1.Jane is a cashier at Lulu Ltd a fast-food outlet in Kang. She receives a lot of cash from customers for cash sales. Serving a lot of customers each time makes it difficult for her to record cash promptly. Her cousin does the banking of cash on her behalf every Saturday. Sunday is her resting day. She sometimes asks her brother, who is doing a certificate in accounting at a local college, to help her with bank reconciliation. As she is not familiar with accounting, she normally files the bank reconciliation without questions.Identify, from the above scenario, the risks and control objectives relating to cash. State the controls needed to deal with the identified risks.

In the present case it's evident that there are a lot of cash sales is happening and cash is been…

Answered: Identify, from the above scenario, the…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jane is a cashier at Lulu Ltd a fast-food outlet in Kang. She receives a lot of cash from customers for cash sales. Serving a lot of customers each time makes it difficult for her to record cash promptly. Her cousin does the banking of cash on her behalf every Saturday. Sunday is her resting day. She sometimes asks her brother, who is doing a certificate in accounting at a local college, to help her with bank reconciliation. As she is not familiar with accounting, she normally files the bank reconciliation without questions.