Question

h & h sells pet supplies and food and handles all sales with a cash register. the cash register displays the amount of the sale. it also shows the cash received and any change returned to the customer. the register also produces a customer receipt but keeps no internal record of the transactions. at the end of the day, the clerk counts the cash in the register and gives it to the cashier for deposit in the company bank account. requirements 1. identify the internal control weakness over cash receipts 2. what could you do to correct the weakness? requirement 1. identify the internal control weakness over cash receipts the following are the weaknesses in internal control (only complete the necessary input fields.)

Explanation:

1. Lack of internal transaction records means there's no way to easily verify cash - in - hand against sales amounts, increasing risk of fraud or errors going undetected.
2. To correct, implement a system to record all cash transactions internally, such as using accounting software to log sales, cash received, and changes given. This allows for reconciliations and better oversight.

Answer:

1. No internal record of transactions.
2. Implement an internal transaction - recording system (e.g., use accounting software).