CourseLover

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    Devry University
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Category > Accounting Posted 13 Dec 2017 My Price 10.00

weaknesses in internal accounting control

The Soccer Club decided to sell coupon books as a fund-raising activity.

The books allow users to enjoy restaurants, entertainment, and services such as oil

changes, at substantial discounts. The club bought 100 books for $16 each, and members

will sell them for $20. About 20 members attended the last club meeting, and

most took one or two books to sell. Since the club had already paid for the books and

didn’t have other immediate cash needs, members do not have to pay for the books

until they sell them.

Extra books are stored on a book shelf in the club’s on-campus office. The office is in

a great location with plenty of student traffic. It is shared with the Marketing and Information

Systems clubs. Each club has four sets of keys that are used by its officers and

members.

As students sell books, they bring the cash or checks to the club’s office. Students with

unusual class schedules who arrive when the office is locked can put payments under the

door. Payments are stored in a desk drawer until the treasurer has time to make a bank

deposit. Students can pick up more books to sell as needed.

Instructions

(a) Indicate the weaknesses in internal accounting control in the club’s fund-raising plan.

(b) Indicate improvements in internal control procedures for the club’s fund-raising

plan.

Answers

CourseLover
(12)
Status NEW Posted 13 Dec 2017 03:12 PM My Price 10.00

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