Question

In: Accounting

42. Which of the following is likely to be the LEAST productive procedure in exposing embezzlement?...

42. Which of the following is likely to be the LEAST productive procedure in exposing embezzlement?

A.Periodic comparison of daily edit sheets from the computer with bank deposits.

B.Comparison of actual charge slips with deposit totals

C.Periodic review of endorsements appearing on disbursement checks

D.Independent verification of accounts receivable control

Solutions

Expert Solution

A. Periodic comparison of daily edit sheets from the computer with bank deposits.

Option B goes a long way in unearthing embezzlement.

Option C : A periodic review of endorsements appearing on disbursement checks can help in indicating whether the same have been properly authorized or not. If the disbursement checks are not properly authorized, then further investigation is warranted to determine whether payments are being made to fictitious persons or not or duplicate payments are being made.

Option D: Verification of accounts receivable control by an independent person helps in determining the actual amounts receivable from debtors, and whether any of the accounts are fraudulently overstated by understating collections.

The Option A cannot be very productive in exposing embezzlement. It is possible for the cashier to cover up embezzlement by not recording a cash receipt, and the edit sheet would not help.


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