acc220_appendix_b - Axia College Material Appendix B Cash...

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Appendix B Cash Management Matrix Directions : Using the matrix, list how each of the principles of internal control works, and give an example for each. Next, list how each of the principles of cash management works, and give an example for each. Principles of Internal Control How it Works Example Establishment of responsibility This is when assignments are issued to individual workers and not clumped together because of the job. This establishes responsibility, authorization and approval actions. In the medical records room the records are maintain by the last 4 numbers of the patient social security. There are 6 people working in the medical records room and 4 people are issued to work with the numbers and the other 2 are issued to work with the programs records. If you are assigned number 1, you are responsibly for records that end in 0001-3999, if you were assigned to number 2 you are responsible for records ending in 4000-7999 and so on. This way the records are maintained and we know who is handling that what records. Segregation of duties The work of one employee should not be a duplication of effort and should provide a reliable basis for evaluating the work of another employee. In the office, we have a party fund. There are two people who are responsible to collect the funds and balancing the supplies to the money receives and replenishing the
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This note was uploaded on 09/06/2009 for the course ETH 125 ETH 125 taught by Professor N/a during the Spring '09 term at University of Phoenix.

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acc220_appendix_b - Axia College Material Appendix B Cash...

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