internal Control of Cash Payments Abbe Co. is a small merchandising company with a manual accounting...

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Accounting

internal Control of Cash Payments Abbe Co. is a smallmerchandising company with a manual accounting system. Aninvestigation revealed that in spite of a sufficient bank balance,a significant amount of available cash discounts had been lostbecause of failure to make timely payments. In addition, it wasdiscovered that the invoices for several purchases had been paidtwice. Indicate whether the procedures listed below for the paymentof vendors' invoices would reduce the possibility of losingavailable cash discounts and of paying an invoice a secondtime.

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Here the given information in the question is 1 Abbe co having manual accounting systems 2 Due to insufficient bank balance organization lost many cash discounts 3 Several invoices are paid twice So by observing all the above points we came to know that there is a need to implement internal See Answer

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