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Group Project Select a business in your community and observe its internal controls over cash receipts and cash payments
Group Project
Select a business in your community and observe its internal controls over cash receipts and cash payments. The business could be a bank or a bookstore, restaurant, department store, or other retailer. In groups of three or four, identify and discuss the similarities and differences in each business’s cash internal controls.
Expert Solution
Note to Instructors: The purpose of this activity is to familiarize students with the internal controls used by specific businesses. For example, when you order food at a McDonald’s drive-through lane, your order is processed as follows:
1. The order is taken at a remote location by speaking with the cashier who rings up the order and indicates the amount you owe.
2. The order is simultaneously shown on a computer screen in the food preparation area.
3. You then drive up and pay the cashier the amount owed and are handed a receipt.
4. You drive further to where your order is delivered by an employee other than the cashier.
The preceding procedures separate the handling of cash from the delivery of the food order. If the cashier also delivered your order, the cashier could pocket your cash, not ring up your order, and delivery your food without anyone knowing.
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