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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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Problem 4-56A Internal Control Procedures for Cash Receipts OBJECTIVE 99

Lee and Kim Cooper are planning m open and operate a clothing boutique in a newly developed subdivision. Lee and Kim are concerned that employees may try to pocket some of the cash collected from customers.

Required:

Identify some internal control procedures that could help ensure that all cash paid by customers is remitted to the business.

To determine

Concept Introduction:

Internal Control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has its five integral components those together works an effective internal control.

To Indicate:

A control procedure to prevent the theft of cash by the employees.

Explanation

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting...

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