An accountant is responsible for the following activities: (1)receiving all cash; (2)maintaining the general ledger; (3)maintaining the accounts receivable subsidiary ledger that includes the individual records of each customer; (4)maintaining the journals for recording sales,purchases,and cash receipts;and (5)preparing monthly statements to be sent to customers.As a service to customers and employees,the company allows the accountant to cash checks of up to $75 with money from the cash receipts.When deposits are made,the checks are included in place of the cash receipts.What weaknesses in internal control exist in this system?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q121: A company establishes a $200 petty cash
Q122: Mandisa Sounds,Inc. ,a specialty retailer of customized
Q123: The following is a quote found in
Q124: The management of public companies must establish
Q125: The Report of Management in Brighton Company's
Q127: The Sarbanes-Oxley Act of 2002 requires all
Q128: The Sarbanes-Oxley Act of 2002 does not
Q129: Explain management's responsibility as it pertains to
Q130: Why do businesses need to keep some
Q131: Public companies are required to
A)have an independent
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents