The following procedures were recently implemented at Pampered Pets, Inc. For each procedure, indicate whether the internal control over cash represents (1) a strength or (2) a weakness.a. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers. b. At the end of the day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank. c. After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. d. Along with the petty cash receipts for postage, office supplies, etc., several postdated employee checks are in the petty cash fund.

Internal control: Internal control is a process that ensures continuous reliability of…

Answered: The following procedures were recently…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.1P

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The following procedures were recently implemented at Pampered Pets, Inc. For each procedure, indicate whether the internal control over cash represents (1) a strength or (2) a weakness.

a. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers.
b. At the end of the day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank.
c. After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing.
d. Along with the petty cash receipts for postage, office supplies, etc., several postdated employee checks are in the petty cash fund.

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