Why is it critical to have internal controls in place when it comes to managing and handling cash? What internal controls would you recommend? Asap
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Why is it critical to have internal controls in place when it comes to managing and handling cash? What internal controls would you recommend?
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- Why is it important to have internal controls in managing and handling cash? What internal controls can you suggest?Answer the following questions to ponder: 1. What is the purpose of internal controls? 2. What will happen if companies do not impose internal controls? 3. Think of possible controls over cash, receivables and inventories. Explain.1. What is the purpose of internal controls? 2. What will happen if companies do not impose internal controls? 3. Think of possible controls over cash, receivables and inventories. Explain
- What type of internal controls would ensure proper classification of cash equivalents and how would that fit into the company's overall system of internal controls over cash? (Use examples and cite GAAP to support your claims)Is there a way to verify that cash equivalents are properly classified? If so, how would it fit into the company's broader system of internal controls over cash In order to back up your statements, provide examples and reference GAAP.What are the Important elements of a cash disbursement control system?
- Where in the cash receipts process does supervision play an important role?Consider how an organization must manage cash and receivables. Which of the two is the most important to manage? Is one more susceptible to fraud and errors than the other? Explain your answer. How would a misstatement in each affect an organization?What are the common internal controls over cash receipts and cash disbursements?