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xacc 290 week 9 discussion question 2

Business & Finance
Tutor: None Selected Time limit: 0 Hours

How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? .,

Jun 10th, 2014

  1. Assign designated individuals to handle cash.
  2. The person who does the bookkeeping should not handle cash.
  3. Use numbered receipts to document all payments.
  4. Make all bank deposits daily.
  5. The person who prepares the bank notations should be separate from the one handling cash.
  6. If fez able, the person who making the bank deposit should be different than the one who handles
    the cash and the one who prepares the bank notations.
  7. Make deposits intact with no amounts withdrawn to pay expenses.
  8. Keep cash and checkbook in a locked safe or cash register.
  9. Have a tolerance level for overages and shortages in place in order to decide the point at which corrective measures will be taken.
  10. Have all disbursements by check, expect when paying with petty cash.
  11. Have every payment attached to a paper document; for example, a voucher,
    to ensure that a paper trail exists for all transactions.
  12. Have random counts of petty cash and cash drawers.
  13. Due inventory and other assets often and look over books.

Jun 11th, 2014

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Jun 10th, 2014
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