ACC220WK4CKPT (2) - 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 How it works a company makes one person responsible for keeping everything in order, making sure the money balances out. Instead of making of few people responsible for this task, only one to ensure no mistakes are made. Manager of a grocery store like Shaw’s Supermarkets has to make sure inventory is stocked, people are doing there jobs, no employees are stealing items or money from the store. Segregation of duties One employee should without a duplication of effort provide a reliable basis for evaluating the work of another employee. Different responsibilities in the company are assigned to multiple people; record keeping should be separate from assets of physical asset. In my company my job title is secretary, I do not handle any type of accounting issue this is not my job duty. This is handled only by the Accounting Person.
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ACC220WK4CKPT (2) - Axia College Material Appendix B Cash...

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