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. The following are the some of the internal control procedures: Competent personnel, rotating duties, and mandatory vacations Separating responsibilities for related operations Separating operations, custody of assets, and accounting Proofs and security measures To state: Whether J’s handling of internal control situations are acceptable or not.

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Internal Controls Jimmy Pace has recently been hired as the manager of Jittery Jon’s Coffee Shop. Jittery Jon’s Coffee Shop is a national chain of franchised coffee shops. During his first month as store manager, Jimmy encountered the following internal control situations: a. Jittery Jon’s Coffee Shop has one cash register. Prior to Jimmy’s joining the coffee shop, each employee working on a shift would take a customer order, accept payment, and then prepare the order. Jimmy made one employee on each shift responsible for taking orders and accepting the customer’s payment. Other employees prepare the orders. I with Jimmy's method of handling this situation because Jimmy has the internal control principle of assignment of responsibility and the internal control principle of segregation of duties. b. Because only one employee uses the cash register, that employee is responsible for counting the cash at the end of the shift and verifying that the cash in the drawer matches the…

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Chapter 8, Problem 8.2EX

To determine

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.

The following are the some of the internal control procedures:

Competent personnel, rotating duties, and mandatory vacations

Separating responsibilities for related operations

Separating operations, custody of assets, and accounting

Proofs and security measures

To state: Whether J’s handling of internal control situations are acceptable or not.

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Internal Controls Jimmy Pace has recently been hired as the manager of Jittery Jon’s Coffee Shop. Jittery Jon’s Coffee Shop is a national chain of franchised coffee shops. During his first month as store manager, Jimmy encountered the following internal control situations: a. Jittery Jon’s Coffee Shop has one cash register. Prior to Jimmy’s joining the coffee shop, each employee working on a shift would take a customer order, accept payment, and then prepare the order. Jimmy made one employee on each shift responsible for taking orders and accepting the customer’s payment. Other employees prepare the orders. I with Jimmy's method of handling this situation because Jimmy has the internal control principle of assignment of responsibility and the internal control principle of segregation of duties. b. Because only one employee uses the cash register, that employee is responsible for counting the cash at the end of the shift and verifying that the cash in the drawer matches the…

Internal Controls Jimmy Pace has recently been hired as the manager of Jittery Jon’s Coffee Shop. Jittery Jon’s Coffee Shop is a national chain of franchised coffee shops. During his first month as store manager, Jimmy encountered the following internal control situations: a. Jittery Jon’s Coffee Shop has one cash register. Prior to Jimmy’s joining the coffee shop, each employee working on a shift would take a customer order, accept payment, and then prepare the order. Jimmy made one employee on each shift responsible for taking orders and accepting the customer’s payment. Other employees prepare the orders. I ________with Jimmy's method of handling this situation because Jimmy has_______. the internal control principle of assignment of responsibility and ________ the internal control principle of segregation of duties . b. Because only one employee uses the cash register, that employee is responsible for counting the cash at the end of the shift and verifying that the cash…

Internal controlsJimmy Pace has recently been hired as the manager of Jittery Jon'sCoffee Shop. Jittery Jon's Coffee Shop is a national chain of franchisedcoffee shops. During his first month as store manager, Jimmyencountered the following internal control situations: a. Jittery Jon's Coffee Shop has one cash register. Prior to Jimmy'sjoining the coffee shop, each employee working on a shift wouldtake a customer order, accept payment, and then prepare theorder. Jimmy made one employee on each shift responsible fortaking orders and accepting the customer's payment. Otheremployees prepare the orders.b. Because only one employee uses the cash register, that employeeis responsible for counting the cash at the end of the shift andverifying that the cash in the drawer matches the amount of cashsales recorded by the cash register. Jimmy expects each cashier tobalance the drawer to the penny every time no exceptions.c. Jimmy caught an employee putting a case of 1,000 single-servingtea bags in…