a.
Introduction: Internal control helps the company maintain its standards, policy and procedures continued to be implied on it employees and colleagues. Size, nature of business and activities of the company differ from company to company, where the process of procedures and policy come along. By providing a reliable internal
To identify: The internal control problems the company faces.
b.
Introduction: Internal control helps the company maintain its standards, policy and procedures continued to be implied on it employees and colleagues. Size, nature of business and activities of the company differ from company to company, where the process of procedures and policy come along. By providing a reliable internal control system, it protects both cash disbursements and receipts equally.
To identify: The internal control problems the company faces.
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Loose Leaf for Financial Accounting: Information for Decisions
- There are several elements to internal controls. Which of the following would not address the issue of having cash transactions reported in the accounting records? A. One employee would have access to the cash register. B. The cash drawer should be closed out, and cash and the sales register should be reconciled on a prenumbered form. C. Ask customers to report to a manager if they do not receive a sales receipt or invoice. D. The person behind the cash register should also be responsible for making price adjustments.arrow_forwardWhat is the advantage of using technology in the internal control system? A. Passwords can be used to allow access by employees. B. Any cash received does not need to be reconciled because the computer tracks all transactions. C. Transactions are easily changed. D. Employees cannot steal because all cash transactions are recorded by the computer/cash register.arrow_forwardHow often do we post the cash column in the cash receipts journal to the subsidiary ledger?arrow_forward
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