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The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance advices and duplicate deposit slips to the Accounting Department. A. Indicate the weak link in internal control in the handling of cash receipts. B. How can the weakness be corrected?
Financial Accounting
Solutions
Financial Accounting
The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance advices and duplicate deposit slips to the Accounting Department.
- A.
Indicate the weak link in internal control in the handling of cash receipts. - B.
How can the weakness be corrected?
(a)
State the weak link in the internal control while handling the cash receipts.
Explanation of Solution
Internal Control: Internal control refers to the policies, and plans of the business organization along with other measures with a view to safeguard its assets, encourage the employees to adhere to the plans, to improve on the operational efficiency, and to ensure correct and reliable accounting information. Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations...
(b)
Determine the ways to correct the weakness.
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