Department accounting, Financial Accounting

Assignment Help:

In the spring of each year, Steinbrook College's theater department puts on a contemporary play. Before the performance, the theater manager instructs student volunteers in their duties as cashier, ticket taker, and usher.

The cashier, who is located in a box office at the entrance to the auditorium, receives cash from customers and enters the number of tickets and the amount paid into a computer, which prints out serially numbered tickets. The cashier puts the cash in a locked cash drawer and gives the tickets to the customer.

Customers give their tickets to the ticket taker. The ticket taker tears each ticket in half, gives one half to the customer, and puts the other half in a locked box. When customers present their ticket stubs to an usher, the usher shows them to their seats.
• Describe how the control activities (authorization; recording transactions; documents and records; physical controls; periodic independent verification; separation of duties; and sound personnel practices) apply to the cashier, ticket taker, and usher.
• Could the cashier issue a ticket to a friend without taking in cash? Could the ticket taker allow friends to enter without a ticket? If so, how might they be caught?

 


Related Discussions:- Department accounting

Protection of trustee against claims, PROTECTION AGAINST CLAIMS The tru...

PROTECTION AGAINST CLAIMS The trustees may protect themselves against claims after discharge in the following ways:   1. As regards liability for rent and other obligations und

Investment tax credit, Investment Tax Credit - This is a component of gener...

Investment Tax Credit - This is a component of general business credit and comprises the following: 1. Energy credit 2. Rehabilitation credit 3. Reforestation credit

Distinctions between a business combination and a merger, What are the lega...

What are the legal distinctions between a business combination, a merger, and a consolidation? Mergers Vs Acquisitions: When one company takes over another and clearly esta

Treasury security, The real risk-free rate is 3%. Inflation is usual to be ...

The real risk-free rate is 3%. Inflation is usual to be 3% this year, 4% next year, and then 5% afterthat. The maturity risk premium is estimated to be 0.0007 x (t - 1), where t =

To observe terms of trust-trusts laws and accounts, To observe terms of tru...

To observe terms of trust   Trustees must comply with the trust instrument and the rules of equity; they need not consult the beneficiaries or take instructions from them; but the

Conclusion on overtrading, Q. Conclusion on Overtrading? The majority o...

Q. Conclusion on Overtrading? The majority of the evidence suggests that our company is moving into an overtrading situation, although the evidence is not conclusive. Current p

Comprehensive basis of accounting, Comprehensive Basis of Accounting (OCBOA...

Comprehensive Basis of Accounting (OCBOA) - Consistent accounting basis other than GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) used for financial reporting. Illustrations compr

Ethics and Social Responsibility, Select a publicly traded company for whic...

Select a publicly traded company for which an Accounting and Auditing Enforcement Release (AAER) was published on the U.S. Securities and Exchange Commission (SEC) website at http

Variation of securities-executorship laws and accounts, Variation of securi...

Variation of securities It would seem logical to carry out a strict apportionment between income and capital every time investments are bought or sold. If this were done, it wo

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd