Business, 13.08.2021 03:00 loridoz

The following control procedures are used at Torres Company for over-the-counter cash receipts. Fareach procedure ecpera (a) (b) For each procedure, explain the weakness in internal control, and identify the control principle that is violated. For each weakness, suggest a change in procedure that will result in good internal control. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stockroom until it is deposited in the bank.
(a) Weakness: Principle:
(b) Recommended Change:
2. All over-the-counter receipts are registered by three clerks who use a cash register with a single cash drawer. (a) Weakness: Principle: (b) Recommended Change:
3. The company accountant makes the bank deposit and then records the day's receipts. (a) Weakness:

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 19:30

Each row in a database is a set of unique information called a(n) table. record. object. field.

Answers: 3

Answer

Business, 22.06.2019 19:50

Ichelle is attending college and has a part-time job. once she finishes college, michelle would like to relocate to a metropolitan area. she wants to build her savings so that she will have a "nest egg" to start her off. michelle works out her budget and decides she can afford to set aside $9090 per month for savings. her bank will pay her 4 %4% per year, compounded monthly, on her savings account. what will be michelle's balance in five years?

Answers: 3

Answer

Business, 22.06.2019 20:10

Your sister is thinking about starting a new business. the company would require $375,000 of assets, and it would be financed entirely with common stock. she will go forward only if she thinks the firm can provide a 13.5% return on the invested capital, which means that the firm must have an roe of 13.5%. how much net income must be expected to warrant starting the business? a. $41,234b. $43,405c. $45,689d. $48,094e. $50,625

Answers: 3

Answer

Business, 22.06.2019 22:00

Brody corp. uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. beginning inventory for january consisted of 1,050 units that were 65% completed. 10,900 units were started into the process during january. on january 31, the inventory consisted of 500 units that were 50% completed. what would be the equivalent units for direct materials cost using the weighted average method?

Answers: 2

Answer

You know the right answer?

The following control procedures are used at Torres Company for over-the-counter cash receipts. Fare...

Questions