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Perth Ltd has a reconciliation problem. The amount of cash receipted and banked by the cashier does not seem to match to the amount recorded in the accounts receivable customer records from the customer remittance advices. Perth Ltd seems to have good controls - it separated the receipting and recording of cash, and it regularly conducts a reconciliation.

(1) which internal controls might be missing?

(2) what documentation would you examine in order to investigate this problem?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M938370

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