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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Why is it important to segregate the duties for handling cash from the duties for keeping the accounting records for cash?

To determine

Introduction:

It is important to segregate the duties for handling cash from the duties for keeping the accounting records for cash because it helps in reducing the possibility that could be used to hide misrepresentation, fraud or theft and increases the possibility that could be used for discovering the irregularities.

The importance of segregation of duties for handling cash from the duties for keeping the accounting records for cash.

Explanation

For example, movie theaters like AMC and Showcase require one employee to collect the cash and another employee to collect the tickets to admit the customer into the theater.

If one person was responsible for collecting cash and admitting customers, this person can easily handle the cash and let the customer in without issuing a ticket...

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