Identify the Internal Control Procedures Applicable to Cash Receipts for Ferguson

question 141

Essay

Identify the internal control procedures applicable to cash receipts for Ferguson Company in each of the following cases.
1. All cashiers are bonded.
2. The treasurer compares the total cash receipts to the bank deposit daily.
3. The bookkeeper records cash receipts which are held by the treasurer.
4. Only the treasurer holds cash receipts.
5. Deposit slips are completed for each deposit.

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Definitions:

Keynesian Economic

An economic theory advocating for government interventions to influence demand through fiscal and monetary policies.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s to respond to the Great Depression.

American Big Business

Large-scale, corporate enterprises that emerged in the United States during the 19th and early 20th centuries, often characterized by monopolistic practices, significant economic power, and influence over government policies.

Defense Industry

An industry involved in the production of technology, equipment, and services for the purpose of national defense and security.