Title:
ACC 290 Week 5 Discussion question DQs
Sample content:
Week 5 DQs Discussion Question # 1 How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? Cash Controls A. Nominate selected people to deal with cash. B. The individual who does the accounting must not deal with cash. C. Use numbered receipts to record all payments. D. Make all bank deposits day by day. E. The individual that prepares the bank notations must be separate from the one dealing with cash. F. In case feasible, the individual making the bank deposit must be different than the one that handles the cash and also the one that prepares the bank notations. G. Make deposits intact with no amounts withdrawn to spend costs. H. Keep money and checkbook in a locked safe or money register. I. Have a threshold level for overages and shortages in place so as to determine the point where remedial steps will be taken. J. Have all payments by check, except when paying with petty cash. K. Have each and every payment attached with a paper document; for instance, a voucher, to make sure that a paper route is there for all deals. L. Have occasional counts of petty cash and cash drawers. M. Due inventory as well as other assets frequently and look over books. Response 2 The important internal controls are (one) A control atmosphere (two) Danger evaluation (three) Control actions (four) Info and Communication and (five) Checking. The way in which a business must protect money in a money rich atmosphere for example a merchandiser would be to have only 1 individual to deal with the money, use numbered receipts to record all of the payments, make regular bank deposits, h
2. ACC 290 Week 5 Discussion question DQs
Sample content:
Week 5 DQs Discussion Question # 1 How would you describe the key internal
controls that should be in place to protect cash in a cash rich environment such as
a merchandiser? Cash Controls A. Nominate selected people to deal with
cash. B. The individual who does the accounting must not deal with cash. C.
Use numbered receipts to record all payments. D. Make all bank
deposits day by day. E. The individual that prepares the bank notations must be
separate from the one dealing with cash. F. In case feasible, the individual
making the bank deposit must be different than the one that handles the cash and
also the one that prepares the bank notations. G. Make deposits intact with no
amounts withdrawn to spend costs. H. Keep money and checkbook in a locked
safe or money register. I. Have a threshold level for overages and shortages in
place so as to determine the point where remedial steps will be taken. J. Have all
payments by check, except when paying with petty cash. K. Have each and every
payment attached with a paper document; for instance, a voucher, to make sure
that a paper route is there for all deals. L. Have occasional counts of petty
cash and cash drawers. M.Due inventory as well as other assets frequently and
look over books. Response 2 The important internal controls are (one) A control
atmosphere (two) Danger evaluation (three) Control actions (four) Info and
Communication and (five) Checking. The way in which a business must protect
money in a money rich atmosphere for example a merchandiser would be to have
only 1 individual to deal with the money, use numbered receipts to record all of the
payments, make regular bank deposits, h
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