MANAGERIAL ACCOUNTING F/MGRS.
5th Edition
ISBN: 9781259969485
Author: Noreen
Publisher: RENT MCG
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Chapter P, Problem P.16Q
To determine
Concept introduction:
Internal Control: It is a set of controls that ensure the 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: The internal controls to manage the cash in a restaurant.
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If you were a restaurant owner, what internal controls would you implement to help maintain control of your cash?
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Where do I find a businesses internal controls over cash receipts and cash payments?
Chapter P Solutions
MANAGERIAL ACCOUNTING F/MGRS.
Ch. P - Prob. P.1QCh. P - Pick any major television network and describe...Ch. P - If you had to decide whether to continue making a...Ch. P - Why do companies prepare budgets?Ch. P - Prob. P.5QCh. P - Why is managerial accounting relevant to...Ch. P - Prob. P.7QCh. P - Why do management accountants need to understand...Ch. P - Prob. P.9QCh. P - Pick three industries and describe how the risks...
Ch. P - Pick any large company and explain three ways that...Ch. P - Why do companies that implement Lean Production...Ch. P - Why are leadership skills important to managers?Ch. P - Why are leadership skills important to managers?Ch. P - Prob. P.16QCh. P - Prob. P.17QCh. P - Prob. P.18QCh. P - Why do companies take a physical count of their...Ch. P - Why do companies use sequential prenumbering for...Ch. P - Planning and Control Many companies use budgets...Ch. P - Prob. P.2ECh. P - Prob. P.3ECh. P - Ethics and the Manager Richmond, Inc., operates a...Ch. P - Prob. P.6ECh. P - Ethics In Business Consumers and attorney generals...Ch. P - Prob. P.8ECh. P - Prob. P.9ECh. P - Corporate Social Responsibility In his book...Ch. P - Prob. P.11ECh. P - Cognitive Bias and Decision Making During World...Ch. P - Ethics and Decision Making Assume that you just...
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- Why is it important to have a petty cash fund available in a company?arrow_forwardWhich of the following generally would not be considered good internal control of cash receipts? a. Allowing customers to pay with a debit card. b. Requiring the employee receiving the cash from the customer to also deposit the cash into the company’s bank account. c. Recording cash receipts as soon as they are received. d. Allowing customers to pay with a credit card.arrow_forwardWhy is it critical to have internal controls in place when it comes to managing and handling cash? What internal controls would you recommend? Asaparrow_forward
- Which of the following generally would be considered good internal control of cash disbursements? a. Make all cash disbursements using cash rather than debit cards or credit cards. b. Set maximum purchase limits on debit cards and credit cards. c. The employee responsible for making cash disbursements should be in charge of cash receipts. d. The employee who authorizes payments should also prepare the check.arrow_forwardWhat kinds of businesses collect cash before recording the corresponding sales? How wouldthat different sequence affect internal control requirements?arrow_forwardDescribe how an employee might be able to steal cash from sale.arrow_forward
- What types of policies, procedures and controls can companies put in place to safeguard, reconcile and trace cash?arrow_forwardCash is an important asset for a business which should be protected against fraud or theft. Which internal controls can be put in place by a company to protect its cash?arrow_forwardWhat is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and outflows B. To ease the payment of cash to vendors C. to determine the honesty of the petty cash cashier D. To effectively control cash disbursementsarrow_forward
- Cash amounts held Cash is an important asset for a business which should be protected against fraud or theft. Which internal controls can be put in place by a company to protect its cash?arrow_forwardWhen it comes to auditing, how can an auditor tell whether a customer is taking advantage of corporate policies when it comes to cash discounts?arrow_forwardConsider internal control over receivables collections. What job must be withheld from a company’s credit department in order to safeguard its cash? If the credit department does perform this job, what can a credit department employee do to hurt the company?arrow_forward
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Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License