ACC 220 Week 4 CheckPoint Cash Management Matrix

ACC 220 Week 4 CheckPoint Cash Management Matrix - Axia...

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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 Financial responsibility allows for the scope of the company to ensure that morally and legally the financial statement is taken accountable for ensuring the proper transparency and disclosure has been provided for efficiently and effectively. The company’s management ensures that the financial information contained is consistent with that included in the financial statement, which are to be prepared in conformance with the proper guidelines. This can be viewed if a treasurer signs a check. Segregation of duties Segregation of duties is a basic, effective internal control that ensures errors and irregularities are either detected and/or
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This note was uploaded on 01/24/2012 for the course ACC 220 ACC 220 taught by Professor Black during the Spring '11 term at University of Phoenix.

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ACC 220 Week 4 CheckPoint Cash Management Matrix - Axia...

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