Sandra kristof sells furniture for mckinney furniture company. kristof is having financial problems and takes $650 that she received from a customer. she rang up the sale through the cash register. what will alert megan mckinney, the controller, that something is wrong?

Internal control over the cash receipts:

Cash receipts over the counter is a point of sale terminal that provides control over the cash receipts. The control on the cash receipts over the counter can be made as follows –

For preventing the theft by the clerks:

-       After entering the transaction, the cash drawer opens and the machine records it.

-       At the end of the day the manager compares the cash with the machine records and it can prevent the theft by the clerk.

For preventing the theft by the accountant:

-       The recorded data on the machine tape then goes to the accountant for recording the accounting transaction

-       It records the journal entry for cash receipt and sales revenue. These even helpful to get rid of the oversight by the manager.

This is one of the methods through the process of the separation of duties through which the internal control in the cash payments over the counter can be done.

In the given case the cash difference at the cash in the drawer and as per the machine records shows that something went wrong. So by using the above internal control procedure, the fraud made by the controller can be found

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