Ask Question
BusinessBusiness
27 October, 16:14

One basic but critical component of internal controls for cash management is of duties.

+4
Answers (1)
  1. 27 October, 16:38
    0
    The segregation of duties is the important component. This makes sure that each person has a specific action to undertake and ensures that the finances are being handled properly and securely. It ensures that each person is responsible for one part of the cash-handling chain and that, if there is a breakdown from one person to the next, there is a definite place to look to see who is guilty of the loss of funds.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “One basic but critical component of internal controls for cash management is of duties. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Government regulations can preempt claims for product liability. a. True b. False
Answers (1)
Dorman Company reported the following dа ta: Net income $225,000 Depreciation expense 25,000 Gain on disposal of equipment 20,500 Decrease in accounts receivable 14,000 Decrease in accounts payable 3,600 Prepare the Cash flows from operating
Answers (1)
Joshua runs a large manufacturing business that is listed on the stock exchange. His company made good profits in the previous financial year. He now plans to reward his shareholders with handsome dividends.
Answers (1)
Which of the following is an advantage of ERP? A. It is simple enough that companies have an easy time adjusting to it. B. It creates commonality of databases. C. It is very inexpensive to purchase. D.
Answers (1)
In your opinion, is there a way to you can maintain airport security without sacrificing efficiency?
Answers (1)
New Questions in Business
The following selected data are from a recent statement of cash flows: Net cash flow from operating activities $ 35,000 Net cash flow used for investing activities (20,000) Net cash flow used for financing activities 60,000 Ending cash balance
Answers (1)
Gates Corporation reported the following information concerning its direct materials: Direct materials purchased (actual) $ 673,000 Standard cost of materials purchased $ 688,000 Standard price times actual amount of materials used $ 444,000 Actual
Answers (1)
how fiscal policy can be used to slow down an economy that is growing at a rate faster than what is sustainable in the long-term if the policy makers are concerned that such a high growth may create undesirably high rates of inflation in the future.
Answers (1)
The owner of a restaurant has recently hired a new manager who claims to have improved the workflow. the owner wants to know if indeed, the new workflow is more effective. he has some past data on customer waiting time during peak demand hours.
Answers (1)
jalbert incorporated planned to use materials of $11 per unit but actually used materials of $13 per unit, and planned to make 1590 units but actually made 1780 units. the flexible budget variance for materials is?
Answers (1)
Home » Business » One basic but critical component of internal controls for cash management is of duties.
Sign Up Forgot Password?