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Question - Gladys Edwards, an administrative clerk, hasn't taken a vacation in years. She has worked for ACME Corporation, a transportation company, for several years. Gladys demonstrates a loyalty that is rare among ACME Corporation's employees and is well liked by her peers and management. Gladys always brings goodies to the office and hosts staff parties at her home.
One of Gladys' primary duties is to open the mail and list the cheques received. She also takes cash from owner operators who are settling their advance accounts. At times the job is very hectic and she is so busy that Gladys doesn't bother with giving a receipt for the cash paid on the owner operator's accounts. She assures them she will take care of it and that they receive the proper credit later. The owner operators are used to this and never question Gladys.
When it is slow in the office, Gladys offers to help Tom, the Controller, to post payments and adjustments to the customer accounts receivable and to the owner operator accounts. Tom is always happy to receive her help, because Gladys is such a conscientious worker and valued employee.
Required - Identify and explain three internal control activities that may be violated in this situation, and provide a recommendation to correct the violation.
April 21st, your customers bought 15,000 units of your product for $115 per unit (you decide what your company sells).
The Habicht Company was formed in 2009 to produce a single product. The production and sales for the next four years were as follows:
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