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ABC Ltd is a small convenient store selling groceries on a cash basis. Name THREE internal...

ABC Ltd is a small convenient store selling groceries on a cash basis. Name THREE internal control principles generally, and for TWO of the principles explain their application to cash receipt for ABC Ltd.

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Answer #1

Three internal controls principles:-

1. Documentation procedures.

2. Segregation of duties.

3. Human resource control.

Application of principles to cash receipt:-

1. As soon as cash is received, person who receives cash should follow the proper documentary procedures will create audit trail and we can cross check the any discrepancies we find with respect to cash. Hence, ABC Ltd will make documentation procedures to record the cash receipts properly.

2. Cash is highly liquid item, therefore, it is vital for the store owner of ABC to bond the employee who has physical custody of cash.

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