QuickHelper

(10)

$20/per page/

About QuickHelper

Levels Tought:
Elementary,High School,College,University,PHD

Expertise:
Accounting,Applied Sciences See all
Accounting,Applied Sciences,Business & Finance,Chemistry,Engineering,Health & Medical Hide all
Teaching Since: May 2017
Last Sign in: 259 Weeks Ago, 2 Days Ago
Questions Answered: 20103
Tutorials Posted: 20155

Education

  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

Experience

  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Accounting Posted 29 May 2017 My Price 12.00

Identify the internal control weaknesses

Question description

 

 

Read the following vignette. 

Sorry, Inc. manages food concessions at local event venues. As many as five people work each concession area with two cash registers at each location. When the concession closes, a worker takes the cash drawers to a central location where the cash is counted by the main bookkeeper. There are too many cash drawers to reconcile, but the bookkeeper does try to match the receipts for the evening with the cash register tapes if employees bring the tapes. Since the sports events and concerts can last late into the evening, the bookkeeper often cannot deposit the money in the bank until the following morning (or sometimes a few mornings later if the event occurs on a weekend). Sorry pays the sports venue a percentage of the gross receipts. The sports venues often request cash payments, so the bookkeeper usually just pays from the cash receipts from the event.

Sorry, Inc. also outsources the parking concession. Their agreement is to pay Sorry a percentage of the gross receipts. These payments are usually made by check and are sent to the attention of the bookkeeper. The bookkeeper reconciles the payments to the reported receipts, and then deposits the checks.

 

Answers

QuickHelper
(10)
Status NEW Posted 29 May 2017 07:05 PM My Price 12.00

Hel-----------lo -----------Sir-----------/Ma-----------dam----------- T-----------han-----------k Y-----------ou -----------for----------- us-----------ing----------- ou-----------r w-----------ebs-----------ite----------- an-----------d a-----------cqu-----------isi-----------tio-----------n o-----------f m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l

Not Rated(0)