acc220_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 Is when you make sure that each employee has a specific job and task Designated your accounting people to just work on  accounts payables or receivables  Segregation of duties The work ethic of one employee should provide a reliable basis for evaluating the work of other employees Cannot determine the quality of work from a person who does a different job then another person. Documentation procedures Are notes that are on the account or transaction of events or actions that have occurred Notes of information that you get when you talk to a  customer on the phone, copies of receipts  Physical, mechanical, and electronic
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acc220_appendix_b - Axia College Material Appendix B Cash...

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