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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unc.1 At end of the day, the cash register's record shows $180, but the count of cash in the cash register is $177. The correct entry to record the cash sales for the day is: A. Dr Cash 177Dr Cash over and short 3Cr Sales 180 B. Dr Cash 180Cr Cash over and short 3Cr Sales 177 C. Dr Cash 177 Cr Sales 177 D. Dr Cash 180 Cr Sales 180
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
4
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
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…
E8B. ACCOUNTING CONNECTION Developing a convenient means of reimbursing sales representatives with cash for their incidental expenses, such as for meals and supplies, is a problem many companies face. Under one company's plan, the sales representatives submit the receipts for reimbursement to the petty cash custodian. The representative then receives cash from the petty cash fund. What is the weak point in this system? What fundamental principle of internal con- trol is being ignored? What improvement in the procedure can you suggest?
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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.
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Answer a and b. Show all work.

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