question internal control of cash receipts the procedures used for over the counter 4283490
Internal Control of Cash Receipts
The procedures used for over-the-counter receipts are asfollows. At the close of each day's business, the sales clerkscount the cash in their respective cash drawers, after which theydetermine the amount recorded by the cash register and prepare thememo cash form, noting any discrepancies. An employee from thecashier's office counts the cash, compares the total with the memo,and takes the cash to the cashier's office.
a. Identify the weak link in internalcontrol.
The sales clerk should not have access to the cashregister tapes.
An employee from the treasurer's office takes the cash to thecahier's office
The sales clerk should have access to the cashregister tapes.
An employee from the cashier's office counts the cash and comparesthe total witht the memorandum
b. Who should remove the cash register tapes fromthe register?
The company president
An employee from the cashier's office
A teller from the bank
The accounts payable clerk