You have new items in your feed. Click to view.
Question and answer
Q: Why do you think internal controls are so critical for keeping track of cash assets?
A: Internal controls for a business are similar to checks and balances in the government; they are processes put in place to make sure things stay on the right track. [ Internal controls are useful for every business but are critical for companies with employees, especially employees who handle valuable assets. Retail businesses in which customers have direct access to small products can also
benefit enormously from internal control procedures. While internal controls are crucial for helping you detect dishonesty, they can also help you reduce the risk that simple mistakes will keep you from seeing your company's true financial picture. ]
Get an answer
Original conversation
User: Why do you think internal controls are so critical for keeping track of cash assets?

Weegy: Internal controls for a business are similar to checks and balances in the government; they are processes put in place to make sure things stay on the right track. [ Internal controls are useful for every business but are critical for companies with employees, especially employees who handle valuable assets. Retail businesses in which customers have direct access to small products can also benefit enormously from internal control procedures. While internal controls are crucial for helping you detect dishonesty, they can also help you reduce the risk that simple mistakes will keep you from seeing your company's true financial picture. ]
howareyou|Points 125|

User: What types of controls should a company implement with respect to managing its cash assets?

Weegy: Vetting Employees Cash control starts with people. Employees handling cash - - or cash equivalents including checks and credit card slips - - should be thoroughly vetted. [ Criminal record checks, drug screening and verifying previous employment can be parts of the vetting process. According to a Journal of Management and Marketing Research report on the impact of crime on business, "Background checks should also include a credit history report as some employees may resort to embezzling company funds when financial pressures from drug addiction, adultery, gambling or medical expenses seem insurmountable." Documenting Transactions Keeping receipts of cash transactions enables accurate bookkeeping and satisfies the IRS by creating what the U.S. Department of Commerce calls an "undisputable audit trail." Numbered, two-part receipts are ideal as they allow you to give one copy of the receipt to your customer and keep the other copy for your records. Regular counting of cash registers can help ensure accuracy. Printing calculators and receipt books can also be useful in documenting cash transactions. Read more: Methods of Internal Cash Control | eHow ]
Expert answered|wisbest|Points 2455|



Question
Asked 5/28/2013 2:03:55 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
0 questions answered
Popular Conversations
Giving human characteristics to objects or ideas is
Weegy: Giving human characteristics to objects or ideas is PERSONIFICATION.
5/19/2017 10:58:38 PM| 1 Answers
Calculate the product 1/3 and 1/5
Weegy: The product of 1/3 and 1/4 is 1/12. Solution: 1/3 * 1/4 = 1/12
5/23/2017 9:39:31 PM| 1 Answers
Body composition refers to the amount of fat and muscle that the body ...
Weegy: Body composition refers to the amount of fat and muscle that the body has. TRUE.
5/27/2017 12:17:58 PM| 1 Answers
Name the following chemical compound. K2CO3 A. krypton carbonate ...
Weegy: K2CO3 is a symbol for: Potassium Carbonate User: Name the following chemical compound. K3N A. krypton ...
5/27/2017 5:46:29 PM| 1 Answers
Which type of tax is applied only to particular goods? A. excise ...
Weegy: Excise tax is applied only to particular goods.
5/23/2017 7:13:31 PM| 0 Answers
Which branch of government makes the law
Weegy: The legislative branch of government makes the law.
5/24/2017 6:13:01 PM| 0 Answers
Weegy Stuff
S
Points 26 [Total 26] Ratings 0 Comments 26 Invitations 0 Offline
S
Points 11 [Total 11] Ratings 0 Comments 1 Invitations 1 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 366] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
P
P
L
P
P
P
Points 7 [Total 1730] Ratings 0 Comments 7 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 2 [Total 467] Ratings 0 Comments 2 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.