Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. which of the following irregularities could be dis

Which of the following irregularities could be discovered or prevented by the internal control that...

90.2K

Verified Solution

Question

Accounting

Which of the following irregularities could be discovered or prevented by the internal control that the duties of cashier and accountsreceivable bookkeeper should be separated?

The accountsreceivable bookkeeper charges off the accounts of friends to "Allowance for Uncollectible Accounts"

A cash shortage is covered by charging it to "Miscellaneous General Expenses"

A cash shortage is covered by overfooting (overadding) cash in transit on the bank reconciliation

Customers who paid their accounts in cash complain that they still receive statements of balances due

There are two cashiers. At the end of a certain day, there is a sizable cash shortage; each cashier blames the other and it is impossible to fix responsibility

Answer & Explanation Solved by verified expert
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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Identify the superficial and lateral muscles of the neck and their main functions. (list characteristics for...

Medical Sciences
Q

Required: Identify each of the costs accordingly by placing an “X” in the appropriate boxes. Each...

Accounting
Q

Using the image below answer the following questions high Light Absorption low An 400 450...

Biology
Q

Find the powers and roots if they are real numbers If the solution is not...

Basic Math
Q

One of the more popular statistics reported in the media is the president s job...

Statistics
Q

On January 1, Year 5, Pic Company acquired 7,500 ordinary shares of Sic...

Accounting
Q

(A) A manager needs to continuously create resources and benchmark against best practices. Explain how...

Accounting
Q

Assumption: X owns a rental building (its only asset) with a gross FMV of $1,000,...

Accounting
Q

Please answer the following question and explain. The Bipartisan Banking Act (BBA, officially...

Finance
Q

Suppose the current zero-coupon yield curve for risk-free bonds is as follows: Maturity (years) Zero-Coupon...

Finance
Q

The bookkeeper for Jordans Country Music Bar left this incomplete balance sheet. Jordans working capital...

Accounting
Q

Value of an annuity versus a single amount Personal Finance Problem Assume that you just...

Finance