ACC 290 Week 5 DQ2
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Week 5 DQ2
How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser?
The controls that should be in place to protect a merchandiser in a cash rich environment are –
Establishment of responsibility
Segregation of duties
Documentation procedures
Physical controls
Independent internal verification
Human resource controls
The establishment of responsibility authorizes who handles the registers. The segregation of duties means that each independent duty associated with the process is separated therefore the same person does not complete to related tasks in a row. One person runs the register, another processes the deposit, another person verifies the deposit, and another reconciles the amounts by comparing receipts with deposits. Documentation procedures include mail receipts, deposit receipts, and cash register tapes and these items are used to document or backup the information that is presented. Physical controls include physically placing cash or deposits in a safe and limiting who has access to certain procedures...
[Solved] ACC 290 Week 5 DQ2
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- Submitted On 21 Aug, 2015 03:54:07
- Wilson
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