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Because they don't want employees taking the company's cash.
Internal controls should prevent individual employees form having the ability to take cash or they should limit that capability while providing early detection the the ability to pinpoint responsibility down to the individual.
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∙ 11y ago
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What are the weakness in internal control over cash disbursements?
It's important to have good controls over your cash. Otherwise, you may find your cash disappearing! A few examples include ensuring only certain people in the company are signatories (i.e. can sign checks), have access to bank account information, and can create bank accounts. Cash is critical to running your business so it's important you have good controls to protect your cash!!
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
What are the 3 controls over petty cash?
The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
Why was there a need to require companies to prepare a statement of cash flows?
because otherwise there would be no cash
What are the varioius Internal sources of cash?
Depreciation Amortization of intangible assets
What are the weakness in internal control over cash disbursements?
It's important to have good controls over your cash. Otherwise, you may find your cash disappearing! A few examples include ensuring only certain people in the company are signatories (i.e. can sign checks), have access to bank account information, and can create bank accounts. Cash is critical to running your business so it's important you have good controls to protect your cash!!
What procedures are designed to protect cash from theft and misuse from the time it is received until it can be deposited in a bank are called?
cash controls
What types of controls should a company implement with respect to managing it's cash assets?
A company should implement strict internal controls related to the management of its cash assets. This includes who is permitted to access cash assets, how cash can be spent, and how much cash should remain in accounts.
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
What are the controls over petty cash?
The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
What are the 3 controls over petty cash?
The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
What cash advance companies offer a credit card?
There are many credit card companies that offer cash advances but not as many cash advance companies that offer credit cards. Some of cash advance companies are Payday Loans and Advance America.
What does a finance minister do?
he controls the cash money
Which companies will buy houses for cash?
There are many companies that would purchase houses for cash. Some of these companies would include "Cash Home Buyers", "I Buy Houses" or "We Buy Houses".
Are cash advance companies legal?
Cash advance companies are legal, all requiring a business license to operate along with other requirements. Most states require cash advance companies to have a certain amout of cash in its holdings.
What are some pay day cash companies?
Some payday cash companies in the United States are Money Tree, The Cash Store, and Check 'N Go. Smaller payday cash companies often have "check cashing" or "fast cash" in their names or business descriptions.
What companies can handle cash advance loans completely online?
There are many different companies that handle cash advance loans entirely online. Examples of these companies include Advance America and Check Into Cash.
