Cash, the most liquid of all assets, must be safeguarded. Cash can be easily concealed and transported, bears no marks of ownership, and is universally valued and accepted. Risk of theft of cash is directly correlated to the accessibility of cash and cash records. Businesses address these problems through a system of internal control.
Required:
1. Discuss generally what a system of internal control is designed to accomplish and identify general controls over cash that should be implemented.
2. Identify internal control procedures for cash receipts.
3. Identify internal control procedures for cash disbursements.
gymjunky
acct_forum_6.docx
0
