Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. fork company is a rapidly growing start-up busines

Fork Company is a rapidly growing start-up business. The bookkeeper, who was hired ten months ago,...

50.1K

Verified Solution

Question

Accounting

Fork Company is a rapidly growing start-up business. Thebookkeeper, who was hired ten months ago, left Hong Kong after thecompany's manager discovered that a large sum of money haddisappeared over the past two months. An audit discovered that thebookkeeper had written and signed several checks made payable tohis girlfriend and then recorded the checks as salaries expense.The girlfriend, who cashed the checks had never worked for thecompany, left Hong Kong with the bookkeeper. As a result, thecompany incurred an uninsured loss of $110,000.

Discuss which principles of internal control appear to have beenignored for the For Company.

Answer & Explanation Solved by verified expert
4.2 Ratings (883 Votes)
The following are the principles of Internal Control Separation of Duties Accounting System Access Controls Physical Audits of Assets Standardized Financial Documentation Daily or Weekly Trial Balances Periodic Reconciliations in Accounting Systems Approval Authority    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The Last Stop Boutique has a special sale of five days. Each day, Starting Monday, the...

Advance Math
Q

the canadian government has been cracking down for small entrepreneur at tax time, looking for more...

Operations Management
Q

“Dollar Shave Club” created an ad for their services that went viral a few years back....

General Management
Q

Topic 7 Test A X app formative com formatives 63f5479e9ace61311adb270d Given APQR be true Select...

Geometry
Q

Question 4 of 14 4 A coin is tossed 1300 times and tails is observed...

Statistics
Q

Theorem If A is an algebra of subsets of X and A E A i...

Algebra
Q

Minneapolis Mills has $13,000,000 of debt outstanding as of March 31, 2020. The interest rate...

Accounting
Q

Simon Companys year-end balance sheets follow. Simon Company's year-end balance sheets follow...

Accounting
Q

Period costs are classified as inventory until sold and are then expensed as Cost Of...

Accounting
Q

Presented below is information related to Cullumber Company, owned by D. Flamont, for the month...

Accounting
Q

1.John is the owner and operator of A Star Company, a motivational consulting business. At...

Accounting
Q

Quick Study 19-3 Variable costing income statement LO P2 Aces Inc., a manufacturer of tennis...

Accounting