Topic 5- Internal Control, Cash and Cash Budget Internal Controls Bank Reconciliation Petty Cash Cash Budget 内部控制，现金和现金预算 内部控制 银行对账 小钱 现金预算
Upon completing this topic you should be able to: S 2 1. Outline the components of a good internal control system 2. Explain the role of a bank reconciliation 3. Prepare and post journal entries related to transactions on the bank statement 4. Prepare a bank reconciliation statement 5. Account for petty cash 6. Explain the purpose of a cash budget 7. Prepare a cash budget 概述了良好的内部控制系统的组成部分 解释银行对账的作用 准备并在银行对账单上发布与交易相关的日记账分录 准备银行对帐单 账户是小额现金 解释现金预算的目的 准备现金预算
Revision Question/Case Study 4 S 3 Refer previous week’s lecture slides (Solution to this question will NOT be provided on CloudDeakin – Please check and note down the solution/discussion in the seminar or when listening to online recording) Sigma Pharmaceuticals Ltd case study 1. Why did the former Sigma CEO and CFO falsify accounting books and provide misleading information? Identify two possible incentives. 为什么前西格玛首席执行官和首席财务官伪造会计账簿并提供误导性信息？确定两种可能的激励措施。
2. Based on this media release, reflect on why accounting regulation is essential in financial reporting. Revision Question/Case Study 4 S 4 根据此媒体发布，反思会计监管为何在财务报告中至关重要 。
Internal Controls & Its Effectiveness S 5 Internal control systems consists of all measures employed by an entity to: safeguard its resources against waste, fraud and inefficiency promote reliability of accounting data encourage compliance with management policies and government regulation . An effective internal control structure assists in: irregularities being prevented, detected and corrected assets being safeguarded from unauthorised use, and financial records and other relevant data bases completely and accurately reflecting the entire operational activities of the entity and permitting the timel y preparation of financial information 内部控制系统包括一个实体用于 ： 保护其资源免受浪费，欺诈和低 效率的影响 提高会计数据的可靠性 鼓励遵守管理政策和政府监管。 有效的内部控制结构有助于： 防止，检测和纠正违规行为 保护资产免受未经授权的使用， 以及 财务记录和其他相关数据库完全 准确地反映了实体的整个业务活 动，并允许及时编制财务信息
Summary Features of Internal Control S 6 • Led from the top - management actions are important • Competent employees incl. adequate pay & motivation • Clearly established lines of responsibility • Maintenance of effective records • Separation of record-keeping from handling assets • Rotation of duties •
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