $430 in cash. Roger did not know how to respond.
Instructions
(a) Identify the weaknesses in internal control over cash receipts and cash payments.
(b) What improvements in internal control should the school consider?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6412b2f9-fc2a-4338-a4c1-36731698f9e2%2Fa41b1a24-497c-418d-9c69-5d3391b8ec92%2Fsd47km_processed.jpeg&w=3840&q=75)
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