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Chpt 9.3 – Accounting Controls for Cash Internal Controls – is the set of accounting procedures established to ___________ _________ and waste, ensure.

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Presentation on theme: "Chpt 9.3 – Accounting Controls for Cash Internal Controls – is the set of accounting procedures established to ___________ _________ and waste, ensure."— Presentation transcript:

1 Chpt 9.3 – Accounting Controls for Cash Internal Controls – is the set of accounting procedures established to ___________ _________ and waste, ensure accurate accounting data, _______________, and adhere to company policies.

2 Fundamental Rules for good Internal Controls 1. ________________- Two different people should be able to prepare the accounting documents. 2. The persons who prepares the accounting records ______________________________. 3. All assets should be kept in a ___________. 4. Only a _____________should be allowed to approve transactions. 5. An independent public accounting should ______________________. 6. ____________should be clearly established so if errors occur it is _______________________.

3 Procedures for Cash Control 1. ______________– people that handle cash should not be responsible for accounting 2. _______________ – this keeps the amount of cash in the business at a minimum 3. ________________– cash received in the business should not be used to pay employees or buy supplies 4. __________________________________ _________– then there is a paper trail of all transactions

4 Procedures for Cash Control con’t 5. ______________________________– to ensure that all cheques are deposited to the business’s bank account. 6. _____________________________– another source document to prove the deposit in case there is a discrepancy. 7. __________________________– the bank records need to be compared to the accounting records and if they do not match a reconciliation needs to be performed.


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