Homework Help: Accounting1

Posted by Angie on Tuesday, March 27, 2012 at 7:13pm.

Consider the following scenarios: (Please respond to each scenario)

When we talk about "bad checks," are those always checks our customers have written to us? Explain. Would the company also write any bad checks and what are the repercussions for the same? Give examples to support your answer.
Suppose one person opens the cash receipts (checks received in the mail), makes the bank deposits, and keeps the A/R records. What top 3 potential problems could arise due to lack of separation of duties?
Why would a store offer a free purchase to a customer, who does not receive a receipt for a purchase already made by him/her? Share your experiences.

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