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TEA [102]
3 years ago
10

The following procedures were recently installed by Raspberry Creek Company: After necessary approvals have been obtained for th

e payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. Along with petty cash expense receipts for postage, office supplies, etc., several postdated employee checks are in the petty cash fund. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers. At the end of each day, all cash receipts are placed in the bank's night depository. At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank. All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.
Required:
Indicate whether each of the procedures of internal control over cash represents (1) A strength or (2) A weakness. For each weakness, indicate why it exists.
Business
1 answer:
Citrus2011 [14]3 years ago
3 0

Answer:

a. Strength

b. Strength

c. Weakness

d. Weakness

e. Strength

f. Strength

g. Weakness

h. Weakness

All the reasons of weakness are written in the explanation section below.

Explanation:

Solution:

Note: we are only asked to state the reasons of weaknesses only if exists. And in order to facilitate the reader I am breaking the question into parts.

a.

Comment : It represents a Strength

b.

Comment: It represents a strength

c.

Comment: It represents a Weakness

Reasons: In any case, post dated personal checks of employees are not permissible from the petty cash. It will showcase the advancing of funds from the petty cash for the employees. And it is a weakness.

d.

Comment:  It represents a weakness.

Reasons: It is a weakness, because it will create cash shortage of customers in the long run and it will lead to more and more complaints from the customers. Cash shortages should be dealt with proper procedure.

e.

Comment: It represents a strength

f.

Comment: It represents a strength.

g.

Comment: It represents a Weakness

Reasons: because it will create the accountability issues. Here, first step is that the mail clerk should list all the remittances and then send them forward. Furthermore, he/she must send duplicate copy account clerk for proper recording.

h.

Comment: It represents a Weakness

Reasons: It is not acceptable to prepare a bank reconciliation by people who are handling cash.

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