The procedures used for over-the-counter receipts are as follows. At the close of each day's business, the sales clerks count the cash in their respective cash drawers, after which they determine the amount recorded by the cash register and prepare the memo cash form, noting any discrepancies. An employee from the cashier's office counts the cash, compares the total with the memo, and takes the cash to the cashier's office.
a. Indicate the weak link in internal control.
b. How can the weakness be corrected?
+2
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The procedures used for over-the-counter receipts are as follows. At the close of each day's business, the sales clerks count the cash in ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Home » Business » The procedures used for over-the-counter receipts are as follows. At the close of each day's business, the sales clerks count the cash in their respective cash drawers, after which they determine the amount recorded by the cash register and prepare