Weekly Assignment for Chapter 5: Internal Control Evaluation 1. financial diffic

Question

Weekly Assignment for Chapter 5: Internal Control Evaluation 1. financial difficulties and has to lay off one of its four employees in the accounting ar Phillip has asked you to determine what duties should be assigned to the three remaining employees Abigail, Bryan, and Chris to maintain the best separation of Your small business client, Phillip's Computer Repair Shop, is experiencing duties Required: Assign the following 10 duties to each of the three employees. a. Reconcile bank statement b. Open mail and list checks. c. Prepare checks for Phillip's signature. repare payroll checks. e. Maintain personnel records. f. Prepare deposit and take to bank. g. Maintain petty cash. h. Maintain accounts receivable records i. Maintain general ledger Reconcile accou nts receivable records to general ledger account. ] @*

Explanation / Answer

Solution:-

Sr. No. Duties Name of employee a. Reconcile bank statement. Abigail b. Open mail and list checks. Bryan c. Prepare checks ²or Phillip’s signature. Chris d. Prepare payroll checks. Chris e. Maintain personnel records. Abigail f. Prepare deposit and take to bank. Bryan g. Maintain pe³y cash. Bryan h. Maintain accounts receivable records. Chris i. Maintain general ledger. Bryan j. Reconcile accounts receivable records to general ledger account. Abigail

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