Explain briefly the significance of each of the following in a comprehensive system of control over cash
Question:
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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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
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Related Book For
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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