acc220_appendix_b-1

acc220_appendix_b-1 - 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 Assignment of responsibility to specific individuals. If you take your car to Jiffy Lube and get an oil change but later that day, you notice that oil is leaking from your car. You can take it back to the person that worked on it because that person was the only person that worked on your car. Segregation of duties The work of one employee should provide a basis for another employee. You have two data entry representative that combined have a daily quota of 60 orders. One data entry representative enters 35 orders, while the other data entry representative enters 25. ACC 220
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This note was uploaded on 03/23/2010 for the course ACFI 220 taught by Professor Bosworth during the Spring '10 term at University of Phoenix.

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acc220_appendix_b-1 - Axia College Material Appendix B Cash...

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