The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance advices and duplicate deposit slips to the Accounting Department.a. Indicate the weak link in internal control in the handling of cash receipts.b. How can the weakness be corrected?
The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance advices and duplicate deposit slips to the Accounting Department.a. Indicate the weak link in internal control in the handling of cash receipts.b. How can the weakness be corrected?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance advices and duplicate deposit slips to the Accounting Department.
a. Indicate the weak link in internal control in the handling of cash receipts.
b. How can the weakness be corrected?
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