Acc 220 week 4 day 4 Cash Management Matrix

Acc 220 week 4 day 4 Cash Management Matrix - Axia College...

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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’s giving a specific task to one person so the person will be honest and take responsibility for any mistakes. A clerk who scans and signs in all items that comes through receiving department. Segregation of duties Having a system where one worker evaluates another by dividing tasks. Have one person deposit the cash while another reviews bank statements of proof of deposits. Documentation procedures Providing evidence that transactions occurred through a system of procedures. Verification of sales receipt of organized by days, weeks, months, and years.
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Acc 220 week 4 day 4 Cash Management Matrix - Axia College...

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