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An allowance.
Here are some additional controls
For Cash receipts
> Keeping Cash handling and Book Keeping separate
> Daily deposit of cash receipts
For Cash disbursements
> Making all disbursements by cheque (other than petty cash)
> Keeping the Cheque book under lock and key.
> Sign checks only if adequate documentation is presented
> Have only higher-level personnel sign checks (neverthe bookkeeper!)
> Prepare bank reconciliations.
> Keep petty cash in a safe place.
> Execute Fidelity bonds on employees in positions of trust, such as book-keepers. (Fidelity bonds are insurance policy taken against the risk of dishonesty by employees.)
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What are the Five methods of internal control of cash?
establishment of responsibility segregation of duties documentation procedures physical, mechanical, and electronic controls independent internal verfication
Internal control procedures for cash receipts require that?
go to study
An application of good internal control over cash disbursements is...?
following payment, the approved invoice should be stamped "paid"
At the corner grocery store all sales clerks make change out of one cash register drawer Is this a violation of internal control and Why?
A
What is the most basic internal control for cash?
Keeping money in the bank account because banks have established practices for safeguarding customer's money.
How is salary paid?
That depends on the company. Three methods common used are (a) in cash, (b) with a check, (c) paying the salary to an employee's account.
Can petty cash be misappropriation of funds?
Petty cash is also called cash-in- hand as opposed to cash- at- bank. Where there is good system of internal control eg. petty cash float is established and maintained and occasional surprise csh count is undertaken a presponsible person, the possibility misapropriation of funds is rather very remote.
The reconciliation of the cash register tape with the cash in the register is an example of?
independent internal verification
What methods of payment are accepted on the Chicago Skyway?
The only methods of payment that are currently accepted on the Chicago Skyway are : Cash, EZPass, and IPass. Cash is only accepted if you drive through the "Cash Only" lane.
Will both the direct and indirect methods produce the same cash flow from operating activities?
Yes direct and indirect methods are just different reporting styles and it doesn't means that by making cash flow statement from different methods may change the amount of cash flows.
What are methods of conserving the money?
Put it in a cash ISA
Methods of preparing statement of Cash flow?
Following are methods:1 - direct method2 - indirect method
