(Answered) Discussionbullwhat are effective controls for cash and why

Accounting

Discussion

• What are effective controls for cash and why are these controls considered to be effective?

• List the principles of internal control activities and describe one of the principles

• Define the five primary components of internal control systems.

• What are some of the internal control principles that surround the cash disbursement function?

• What are some of the components of a bank reconciliation? Why is one performed?

• What is a cash budget?

• What are some of the internal control principles that surround the cash receipts function?

• Describe the operation of petty cash. Is it still a necessary function considering the electronic world we are currently living?

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