She is spending a lot of time marketing and selling mixers and giving her

She is spending a lot of time marketing and selling

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She is spending a lot of time marketing and selling mixers and giving her cookie classes.Her friendJohn is an accounting student who runs his own accounting service. He has asked Natalie if shewould like to have him do her accounting. John and Natalie meet and discuss her business.Part 2Natalie decides that she cannot afford to hire John to do her accounting. One way thatshe can ensure that her cash account does not have any errors and is accurate and up-to-date isto prepare a bank reconciliation at the end of each month. Natalie would like you to help her.CONTINUING COOKIE CHRONICLEwww.wiley.com/college/weygandtGo to the book’s companion website, , to see the completion of this problem.JWCL165_c07_304-355.qxd 7/31/09 2:05 PM Page 351
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Exploring the WebBYP7-3All organizations should have systems of internal control. Universities are no excep-tion. This site discusses the basics of internal control in a university setting.Address: , or go to Steps:Go to the site shown above.InstructionsThe front page of this site provides links to pages that answer six critical questions. Use theselinks to answer the following questions.(a)In a university setting who has responsibility for evaluating the adequacy of the system ofinternal control?(b)What do reconciliations ensure in the university setting? Who should review the reconciliation?(c)What are some examples of physical controls?(d)What are two ways to accomplish inventory counts?352Chapter 7Fraud, Internal Control, and Cashwww.wiley.com/college/weygandtDecision Making Across the OrganizationBYP7-4The board of trustees of a local church is concerned about the internal accountingcontrols for the offering collections made at weekly services. The trustees ask you to serve ona three-person audit team with the internal auditor of a local college and a CPA who has justjoined the church.At a meeting of the audit team and the board of trustees you learn the following.1.The church’s board of trustees has delegated responsibility for the financial management andaudit of the financial records to the finance committee.This group prepares the annual budgetand approves major disbursements. It is not involved in collections or record-keeping. Noaudit has been made in recent years because the same trusted employee has kept churchrecords and served as financial secretary for 15 years. The church does not carry any fidelityinsurance.2.The collection at the weekly service is taken by a team of ushers who volunteer to serve onemonth. The ushers take the collection plates to a basement office at the rear of the church.
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