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Alex_Xolod [135]
3 years ago
6

Vaughan Services hires a new accountant to maintain its petty cash fund. Although the employee possesses an accounting​ degree,

he/she had been previously convicted of embezzlement. Which internal control procedure needs to be addressed in this​ situation?
Business
1 answer:
timama [110]3 years ago
5 0

Answer: Competent, reliable, and ethical personnel.

Explanation:

Vaughan Services needs to follow competent, reliable and ethical personnel procedure to addressed this type of situation.

Competent characteristic tell us about the employee skills, knowledge and capability or ability of doing some work successfully.

Reliable characteristic tell us about the employee performance, quality and trustworthy or not.

Ethical personnel tells us about the employee's behavior towards the other people, responsibilities towards work and how much he is committed towards work.

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Based on the sales revenue that the ice cream manufacturer got and the cost of goods sold, the total gross profit on ice cream sales is $300,000.

<h3>How is the total gross profit calculated?</h3>

This can be found as:

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Sales revenue:

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Gross profit:

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