Business Finance- Assignment Online | assignmentsonline.org
ACC – Harriet Knox, Ralph Patton, And Marcia Diamond Work For A Family Physician- Assignment Online | assignmentsonline.org
Accounting – Assignment Online | assignmentsonline.org
Harriet Knox, Ralph Patton, and Marcia Diamond work for a family physician, Dr. Gwen Contrad, who is in private practice. Dr. Contrad is knowledgeable about office management practices and has segregated the cash receipt duties as follows:
Knox opens the mail and prepares a triplicate list of money received.
She sends one copy of the list to Patton, the cashier, who deposits the receipts daily in the bank.
Diamond, the recordkeeper, receives a copy of the list and posts payments to the patients’ accounts.
About once a month the office clerks have an expensive lunch they pay for as follows:
First, Patton endorses a patient’s check in Dr. Contrad’s name and cashes it at the bank.
Knox then destroys the remittance advice accompanying the check.
Finally, Diamond posts payment to the customer’s account as a miscellaneous credit.
The three clerks justify their actions by their relatively low pay and the knowledge that Dr. Contrad will likely never miss the money.
Who is the best person in Dr. Contrad’s office to reconcile the bank statement? Simply providing a name is insufficient; you have to explain why this person would be the best one to reconcile the bank statements. About 75 to 100 words are expected.
Would a bank reconciliation uncover this office fraud? Why or why not? Again, about 75-100 words are expected.
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