12) Discuss the risks associated with sales, cash and accounts receivable. 13) Discuss how the segregation of duties serves as a major control for safeguarding cash. 14) The accounting records...

12) Discuss the risks associated with sales, cash and accounts receivable.

13) Discuss how the segregation of duties serves as a major control for safeguarding cash.

14) The accounting records for Quality Auto Parts show that the cash account should have a balance of $78,500. However, a hand count showed only $76,980. The missing amount cannot be found. A review of cash procedures revealed that each cashier draws money for his/her register cash drawer from the safe at the start of each shift. At the end of each day the manager counts the cash, fills out the deposit slip, and deposits the money in the bank on his way home. Evaluate the situation and give the owners of Quality Auto Parts some advice on proper procedures for control of cash.