ACC220WK4Assignment (2)

ACC220WK4Assignment (2) - The Idaho Companys weaknesses are...

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

View Full Document Right Arrow Icon
The Idaho Company’s weaknesses are as follows: not having pre-numbered checks, only one person checking the account, file cabinet not being locked all the time. Monitoring of what the treasurer is doing in his/her daily tasks, no copies of checks being made. If I were to write a memo to this company I would first explain to them how important it is to have pre-numbered checks, there will be better control of check writing. Winocur (1993) states that “One of the most valuable tools to maintain a watchful eye on cash is the bank statement reconciliation.” Seldom does the balance of a company's cash account equal the cash balance shown on a monthly bank statement.” Having this feature on the company’s checks helps the company keep track of the exact number on the check, the date it was written, proof of payment. Plus having pre-numbered checks also holds security in preventing anyone internal employees from even trying to take a chance and write out a check for themselves. There will always be records in the checkbook, plus you will always have a copy of the payment as a hard copy in the file cabinet, which should also be locked. Other suggestions of improvements are monitoring that should be happening more of with certain employees with their check writing abilities and handling of cash disbursement. Anyone like the accounting department like the treasurer who has
Background image of page 1

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

View Full DocumentRight Arrow Icon
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 01/07/2012 for the course COM 155 155 taught by Professor Shepherd during the Spring '10 term at University of Phoenix.

Page1 / 4

ACC220WK4Assignment (2) - The Idaho Companys weaknesses are...

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