(1) You have justbeen hired by ABC Co. as a staff accountant.Your manager asked you to book an entry but you are sure the entry is incorrect.You do…

(1) You have just been hired by ABC Co. as a staff accountant. Your manager asked you to book an entry but you are sure the entry is incorrect. You do not think it complies with accounting standards. How would you handle this situation?

(2) You have just been hired as an accountant for ABC Inc. and notice several weaknesses in internal control over cash, especially in the area of segregation of duties. Your manager says not to worry about the lack of controls all of the employees are very honest. How do you think these weaknesses would effect the financial statements and what should you do to try and resolve the situation? 

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