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acc wk 4 app 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 It works by having one person in charge of a certain task so that things can stay consistent. If you are in charge of putting parts shipments away than you should be the only one doing since you are the one who knows where everything goes and know where to put the paper work so that it can be properly paid. Segregation of duties It works by not having just one person in charge of more than one related duty. If a person is in charge of making purchases than that person shouldn’t be in charge of payments too. Documentation procedures This shows proof of a purchase and other deals that have happened.
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