Business, 02.09.2020 04:01 anthonybowie99

Evaluate the internal controls in each situation as strong or weak. Cash receipts: Samson Auto Parts hasinternal controls. There is. a. a good separation of duties. b. a good system of documenting transactions. c. not a good separation of duties. d. not a good system of documenting transactions. The following situations describe two cash payment situations and two cash receipt situations. In each pair, one set of internal controls is better than the other. Requirement: Evaluate the internal controls in each situation as strong or weak. Cash receipts: Samson Auto Parts hasinternal controls. There is:.A. Different people receive cash, record the cash, and deposit the cash. B. The accountant should maintain detailed records of the accounts receivable that are collected C. The cash collected is properly summarized and recorded by the accountant. D. The same person receives cash, records the cash, and deposits the cash. A) At Samson Carpet Mill, cash received by mail goes straight to the bookkeeper, who debits Cash and credits Accounts Receivable to record the collections from customers. The bookkeeper then deposits the cash in the bank. B) Cash received by mail at Liberty Dermatology Clinic goes to the mailroom, where a mail clerk opens envelopes and totals the cash receipts for the day. The mail clerk forwards customer checks to the cashier for deposit in the bank and forwards the remittance advices to the accounting department for posting credits to customer accounts. Cash payments: A) Scott Construction policy calls for construction supervisors to request the equipment needed for their jobs. The home office then purchases the equipment and has it shipped to the construction site. B) Remington Home Construction's policy calls for project supervisors to purchilse the equipment needed for jobs. The supervisors then submit the paid receipts to the home office for reimbursement. This policy enables supervisors to get the equipment quickly and keep

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Evaluate the internal controls in each situation as strong or weak. Cash receipts: Samson Auto Parts...

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