The Soccer Club decided to sell coupon books as a fund-raising activity.The books allow users to enjoy restaurants, entertainment, and services such as oil changes, at substantial discounts. The club bought 100 books for $16 each, and memberswill sell them for $20. About 20 members attended the last club meeting, andmost took one or two books to sell. Since the club had already paid for the books anddidnt have other immediate cash needs, members do not have to pay for the booksuntil they sell them.Extra books are stored on a book shelf in the clubs on-campus office. The office is ina great location with plenty of student traffic. It is shared with the Marketing and InformationSystems clubs. Each club has four sets of keys that are used by its officers andmembers.As students sell books, they bring the cash or checks to the clubs office. Students withunusual class schedules who arrive when the office is locked can put payments under thedoor. Payments are stored in a desk drawer until the treasurer has time to make a bankdeposit. Students can pick up more books to sell as needed.Instructions(a) Indicate the weaknesses in internal accounting control in the clubs fund-raising plan.(b) Indicate improvements in internal control procedures for the clubs fund-raisingplan.
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