Answer Happy

vs Translate Learning Objective 1 S-F:8-1 Defining internal control Internal controls are designed to safeguard assets, cncourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the business to survive? Give your reason. Learning Objective 2 S-F:8-2 Applying internal control over cash receipts Sandra Kristof sells furniture for McKinney Furniture Company. Kristof is having financial problems and takes $650 that she received from a customer. She rang up the sale through the cash register. What will alert Megan McKinney, the controller, that something is wrong? S-F:8-3 Applying internal control over cash receipts by mail Review the internal controls over cash receipts by mail presented in the chapter. Exactly what is accomplished by the final step in the process, performed by the controller? Learning Objective 2 Learning Objective 3 S-F:8-4 Applying internal control over cash payments by check A purchasing agent for Franklin Office Supplies receives the goods that he purchases and also approves payment for the goods. Requirements 1. How could this purchasing agent cheat his company? 2. How could Franklin avoid this internal control weakness? W