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OleMash [197]
3 years ago
7

Exercise 8-02 The following control procedures are used at Torres Company for over-the-counter cash receipts. (a) For each proce

dure, explain the weakness in internal control, and identify the control principle that is violated. (b) For each weakness, suggest a change in procedure that will result in good internal control.
Business
1 answer:
saveliy_v [14]3 years ago
3 0

Answer: weakness

Cashiers are not bonded. Cash is not adequately protected from theft. Inability to establish responsibility for cash with a specific clerk. The accountant should not handle cash. Cash is not independently counted.

Principal: Segregation of Duties.Human Resource Controls.Independent Internal Verification.Documentation Procedures Physical Controls.Establishment of Responsibility.

Explanation:

There should be separate cash drawers and register codes for each clerk. A cashier office supervisor should count cash. The cashier’s department should make the deposits. All cashiers should be bonded. Cash should be stored in a safe until it is deposited in the bank.

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Answer:

The correct answer is (d)

Explanation:

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2 years ago
A company that is continually using up its cash is considered to have a high
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The answer is C. Burn rate.
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A company purchased a tract of land for its natural resources at a cost of $1,544,800. it expects to mine 2,020,000 tons of ore
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5 0
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Answer:

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