38 - Separation of Duties Responsibilities should be split Purchasing goods Receiving goods Approving and paying for goods Petty Cash Small amount

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Separation of Duties Responsibilities should be split: Purchasing goods Receiving goods Approving and paying for goods Petty Cash Small amount of cash kept on hand for incidental purchases Fund is established at a set amount Custodian of fund prepares ticket that lists each item purchased Tickets plus remaining cash should equal fund balance Budget Financial plan that helps coordinate business activities A cash budget helps a company manage cash by planning receipts and payments CASH BUDGET Beginning cash balance Plus: Budgeted Cash Receipts
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/14/2011 for the course ACCOUNTING 23020 taught by Professor Na during the Spring '11 term at Kent State.

Page1 / 2

38 - Separation of Duties Responsibilities should be split Purchasing goods Receiving goods Approving and paying for goods Petty Cash Small amount

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online