Mgmt 200 Assignment Soln 2-4-11

Mgmt 200 Assignment Soln 2-4-11 - -A turnstile is used to...

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Management 200 – Introductory Financial Accounting– Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 4, 2011 Problem 4-1A Requirement 1: Internal controls include: - Tickets are serially numbered. - The person issuing the ticket at the box office is physically separated from the person taking the ticket for admission. - Half of the ticket is kept so that the number of tickets issued can be matched with the number of tickets received.
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Unformatted text preview: -A turnstile is used to automatically count those entering the theatre.-The ticket stubs are stored in a locked box. Requirement 2: At the end of each day, the ticket manager can match the money received with the number of tickets issued. In addition, the number of tickets issued can be matched with the number of tickets in the locked box which can also be verified with the count of the turnstile. Requirement 3 and 4: Classroom discussion....
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