Assignment Internal Cash Control Essay

Words: 1020
Pages: 5
Open Document
E4-5 The weaknesses in the internal control over cash disbursements are, there should be only one person in charge of writing the checks for each task, and there should be numbered checks for both people so that the funds spend can be tracked easier, the cabinets were the checks are stored should be two locked cabinets, one for each person who writes the checks. Memo: I would recommend that to have a better control over money paid and items purchased, that you start having numbered checks in two separate accounts, one account for the treasurer and one account for the purchasing agent. This method will make it easier for moth parties to avoid mistakes, and it will also be easier to verify money spent and received.

P4-1A …show more content…
The improvements the financial secretary should make is that he/she should have a list of what needs to be paid and make a log of the amounts that need paid and to make sure the receipts are logged along with whatever bills or services that needed to be paid that week. The financial secretary should also verify the amount of money in the safe against the log that is kept by the ushers.

The financial committee should show a more detailed list of what expenditures are needed each month so that the financial secretary knows what is needed for payment that month. They should also be involved in verifying the churches income.

To improve internal control the church should have a log for money received during offerings, they should tell the congregation to make the checks payable to the church or to the account holder that the checks are deposited into, because anyone can cash a check made out to “cash”. The church should also verify that any money not deposited from the offering was spent properly and not used for personal things.

Include how a company could use the five basic principles of cash management to increase accuracy for a business.

A company can increase the collection of receivables by offering incentives for quick payment from their customers.

A company can delay the payment of liabilities and bills
Show More

Related Documents: Assignment Internal Cash Control Essay

Sunshine Center: an Instructional Case Essay

Case Evaluating Internal Controls in a Small Organization Sandra K. Fleak, Keith E. Harrison, and Laurie A. Turner ABSTRACT: Management and auditors face increased responsibilities to evaluate internal control and assess the risk of fraud. This case provides the opportunity to evaluate internal controls and the possibility of fraud in a very small not-for-profit child care center, a setting that is easy to understand. The first goal of the case is to identify internal control weaknesses by applying…

Words 6542 - Pages 27

Essay about Internal Control

INTERNAL CONTROL Internal Control Systems The Use of Internal Control Systems by Auditors Transaction Cycles Tests of Control The Evaluation of Internal Control Component Communication on Internal Control Internal Control Systems Why must Auditors understand the Accounting System and Control Environment of an entity? Auditor must understand the accounting system and control environment in order to determine their audit approach. How would you define what Internal Control is? Internal control…

Words 3832 - Pages 16

Substantive Procedures For Cash Outflow Irregularities

Procedures for Cash Outflow Irregularities Internal Accountant’s Report to Management Dorothy Forrest ACC/556 Forensic Accounting January 9, 2015 Professor: Laurie McBroom Cash Cycle Flow of cash in a company start from making payments for products and ends with colleting cash from goods sold. More cash available means the less cash the company would need to borrow. Within the cash outflow of the cash cycle there are two major irregularities that can affect this flow of cash and that is…

Words 447 - Pages 2

Financial Statements and Managerial Accounting Essay

MONTCLAIR STATE UNIVERSITY School of Business Administration Department of Accounting, Law and Taxation Fundamentals of Accounting – ACCT 204 Dr. Irene K. Douma Syllabus/Assignment Schedule Spring 2013 Office telephone: 973.655.5166 Office Hours: T 11:20 AM to 12:50 PM Dept. telephone: 973.655.4174 PA311 R 11:20 AM to 12:50 PM doumai@mail.montclair.edu and by appointment Course Description: This course provides a foundation for non-accounting…

Words 965 - Pages 4

Leadership: French Fries and daily Cash Summary Essay

ASSIGNMENT 1: ENTREPRENEURIAL LEADERSHIP ELIZABETH A. CATALDO PROFESSOR MAHARI BELAY CONTEMPORARY BUSINESS STRAYER UNIVERSITY OCTOBER 24, 2012 ASSIGNMENT 1- CONTEMPORARY BUSINESS QUESTION 1- Determine how Five Guys’ philosophy sets it apart from other fast-food chains. Five Guys’ philosophy sets them apart from other fast food chains in a number of ways. One way that they differ from other fast-food chains is in the décor of their restaurants. The restaurants are decorated with…

Words 637 - Pages 3

What Are Some Of The Different Types Of Sampling Methods That Are Available To The Auditor?

are based on laws of probability. This method is beneficial to the auditor because it helps design efficient sampling, measure how sufficient the evidence found is, and helps to evaluate the results from the sample. The auditor is better able to control the sampling risk with statistical sampling method. The effect nonstatistical sampling method has is that the auditor is able to select the sample size and review the information based on personal experience and subjective criteria. Because the sampling…

Words 1971 - Pages 8

Response of Students to Global HR Essay

countries differing in skill level and educational opportunities. Organizations have to find suitable employees in different companies. * Economic System – a company’s economic system – capitalism or socialism, government’s involvement and control, price controls, and other activities influence human resource management practices of an organization. * Political – Legal System – the political legal system of a country affects the human resources practices. Sometimes, enforcement might be an issue…

Words 954 - Pages 4

Syllabus: Balance Sheet and Financial Accounting Essay

|[pic] |Syllabus | | |School of Business | | |ACC/280 Version 5 | |…

Words 2465 - Pages 10

Essay Tokyo AEM

Assignment 1 Annual Report Assignment – Apple, Inc. Obtain the 2012 annual report of Apple, Inc. from the investor relations portion of its website (the report is also available on EMBANET). After reviewing the annual report, respond to the following questions: a. On what date did Apple’s fiscal year end? Was this date different from the previous year? If so, why? Answer: The date of Apple’s fiscal year end is September 29, 2012. It was different form previous year 2011 is September 24,…

Words 798 - Pages 4

ACC542 Kudler Fine Foods Risk And Contr Essay examples

Risks & Internal Controls: Kudler Fine Foods Shane Isaacs University of Phoenix ACC 542: Accounting Information Systems Instructor Thomas Cappels January 13, 2014 Risks & Internal Controls: Kudler Fine Foods SEI Accounting has created this brief to address the risks and internal control concerns of Kudler Fine Foods (KFF) following the company’s review of updated automated systems previously recommended by this firm. When implementing internal control systems within an organization, four main objectives…

Words 1468 - Pages 6