What procedures can help protect cash disbursements?
Procedures that will help protect cash disbursements are:-
1) All disbursements should be made by check.
2) Renumbered checks should be kept in a secure place.
3) There should be Segregation of duties ,authorization, recording,
and custody functions for cash disbursements
4) Cash disbursement should supporting documentation and authorized
signatures required for payment.
5) Vouchers or Invoice should be clearly labeled and filed for
reference.
6) Checks prepared uncorrectly should be Void and retain them to
prevent unauthorized use.
what procedures can help protect cash disbursements? (Min 150-200 words)
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The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. (a) For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. Procedure Weakness Principle Violated 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. select the weakness in internal control Use...
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