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 This works by giving a person a job to do and having them be responsible for getting the job assigned done. If I am working at Wal-Mart as a cashier and my draw comes up $25 dollars short. I will take responsibility for this happening. Segregation of duties When one individual is responsible for all of the related activities, the potential for errors and irregularities is increased. Related purchasing activities include ordering merchandise, receiving goods, and paying (or authorizing payment) for merchandise. Documentation procedures Documents provide evidence that transactions and events have occurred. Documents should be pre-
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This note was uploaded on 02/27/2011 for the course ACCOUNTING 220 taught by Professor Danfowller during the Spring '11 term at University of Phoenix.

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

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