Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
12th Edition
ISBN: 9780134490663
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda L., Matsumura, Ella Mae
Publisher: PEARSON
Question
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Chapter 8, Problem E8.14E
To determine

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.

Requirement 1

Internal Control weakness over the cash receipts.

To determine

Requirement 2:

Measures to correct those weaknesses.

The following are the measures to be taken to correct the weakness in the internal control.

1) An internal record of all sales should be maintained.

2) The manager has to check the cash collected and should compare the same with the register tape at the end of the day.

3) Lastly, the accounting department should compare the register tape with the sales and record all journals relating to the sales.

Blurred answer

Chapter 8 Solutions

Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters

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