CASE PROBLEM IBriefly describe what risks will occur if the following procedures occur in a company:The credit manager, in addition to having the authority to authorize the write-off of accounts receivable journal, can also receive the money from the collection of accounts receivable.In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cash accountability procedure for the cashier to the store manager. The second shift cashier simply continues the work of cashier shift 1. Likewise the next day, cashier shift 1 will continue the work of cashier shift 1. On Friday, all cash will be deposited into the bank by the cashier who works on that day. FileToolsViewDocument7 - Word (Product Activation Failed)Document5 *Document6wE Document7 *CASE PROBLEM IBriefly describe what risks will occur if the following procedures occur in a company:The credit manager, in addition to having the authority to authorize the write-offof accounts receivable journal, can also receive the money from the collection ofaaccounts receivable.b. In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cashaccountability procedure for the cashier to the store manager. The second shiftcashier simply continues the work of cashier shift 1. Likewise the next day, cashiershift 1 will continue the work of cashier shift 1. On Friday, all cash will be depos-ited into the bank by the cashier who works on that day.End of document IScreen 1 of 1--100%

A credit manager is a person who is appointed by the company in order to set terms of payments from…

Answered: Briefly describe what risks will occur…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5MC: There are several elements to internal controls. Which of the following would not address the issue...

See similar textbooks

Related questions

Question

CASE PROBLEM I

Briefly describe what risks will occur if the following procedures occur in a company:

The credit manager, in addition to having the authority to authorize the write-off of accounts receivable journal, can also receive the money from the collection of accounts receivable.
In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cash accountability procedure for the cashier to the store manager. The second shift cashier simply continues the work of cashier shift 1. Likewise the next day, cashier shift 1 will continue the work of cashier shift 1. On Friday, all cash will be deposited into the bank by the cashier who works on that day.

File
Tools
View
Document7 - Word (Product Activation Failed)
Document5 *
Document6
wE Document7 *
CASE PROBLEM I
Briefly describe what risks will occur if the following procedures occur in a company:
The credit manager, in addition to having the authority to authorize the write-off
of accounts receivable journal, can also receive the money from the collection of
a
accounts receivable.
b. In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cash
accountability procedure for the cashier to the store manager. The second shift
cashier simply continues the work of cashier shift 1. Likewise the next day, cashier
shift 1 will continue the work of cashier shift 1. On Friday, all cash will be depos-
ited into the bank by the cashier who works on that day.
End of document I
Screen 1 of 1
--
100%

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions