Horngren's Accounting, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134487151
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Question
Chapter 8, Problem E8.14E
To determine
Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.
Requirement 1
Internal Control weakness over the cash receipts.
To determine
Requirement 2:
Measures to correct those weaknesses.
The following are the measures to be taken to correct the weakness in the internal control.
1) An internal record of all sales should be maintained.
2) The manager has to check the cash collected and should compare the same with the register tape at the end of the day.
3) Lastly, the accounting department should compare the register tape with the sales and record all journals relating to the sales.
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Chapter 8 Solutions
Horngren's Accounting, Student Value Edition (12th Edition)
Ch. 8 - Which of the following is not part of the...Ch. 8 - Prob. 2QCCh. 8 - Prob. 3QCCh. 8 - Prob. 4QCCh. 8 - Prob. 5QCCh. 8 - Prob. 6QCCh. 8 - Prob. 7QCCh. 8 - Prob. 8QCCh. 8 - Prob. 9QCCh. 8 - Prob. 10QC
Ch. 8 - Prob. 11QCCh. 8 - Prob. 1RQCh. 8 - Prob. 2RQCh. 8 - What are the five components of internal control?...Ch. 8 - Prob. 4RQCh. 8 - Prob. 5RQCh. 8 - Prob. 6RQCh. 8 - Prob. 7RQCh. 8 - Prob. 8RQCh. 8 - Prob. 9RQCh. 8 - What are the steps taken to ensure control over...Ch. 8 - Prob. 11RQCh. 8 - Prob. 12RQCh. 8 - Prob. 13RQCh. 8 - Prob. 14RQCh. 8 - Prob. 15RQCh. 8 - Prob. 16RQCh. 8 - Prob. 17RQCh. 8 - Prob. 18RQCh. 8 - Prob. S8.1SECh. 8 - Prob. S8.2SECh. 8 - Prob. S8.3SECh. 8 - Prob. S8.4SECh. 8 - Prob. S8.5SECh. 8 - Recording credit card and debit card sales...Ch. 8 - Prob. S8.7SECh. 8 - Prob. S8.8SECh. 8 - Prob. S8.9SECh. 8 - Prob. S8.10SECh. 8 - Prob. S8.11SECh. 8 - Prob. E8.12ECh. 8 - E8-13 Identifying internal controls Learning...Ch. 8 - Prob. E8.14ECh. 8 - Prob. E8.15ECh. 8 - Understanding internal control, components,...Ch. 8 - Prob. E8.17ECh. 8 - Prob. E8.18ECh. 8 - Journalizing credit card sales Learning Objective...Ch. 8 - Prob. E8.20ECh. 8 - Prob. E8.21ECh. 8 - Prob. E8.22ECh. 8 - Prob. P8.23APGACh. 8 - Prob. P8.24APGACh. 8 - Prob. P8.25APGACh. 8 - Prob. P8.26APGACh. 8 - Learning objective 6 Adjusted Balances $18,025 The...Ch. 8 - Prob. P8.28APGACh. 8 - Prob. P8.29BPGBCh. 8 - Prob. P8.30BPGBCh. 8 - Prob. P8.31BPGBCh. 8 - Prob. P8.32BPGBCh. 8 - Prob. P8.33BPGBCh. 8 - Prob. P8.34BPGBCh. 8 - Prob. P8.35CTCh. 8 - Prob. P8.36CPCh. 8 - Prob. P8.37PSCh. 8 - Prob. 8.1TIATCCh. 8 - Prob. 8.1DCCh. 8 - Prob. 8.2DCCh. 8 - Prob. 8.1FCCh. 8 - Prob. 8.1FSC
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