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Checkpoint cash management matrix - Axia College Material...

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Axia College Material 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 Establishing who is going to be responsible for what within the company. Judy is responsible for inventory ordering, Nina is responsible for accounting and mailing out 20 day invoices. Segregation of duties Allowing no one person to be responsible for more than one job. Only having one job title and not multiple within a company to prevent fraud or conceal wrong doings within the business. Judy depositing funds and also reconciling the cash books. This allows Judy to deposit what she thinks is good, taking money for her, and then reconciling the books as if there is nothing missing.
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