Choose 4 options !! If the answer is correct, I will give you positive ratings.But, if the answer is not correct, I will give you negative ratings. Shiny Happy Windows Co. (SHW) is a window cleaning company. Customers' windows are cleaned monthly, and the window cleanerthen posts a stamped addressed envelope for payment through the customer's front door.SHW has a large number of receivable balances and these customers pay by cheque or cash, which is received in the stampedaddressed envelopes by mail. The following procedures are applied to the cash received cycle:1. A junior clerk from the accounting department opens the mail, and if any cheques or cash have been sent, she records the receipts inthe cash received log and then places all the monies into the locked cash box.2. The contents of the cash box are counted each day, and every few days these sums are deposited at the bank by whichever memberof the accounting team is available.3. The cashier records the details of the cash received into the cash receipts journal and also updates the sales ledger.4. Usually on a monthly basis, the cashier performs a bank reconciliation, which he then files. If he misses a month, he then catches thisup in the following month's reconciliation.Which of the following are deficiencies with this process?O A junior clerk from the accounting department opens the mail.O When the mail is opened, any cheques or cash that have been sent are recorded in a cash log.O Cash receipts are kept in a locked cash box.O The contents of the cash box are counted each day.O Every few days cash receipts are deposited at the bank.O The cashier records the details of the cash received into the cash receipts journal and also updates the sales ledger.O Usually on a monthly basis, the cashier performs a bank reconciliation, which he then files.

Internal controls are designed to avoid irregularities, identify problems, and ensure that…

Which of the following are deficiencies with this process? A junior clerk from the accounting department opens the mail. When the mail is opened, any cheques or cash that have been sent are recorded in a cash log. Cash receipts are kept in a locked cash box. The contents of the cash box are counted each day. O Every few days cash receipts are deposited at the bank. The cashier records the details of the cash received into the cash receipts journal and also updates the sales ledger. O Usually on a monthly basis, the cashier performs a bank reconciliation, which he then files.

Which of the following are deficiencies with this process? A junior clerk from the accounting department opens the mail. When the mail is opened, any cheques or cash that have been sent are recorded in a cash log. Cash receipts are kept in a locked cash box. The contents of the cash box are counted each day. O Every few days cash receipts are deposited at the bank. The cashier records the details of the cash received into the cash receipts journal and also updates the sales ledger. O Usually on a monthly basis, the cashier performs a bank reconciliation, which he then files.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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