ACC 220 WEEK 4 ASSIGNMENT - INTERNAL CASH CONTROL

ACC 220 WEEK 4 - Week 4 Assignment Internal Cash Control Resources Ch 4 of Essentials of Accounting Due Date Day 7[Individual forum Write a 700 to

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Week 4 Assignment: Internal Cash Control Resources: Ch. 4 of Essentials of Accounting Due Date: Day 7 [Individual] forum Write a 700- to 1,050-word paper, using APA guidelines, that addresses the following questions: o Read scenario P4-1A on p. 197 of your text. Answer the question at the bottom of the scenario piece. Include how a company could use the five basic principles of cash management to increase accuracy for a business. Post your paper as a Microsoft© Word attachment.
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Please remember to make a title page and number your pages per APA format. The Five Basic Principals of Cash Management ACC 220 Survey of Accounting: The Maze of Numbers After evaluating the Idaho Company scenario, I was able to find several weaknesses in internal control over cash disbursements. The first weakness that I noted was the fact that checks are not pre-numbered and that two employees have access to the un-numbered, un-issued checks. The next weakness is that checks only require one signature. Moving on, only the purchasing agent is verifying the accuracy of the invoices and the sole checking account is only reconciled by one person. On the paid invoices, only the word "paid" is stamped on the paper copy before the invoice is filed away. I recommend that Idaho Company should immediately order pre-numbered checks. If this does not happen, checks can be taken and not accounted for because there is no numbering sequence. Next, only one person will be entrusted with the key to the file cabinet in which the unissued
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This note was uploaded on 10/17/2011 for the course ACC 220 220 taught by Professor Aliciahubbard during the Spring '10 term at University of Phoenix.

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ACC 220 WEEK 4 - Week 4 Assignment Internal Cash Control Resources Ch 4 of Essentials of Accounting Due Date Day 7[Individual forum Write a 700 to

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