June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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EXERCISE 7-1
| Purpose: | (L.O. 4) This exercise will test your knowledge of internal control procedures related to cash disbursements. The following procedures pertain to cash disbursements for Jon Ron's Surf Shop in Daytona Beach. |
- The company checks come in books of twenty-five each and are unnumbered.
- The company checks are stored in an unlocked drawer in the manager's office.
- The assistant manager approves all payments, signs all checks, and distributes all checks.
- A bank reconciliation is prepared once every six months.
- Employees are allowed two weeks of vacation after they have been with the company for one full year. An employee can then take the vacation time earned or choose to work continuously and receive regular pay as well as vacation pay for the two “vacation weeks.”
Instructions
For each procedure, explain the weakness in internal control and identify the internal control principle that is violated.
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