w2 | Onlin X +A https://v2.cengagenow.com/iln/takeAssignment/takeAssignmentMain.do?inprogress=trueg Bonus AssignmCalculatorInternal Control of Cash ReceiptsSergio Flores works at the drive-through window of Big & Bad Burgers. Occasionally, when a drive-through customer orders, Sergio fills the order andpockets the customer's money. He does not ring up the order on the cash register.Identify the internal control weaknesses that exist at Big & Bad Burgers.Can customers be part of the internal control process?Check My Work 2 more Check My Work uses remaining.PreviousNext9:54 AMsearch4/10/202049wwert5.

Introduction Internal Control is a process of assurance in achieving organisational objectives, in…

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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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ts. 7,8,9 Seved Which of the following statements is correc? Multtple Cholce An endorsement is a written authortzation that transfers ownership ofa check. If a check is negotiable, It means that ownership cannot be transferred. A check is a written order signed by an authortzed person, the drawee. Most businesses make one monthly deposit of cash recelpts in order to maintaln better control over their cash
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Accounting is an information and measurement system that does all of the following except. f2 W Multiple Choice O O BH # Records business activities. Identifies business activities. 3 Communicates business activities. Eliminates the need for interpreting financial data. Helps people make better decisions. f3 E S f4 63 R 15 % 5 8 f6 T A 19 8 1- ( T
Problem 1: The company sells a 2/10, n/30 basis. Internet control quite weak, so the senior accountant in charge of the examination of the company's financial statements asked you to make a careful review of the Cash Receipts Book for the month of July, 2020, which is reproduced below. You are asked to compute the cash short or over. Cash Receipts Cash Accounts Date Account Cash P 784 588 Item Sales Discount Receivable 7/5 7/10 Carrie Bart 6/24 invoice P 16 800 6/30 invoice 12 600 7/11 Cash Sales 25 25 7/12 Bart 7/13 Cash Sales 7/14 Antonio 7/15 Cash Sales 7/16 Bart 7/18 Cash Sales 7/20 Carrie 7/20 Cash Sales 7/27 Bart 7/1 invoice 294 6. 300 32 32 713 invoice 877 23 900 38 38 7/1 686 14 700 30 30 7/9 invoice 578 12 600 27 27 7/16 invoice 490 10 500 P 4,439 P 142 103 P 4,400
CHAPTER 7 Internal Control and Cash hris Component: One of your responsibilities as an employee with Halifax Fitness is to handle the petty ni You are concerned about the auto expense claims made regularly by Kim Marin, the manager who d u Kim tells you how much the expenditures are and you give her the cash out of petty cash. Kìm has aET VOu receipts to substantiate her claims. The owner of the business is visiting and asks you how ins are going. What should you do, if anything?? Explain. Problem 7-3A Petty cash fund reimbursement and analysis of errors LO4 Canital Irrigation has only a general journal in its accounting system and uses it to record all transactions. Houever, the company recently set up a petty cash fund to facilitate payments of small items. The following pemy cash transactions were noted by the petty cashier as occurring during April 2020: Received a company cheque for $300 to establish the petty cash fund. Received a company cheque to replenish the fund for the…
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An account of the petty cash fund showed composition as follows: Coins and currency Paid vouchers Transportation Gasoline Office Supplies Postage Stamps Due from employees Employee's check returned by bank marked "NSF" Check drawn by company to the order of petty cash custodian What is the correct amount of petty cash fund? P900 600 550 350 1,100 P2,500 3,500 1,500 4,500
Date Internal Control 623 A Preventive/ ts cash Control Ansd Detective 1. The Lions Inn uses a cash register. Accounting/ Administrative 2. The employee time clock is located just įve outside the manager's office. 50 3. An external auditor conducts a surprise cash audit quarterly. (OANavbedainimis 4. Only the front office supervisor may sldon approve room sales allowances. b tibun, lum supervisor y to hocen may - Fach room attendant's work in cleaning rooms is inspected by a housekeeping supervisor. 6 Cash receipts are deposited intact and on a daily basis. sgeb oanst prepares 7. The internal auditor bank reconciliation. The Far 8. Vegetables are stored in coolers at the proper the monthly A temperatures. 9. Supplier invoices are reconciled to the suppliers' monthly statements. 10. Cash drawers must be closed after each sale in all revenue centers. lsinm be 1. Indicate whether each control is preventive (P) or detective (D) and whether it is an accounting (AC) or administrative (AD)…
CASE PROBLEM I Briefly describe what risks will occur if the following procedures occur in a company: The credit manager, in addition to having the authority to authorize the write-off of accounts receivable journal, can also receive the money from the collection of accounts receivable. In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cash accountability procedure for the cashier to the store manager. The second shift cashier simply continues the work of cashier shift 1. Likewise the next day, cashier shift 1 will continue the work of cashier shift 1. On Friday, all cash will be deposited into the bank by the cashier who works on that day.
Answer a and b. Show all work.

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