Explain briefly the significance of each of the following in a comprehensive system of control over cash

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Explain briefly the significance of each of the following in a comprehensive system of control over cash transactions:

1. The segregation of cashier’s duties from other functions

2. The daily banking principle
3. The bank reconciliation statement

4. The imprest system of petty cash

5. Cash budgets

6. Statements of cash flows.

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Related Book For answer-question

Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

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Question Posted: Jun 20, 2019 08:30 AM

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Explain briefly the significance of each of the following in a comprehensive system of control over cash

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1 With the segregation of cashiers duties from other functions the cashier should not have access to the accounting records other than cash journals By segregating the duties of the cashier any fraud ...View the full answer

Accounting

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