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The vice president of finance asks the accounts payable (AP) clerk to write a check in the name of the president for $10,000. He and the president will sign the check (two signatures needed on a check of this size). He further instructs the AP clerk not to disclose this check to her immediate supervisor. What should the AP clerk do? Should she prepare the check? Should she inform her immediate supervisor? Discuss with internal controls in mind.

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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 8, Problem 4TP
Textbook Problem
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The vice president of finance asks the accounts payable (AP) clerk to write a check in the name of the president for $10,000. He and the president will sign the check (two signatures needed on a check of this size). He further instructs the AP clerk not to disclose this check to her immediate supervisor. What should the AP clerk do? Should she prepare the check? Should she inform her immediate supervisor? Discuss with internal controls in mind.

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. Internal control works as a monitoring system...

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Chapter 8 Solutions

Principles of Accounting Volume 1
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