Answered: Why should the responsibility for a…

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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Question

Why should the responsibility for a sequence of related operations be divided among different persons? Explain.
The ticket seller at a movie theater doubles as a ticket taker for a few minutes each day while the ticket taker is on a break. Which control procedure of a business’s system of internal control is violated in this situation?
Do items reported as a credit memorandum on the bank statement represent (a) additions made by the bank to the company’s balance or (b) deductions made by the bank from the company’s balance? Explain.

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The ticket seller at a movie theater doubles as a ticket taker for a few minutes each day while the ticket taker is on a break. Which control procedure of a business’s system of internal control is violated in this situation?

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