Cash is the most liquid assets. It must be safeguarded. because Cash can be easily concealed and transported, bears no marks of ownership, and is universally valued and accepted. Risk of theft of cash is directly correlated to the accessibility of cash and cash records. Businesses address these problems through a system of internal control.
Required- Discuss generally what a system of internal control is designed to accomplish and identify general controls over cash that should be implemented.
- Identify internal control procedures for cash receipts.
- Identify internal control procedures for cash disbursements.
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