Skip to main content

Business Accounting Connect Access Card for Financial Accounting: Information and Decisions

Internal control is a framework which helps the organization to control the important aspects of the business. It helps the organization to control certain things and do the work in efficient and effective manner. Requirement-1: To Find: Problem in the internal control in given case. In the given case, the person who open and read the mail of cash receipts is also make the entries of the cash receipts in the books of company. So, in this case there is possibility that person do some fraud at that level because there is no cross-checking internal control here. Concept Introduction: Internal control is a framework which helps the organization to control the important aspects of the business. It helps the organization to control certain things and do the work in efficient and effective manner. Requirement-2: To Identify: Changes in internal control. Company could make some changes that improve its internal control at that level of cash receipts. Company appoints different persons who make the entries of receipts and a different person who checks the mail of company. Company also gives authorization to some person who crosses check the mails and entries of the cash receipts.

Internal control is a framework which helps the organization to control the important aspects of the business. It helps the organization to control certain things and do the work in efficient and effective manner. Requirement-1: To Find: Problem in the internal control in given case. In the given case, the person who open and read the mail of cash receipts is also make the entries of the cash receipts in the books of company. So, in this case there is possibility that person do some fraud at that level because there is no cross-checking internal control here. Concept Introduction: Internal control is a framework which helps the organization to control the important aspects of the business. It helps the organization to control certain things and do the work in efficient and effective manner. Requirement-2: To Identify: Changes in internal control. Company could make some changes that improve its internal control at that level of cash receipts. Company appoints different persons who make the entries of receipts and a different person who checks the mail of company. Company also gives authorization to some person who crosses check the mails and entries of the cash receipts.

Solution Summary: The author explains that internal control helps the organization to control certain things and do the work in efficient and effective manner.

Connect Access Card for Financial Accounting: Information and Decisions

Connect Access Card for Financial Accounting: Information and Decisions

8th Edition

ISBN: 9781259662966

Author: John J Wild

Publisher: McGraw-Hill Education

See similar textbooks

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

Blurred answer

Chapter 6, Problem 2E

Chapter 6, Problem 5E

Students have asked these similar questions

hi expert please help me answer

Provide correct answer

Hello expert please provide this answer

Chapter 6 Solutions

Connect Access Card for Financial Accounting: Information and Decisions

Ch. 6 - List the seven braod principles of internal...Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ Ch. 6 - Prob. 7DQ Ch. 6 - Prob. 8DQ Ch. 6 - Prob. 9DQ Ch. 6 - Prob. 10DQ

Knowledge Booster

Background pattern image

Similar questions

SEE MORE QUESTIONS

Recommended textbooks for you

Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Text book image

Auditing: A Risk Based-Approach (MindTap Course L...

Accounting

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Cengage Learning

Text book image

Pkg Acc Infor Systems MS VISIO CD

Finance

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:CENGAGE L

Text book image

Auditing: A Risk Based-Approach to Conducting a Q...

Accounting

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:South-Western College Pub

Text book image

Survey of Accounting (Accounting I)

Accounting

ISBN:9781305961883

Author:Carl Warren

Publisher:Cengage Learning

Text book image

Accounting Information Systems

Accounting

ISBN:9781337619202

Author:Hall, James A.

Publisher:Cengage Learning,

SEE MORE TEXTBOOKS