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Jared works as a physics teacher at Theta Institute. Juan, a first-generation Latin American, is a student at the same institute. Juan's physics classes are scheduled from 3 pm to 4.30 pm every weekday. Acting classes are also scheduled at the same time every day in the adjacent room. Jared notices that Juan is not performing well in the physics class and that his grades have not shown any signs of improvement in the last one year. Jared is worried that at this rate Juan might not clear his final examinations. Jared decides to investigate why Juan is unable to process information. He also wants to find out the barriers to effective communication. In this scenario, what is Jared most likely to conclude?
Petty Cash Fund
A small amount of cash kept on hand to pay for minor, incidental expenses of a business, recorded as a current asset on the balance sheet.
Cash Short
A situation where the actual cash on hand is less than the recorded amount in the accounting records, often resulting in a discrepancy during reconciliation.
Petty Cash Receipts
Documentation of small amounts of cash expenditures from a petty cash fund, used for minor business expenses.
Internal Control Problems
Weaknesses or failures in a company’s system of policies and procedures that govern its operations and financial reporting.
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