[最新]财务管帐 双语教授教化 Financial Accounting Weygandt Kieso Kimmel ch08.pptVIP

Prepared by Kurt M. Hull, MBA CPA California State University, Los Angeles;CHAPTER 8 INTERNAL CONTROL AND CASH;The plan of organization and all related methods and measures adopted by a business in order to:;STUDY OBJECTIVE 2 PRINCIPLES OF INTERNAL CONTROL;Control is most effective when only one person is responsible for a given task.;Related activities should be assigned to different employees Record-keeping separate from custody;Documents are pre-numbered Sequence is accounted for Documents are forwarded to accounting department promptly;Designed to safeguard assets and accounting records Also designed to restrict access ;Review, comparison, reconciliation of data prepared by another employee On a surprise basis By an independent person Discrepancies noted and reported;Bonding employees who handle cash Rotation of duties Mandatory vacation;Independent Internal Verification;LIMITATIONS OF INTERNAL CONTROL;Only designated personnel are authorized to handle or have access to cash receipts. Different individuals should: 1 receive cash 2 record cash receipt transactions 3 have custody of cash; Register tapes, remittance advices and deposit slips Cash should be stored in safes and bank vaults Access to storage areas should be limited to authorized personnel Cash registers should be used in executing over-the-counter receipts;Daily cash counts and daily comparisons of total receipts. All personnel who handle cash receipts are bonded and required to take vacations. Cash registers are visible to customers.;Payments made by pre-numbered check. Pay only approved invoices. Limit specify check-signing authority. Store blank checks in a safe, and limit access. Separate approval and payment functions Stamp invoices when paid.;Enhances control over cash disbursements. A network of approvals by authorized individuals acting independently to ensure that disbursements by check are proper. A voucher is an authorization form prepared for each expenditure