acc220_appendix_b[1] - Axia College Material Appendix B...

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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 It is the assigning of responsibilities to an individual or group, of cash management tasks, including sales and the authorization and approval of transactions. Any shortages or errors are then the direct responsibility of the person assigned the tasks.  “ Only designated personnel (cashiers) are authorized to handle cash receipts.” A shift change at Applebee’s Grill & Bar. Daytime bartender is assigned cash drawer and register responsibilities and then after audit and “cashing out” switches responsibilities and register to night bartender. Segregation of duties It is the separation of an individual or group from positions of cash or asset handling with the possibly of causing errors and then having responsibility and the The warehouse clerk at SurfSide Pools is responsible for ordering all necessary materials needed for the completion of each customers new pool, however they are not ACC 220
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power to report and possibly conceal these errors.  “ Different individuals receive cash, record cash receipts, and hold the cash.” involved in the receiving, accounting of, or the payment or purchase of these materials. Documentation procedures
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This note was uploaded on 10/21/2010 for the course ACC/220 AAAA0RWSC4 taught by Professor Barton during the Spring '10 term at University of Phoenix.

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acc220_appendix_b[1] - Axia College Material Appendix B...

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