List the 3 basic guidelines for an effective system of internal control over CASH:

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List the 3 basic guidelines for an effective system of internal control over CASH:

business accounting

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Answer 1

Answer #1

The 3 basic guidelines for an effective system of internal controls over cash are as follows:

1. Handling cash and record keeping for cash should be separated. The same employee should not be allowed to handle cash and also do the record keeping for cash.

2. All cash disbursements should be made by check.

3. All cash receipts should be promptly deposited in a bank.

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Answer 2

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List several control activities of an effective internal control?

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List the 3 basic guidelines for an effective system of internal control over CASH:

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