Week 4 Appendix B

Week 4 Appendix B - Axia College Material Appendix B Cash...

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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 Assigns specific job duties to specific individuals. Assigning a specific person to handle cash transactions, another to handle inventories, and yet another to balance the books. Segregation of duties The job description of one person coincides with the job description of another person. In one instance, one employee may order inventory, the next may keep track of inventory and report what needs replenishing, and what is missing, while the next keeps track of labor costs and cost of sales. Documentation procedures These provide evidence that transactions and events have occurred. An insurance agent is responsible for keeping documented records of all servicing he/she may have done on a clients insurance policy per state
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Week 4 Appendix B - Axia College Material Appendix B Cash...

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