A retail store normally has three people working in the evening. All of the employees have access to the same cash register. For the last month, the cash count at the end of the evening has been recording losses. The losses range from \$5 to \$300. So the manager has decided to be the only one to count the cash at the end of the evening to keep the losses from happening. Discuss if the change made by the manager is a good one. Will the losses keep happening, or will this change prevent losses due to theft? What other recommendations and changes should be considered by this manager?

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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

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FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 8, Problem 1TP
Textbook Problem
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A retail store normally has three people working in the evening. All of the employees have access to the same cash register. For the last month, the cash count at the end of the evening has been recording losses. The losses range from \$5 to \$300. So the manager has decided to be the only one to count the cash at the end of the evening to keep the losses from happening. Discuss if the change made by the manager is a good one. Will the losses keep happening, or will this change prevent losses due to theft? What other recommendations and changes should be considered by this manager?

To determine

Concept introduction:

Internal control:

Internal control is a set of controls which ensure smooth and effective management of the business transactions to achieve the business goals. Internal control works as a monitoring system for all the departments of an organization.

To indicate:

If the change made by the management is good for Cash control.

Explanation of Solution

Internal control is a set of controls which ensure smooth and effective management of the business transactions to achieve the business goals.

The change madeby the management is good ...

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